05112017 business

business@tribunemedia.net

thursday, may 11, 2017

$4.20 No Property Fund dividend until 80% occupancy rate hit

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The BISX-listed Bahamas Property Fund will not pay shareholder dividends until its overall occupancy rate improves into the 80 per cent range, its administrator has told Tribune Business.

Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, said the Fund’s Board “wants to see the market turn” before it will feel “comfortable” resuming regular dividends.

He added that the Fund wanted to see its average occupancy rate increase by around 10 percentage points, from the 70 per cent to 80 per cent range, following two years of consecutive losses.

The Bahamas Property Fund suffered a $1.216 million loss for the year to endDecember 2016, adding to the $1.545 million in ‘red ink’ incurred the prior year, with both outcomes driven by the negative revaluations of its two flagship proper-

BISX-listed firm ‘uncomfortable’ until ‘market turns’ Negative $2m valuation causes second year of loss Hunting for acquisition, diversification possibilities ties - the Bahamas Financial Centre in downtown Nassau, and One Marina Drive on Paradise Island.

Mr Anderson explained that with the Fund’s properties valued on a ‘cash flow’ basis, reduced occupancy rates and lower rental income inevitably affected their worth, depressing its financial performance.

“We had new rentals and people vacating rentals. Six of one and half a dozen of the other,” he told Tribune See pg b6

FNM deputy: OECD ‘preying on the weak’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The FNM’s deputy leader has branded the latest threats to the Bahamian financial services industry as “a very serious matter”, describing the situation as “the strong preying on the weak”.

K P Turnquest, speaking ahead of last night’s election results, told Tribune Business that an FNM government would seek to balance the Bahamas’ best interests with the Organisation for Economic CoOperation and Development’s (OECD) demands over the Common Reporting Standard (CRS).

OECD officials, visiting the Bahamas prior to the general election, warned that this nation could again be ‘blacklisted’ amid international perceptions that this nation will not meet its automatic tax information See pg b5

Blacklist threat, tax exchange ‘a serious matter’ But accuses body of ‘constantly moving goal posts’ Party will ‘act in best interest’ of Bahamas, industry

$4.30

$4.35

$4.28

New Govt’s ‘pivotal sink or swim term’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas faces “a pivotal sink or swim” five years under the incoming government, a leading reform advocate yesterday warning the national debt will equal GDP if the Christie administration’s performance is repeated.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the Bahamian economy “will tank” unless governance standards dramatically improved.

With the national debt standing at more than $7 billion at year-end 2017, and the Christie administration

National debt to match GDP if last 5 years repeated Economy ‘will tank’ unless governance improves Reformer: Marry growth with fiscal responsibility Robert Myers having added some $2 billion to this figure during its tenure, Mr Myers warned that a repeat of the past five years would take the national debt to $9 billion - a figure equivalent to 100 per cent of the Bahamas’ GDP

(total economic output).

“I think it’s absolutely our pivotal moment,” he told Tribune Business of the next government’s term in office. “We are either going to do it, or we are going to sink.

“I don’t think we’ll make it another five years with the same level of accountability and transparency and management. It’ll tank our economy. We’ll see more downgrades, a greater brain drain, inflation.”

Mr Myers’ remarks outline the key challenges and realities facing the successful party in yesterday’s general election amid the euphoria of their victory.

Speaking after Tribune Business revealed that the fiscal deficit for 2015-2016 was 123 per cent higher than projected, Mr Myers said the incoming administration will be confronted with a “vicious cycle” of rising debt and anemic economic growth.

See pg b4

Small business ‘cannot wait another 5 minutes’ Sector adviser to ‘knock on new Govt’s door’ today Wants long-awaited SME Act passed within 100 days Entrepreneurs waiting almost 10 years for ‘hope’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A small business adviser is pledging to “knock on the door” of the new government as early as today, arguing that “we can’t wait another five minutes” for the sector’s long-promised legislation.

Mark Turnquest, of Mark A. Turnquest Consulting, yesterday told Tribune

Business that despite manifesto promises to aid Bahamian-owned small businesses, none of the main political parties had set a timeline for doing so.

Challenging the incoming government to pass the Small and MediumSized Enterprises (SME) Development Act within 100 days of yesterday’s general election, Mr Turnquest warned that See pg b6

Mark A. Turnquest

one

The

gift

every mother will

appreciate.

K P Turnquest

Baha Mar gains over 18,000 job applicants

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Baha Mar has attracted more than 18,000 job applicants since it kicked-off its recruitment campaign in mid-January a senior executive said yesterday, describing the response as “overwhelming”.

Robert Sands, Baha Mar’s senior vicepresident of government and external affairs, told Tribune Business that

More than three times’ number of available posts Executives describe response as ‘overwhelming’ Baha Mar has received 18,286 applications since it started its recruitment campaign. The resort has hired in excess of 1,700 See pg b4

Mother’s Day Gift Cards.

No credit checks. Accepted everywhere. Apply today.

Head Office: (242) 397-3000 | www.BankBahamas.com

STANDARD SIZE CGI WINDOWS IN STOCK Premier Dealer

Most extensive line of Windows, Doors, Entrance Doors & Hurricane Shutters

325-6633/4 | email. sales@stormframewindows.com | website. stormframewindows.com

PAGE 2, Thursday, May 11, 2017

THE TRIBUNE

Appeal Court Criticised On $700k Insurance Claim

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Privy Council yesterday expressed “the strongest reservations” over the Bahamian Court of Appeal’s failure to properly interpret an insurance contract in overturning a verdict that required RoyalStar Assurance’s predecessor to pay out a $700,000 claim.

The highest court in the UK legal system found that

the Court of Appeal considered “irrelevant” evidence in finding that a Sun Alliance (Bahamas) insurance policy covered the full property value of a dilapidated Freeport apartment complex, not just the proposed renovations.

The Privy Council also “expresses its surprise” and dissatisfaction with the Bahamian legal system, noting that the case only came to trial in the Supreme Court in 2010 - despite having been

filed in February 1997.

“The Board is not fully informed about the reasons for this delay, but considers that an interval of 13 years before an action comes on for trial cannot be consistent with the interests of justice,” the Privy Council judgment said.

Then, in an admonishment, it said: “The Board understands that there are procedures which enable the Court to manage cases actively with a view to avoid-

ing unnecessary delay. If such procedures exist, they should be used.”

The underlying dispute involved the acquisition by Scandi Enterprises of a 12unit, two-storey apartment complex, located at 45 Kings Road in Freeport, in 1990.

It planned to renovate the property and rent out the units to tenants.

“In July 1992, Mr Risse, a vice-president and partowner of the company, approached Donald Ward [then] of Insurance Management (Bahamas), which acted as local agents of the [Sun Alliance] insurers,” the Privy Council recalled.

“Mr Ward’s evidence, which the trial judge accepted, was that Mr Risse wanted to insure the building against the usual physical risks, but Mr Ward refused to insure the building because it was by then unoccupied.

“Instead, he suggested that Scandi should insure the proposed works under a Contractors All Risks (CAR) policy. Mr Risse accepted that advice and a CAR policy was duly issued to Scandi on July 31, 1992, for a period of a year from July 27 for an insured value of $700,000. On December 3, 1992, the building was extensively damaged by fire.”

Scandi sought to claim the full $700,000 when it launched its Supreme Court action in 1997, basing this on the argument it was insured “against all risks of loss or damage to the building”, and that the property had become a total loss.

The Supreme Court had

initially rejected Scandi’s claim on the grounds that the construction work, rather than the building, was insured by the policy. It also found that Scandi was required to prove its actual loss.

Both findings were reversed by the Court of Appeal, leading to the insurer’s appeal to the Privy Council.

“The policy is unusual in one respect,” the Privy Council found. “Scandi was the sole insured, there being in effect no contractor since Scandi proposed to carry out the works by employing small firms and individual workmen under their direct control.”

Otherwise, it said the policy was a standard CAR contract, covering ‘renovations’ to the apartment complex and the ‘contract works’.

“In the present case, the judge found that no works had been carried out by the time of the fire, apart from some renovations to two of the 12 units, and some minor work on the building done by a plumber and an electrician,” the Privy Council said.

“These were worth less than $5,000 and no claim has been made for them.

The damage claimed relates entirely to the pre-existing building, which was not part of the insured property.”

The Privy Council said the key evidence was Mr Ward’s refusal to insure the buildings, but it found that the Court of Appeal had failed to properly “construe” the insurance contract.

“They considered that because there was no contrac-

tor in this case, the ordinary principles on which CAR policies work could be ignored,” the Privy Council found.

“They decided that because of the discussions which preceded the contract, the ‘Contract Works’ could not be limited to the renovations, which were described as being the subject of the contract.

“Essentially, this was because the figure of $700,000 for the sum insured was too large to have represented the value of the works and must therefore have represented the value of the buildings.

In particular, they thought it significant that the insurers quoted the same premium on the same insured values for the following year, 19921993, when the works would have been completed.”

The three Court of Appeal judges who heard the case are no longer with the court, but the Privy Council said: “The Board reiterates that where the express terms of a contract are clear, they must be applied.

“The Board has the strongest reservations about the admissibility of this material for any purpose of interpretation, let alone for the purpose of contradicting the express language of the insuring clause. But they are satisfied that it would be irrelevant even if admissible.”

As a result, the Privy Council reinstated the Supreme Court ruling in favour of Sun Alliance (RoyalStar).

The insurer was represented before the Privy Council by Bahamian attorney, Gail Lockhart-Charles.

Bahamas First ‘anchors’ Junior Achiever awards The Bahamas First Anchors, the Junior Achievement (J.A.) company sponsored by the general insurance underwriter, captured top awards at the recent 2017 J.A. Awards Night.

These included the 2017 Overall Company of the Year award. The Bahamas First Anchors also captured awards for Top Sales, Top Exam Scores and Best Annual Report and many individual Achiever awards.

Tammy Lecky, the Junior Achievement Bahamas programme manager, said: “We congratulate the 2017 J.A. Company of the Year, Bahamas First Anchors and all award recipients for displaying leadership, entrepreneurial drive and creativity throughout the 25-week collaborative environment of the company programme.

“JA Bahamas continues to be grateful for the commitment shown by our corporate sponsors and volunteers, who recognise the importance of promoting financial literacy for our future business leaders and entrepreneurs, who will un-

Pictured are representatives of the winning Bahamas First Anchors, Junior Achievement Bahamas’ Company of the Year, with advisors and executives at the Bahamas First office on Collins Avenue. L-R are advisors Donica Pickstock; Criselle King; Drew Bartlett; Glen Ritchie, Bahamas First group vice-president and chief financial officer; Winton Cooper, most distinguished vice-president of production and sixth place most distinguished achiever; Mikayla Hanna, most distinguished vice-president of human resources and third place most distinguished achiever; Enrique Pyfrom, 2017 most distinguished achiever, most distinguished president and top exam score winner; Patrick Ward, Bahamas First group president and chief executive; Nicole Leary, Bahamas First Anchors’ executive advisor; advisors Marcia Johnson and Raymond Imhoff. doubtedly shape and enrich the economic future of the Bahamas.”

Leading the way with the most individual awards was the company’s president, Enrique Pyfrom, who was named the prestigious 2017 Most Distinguished Achiever (MDA).

An 11th grader at St.

Anne’s School, she also walked away with the Most Distinguished President, Top Exam and Emerald Awards.

Of the 50 nominees for MDA, the Anchors also took home the awards for third runner-up through Mikayla Hanna, and sixth runner-up, Winton Cooper.

Other Bahamas First Achievers taking home individual prizes included top exam scorers Whitley Cargill, Courtney John, Rhema Mills and Tyesha Johnson, and third runner-up for overall top sales, Mikayla Hanna.

Patrick Ward, Bahamas First’s president and chief executive, said: “Bahamas First has been a part of Junior Achievement for over 10 year, recently doubling our investment in keeping with our commitment to youth development and entrepreneurship in the Bahamas.

“We are very proud of the accomplishments of our J.A. company and their dedicated volunteer advisors.

Their outstanding achievements are a testament to the possibilities when you combine vision, hard work and the determination to be first in everything you do.”

THE TRIBUNE

Thursday, May 11, 2017. PAGE 3

Don’t increase VAT rate, Chamber chair tells Govt

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE incoming administration must provide immediate certainty on its tax plans, the Chamber of Commerce’s chairman urging it to maintain the 7.5 per cent Value-Added Tax (VAT) rate for at least 12 months.

Gowon Bowe told Tribune Business that the new government has to immedi-

Gowon Bowe

ately clarify its tax and fiscal plans, calling on it not to suddenly alter the VAT rate even if it was considering such a move.

“Whichever party forms the next government needs to very quickly say the state of revenue collection, the success of the compliance initiatives that are expected to yield significant fruits, so that they can make a clear statement to businesses and the citizens of this country that there won’t be any im-

mediate changes or give forewarning and notice,” said Mr Bowe.

“While they can work around tax strategies with Customs duties and Business Licenses, VAT is by far the most far-reaching form of taxation that we currently have. Even a 1 or 2 percentage point increase, without the reduction of removal of other taxes, is going to have a dampening effect on economic growth and it is not something that

you want to just spring upon the economy.”

Mr Bowe emphasised that he was not dictating to the incoming administration, but added: “The country and consumers cannot afford increases in the tax burden at this time. We are going to need to have continued collaboration between the public and private sector. What has been achieved with VAT, the minimum wage and labour legislation is something that

should be built upon.”

VAT was implemented on January 1, 2015, at a rate of 7.5 per cent on most goods and services. Outgoing Prime Minister Perry Christie explained earlier this year that $1.14 billion in VAT revenue was accumulated during 2015 and 2016, insisting that not one dollar of the money has been “frittered away” or spent “surreptitiously”.

Junior doctors listed for NHI without consent

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Medical Association of the Bahamas (MAB) president yesterday said he had been informed that junior doctors in the public clinics were signed-up for National Health Insurance (NHI) without their permission, with the scheme’s development thrown into doubt by yesterday’s general election.

Dr Sy Pierre told Tribune Business he had been informed by Dr Macumba Miller, acting president of the Bahamas Doctors Union (BDU), that his members were signed-up as NHI providers without their knowledge by the public health clinics.

“A lot of them, their names were put there without permission,” Dr Pierre disclosed. “That’s what the head of the junior doctors union was saying. He was saying a lot of them were signed up by the clinics, and it did not have their permission.”

Dr Pierre said the issue was likely to be raised and discussed at the MAB’s upcoming annual general meeting (AGM) later this month, although those most impacted were junior public sector doctors, who are BDU members.

“I received a list of avail-

Had no knowledge of public clinics signing them up FNM to focus ‘more on catastrophic model’ Upgrades in $50-$70m ‘bite size nuggets’ able physicians, but a lot of them on that list didn’t give their permission, and didn’t actually sign up,” he added.

Dr Pierre said “very few” doctors confirmed they had signed on to NHI in response to his and the MAB’s request for information on those agreeing to be providers.

Dr Delon Brennen, the NHI’s project manager, sidestepped the issue when questioned last week by Tribune Business as to whether doctors had been placed on the scheme’s provider list without their knowledge.

However, private sector doctors showed Tribune Business where some physicians had been listed twice on the NHI provider list as at May 3, 2017. One doctor was even listed three times, and at clinics on two sepa-

rate islands - New Providence and Grand Bahama.

Meanwhile, the election of an FNM administration throws NHI’s future evolution and development into uncertainty, given the party’s scepticism over whether the model was right for the Bahamas and its affordability.

Dr Duane Sands, the FNM’s newly-elected MP for Elizabeth, recently told Tribune Business that there was “a fundamental flaw in this [NHI] model”, based on the fact that outgoing minister of health, Dr Perry Gomez, was unable to say how much the scheme will ultimately cost at full roll-out, and who will pay for it.

The FNM has pledged to retain the NHI scheme and make it better, and Dr Sands said the party “wants to focus more on a catastrophic model for the insurance aspect of NHI”.

This implies a switch from the $100 million primary care phase launched under the Christie administration to a model designed to ‘end cook outs’, helping to cover the costs of major operations and surgical treatments for Bahamians.

“I think that what we’re going to have to do is continue the development of the capacity in the public sector, and encourage and strengthen the private sec-

tor,” Dr Sands said.

“Build on the capacity in the private sector, but using it in a way so that it’s not an outrageous cost to the public purse. Simultaneously improve, in bite size nuggets, the health infrastructure.

“We can’t afford $800$900 million in one go. We can afford chunks of $50$70 million at a time. That way you minimise disruption but have continual improvement in healthcare delivery.”

Dr Sands said an FNM administration needed to “maximise the return the Bahamian people get from what they actually pay” in tax dollars for healthcare in the public system.

He added that it would seek to reduce the 25 per cent funds wastage rate in the Public Hospitals Authority to “an irreducible minimum”, improve efficiency and ensure staff resources are maximised to boost healthcare services and delivery to the Bahamian public.

Dr Sands said an FNM government would also upgrade both the public health clinics and the Princess Margaret and Rand Memorial hospitals, introducing new emergency rooms, a national blood bank, medical examiner’s facility and mortuary, and child maternity wings.

Dr Duane Sands

Dr Sy Pierre

WANTED Experience child care/pre-school tutor wanted for our 21 month old child.

Applicant must have at least 5 years experience, be able to speak a foreign language and teach music.

Basic first aid training and child care development certification is required. Applicant must be willing to live in Central Eleuthera and should apply via email to: royalacademyeleuthera@gmail.com Applications must include a letter of application and a Curriculum Vitae.

The closing date for applications is the 30th day of May, 2017.

B AH A M AS FIN AN CI AL CENTR E PR EM I UM O FFICE B UIL DIN G 5,233 SQ. FT. + OFFICE SPACES AVAILABLE STANDBY GENERATOR I WATER & ELECTRICITY INCLUDED I FIRE SAFETY I ACCESS FROM CHARLOTTE & PARLIAMENT STREETS I PERFECTLY POSITIONED IN THE HEART OF DOWNTOWN EMAIL: morleyrealty@morleyrealty.com | CALL 242-394-7070 CHESAPEAKE ROAD OFFICE OR RETAIL SPACE

PALMDALE SHOPPING CENTRE AFFORDABLE STORAGE FACILITY

5,980 SQ. FT. GREAT ACCESS & VISIBILITY I POPULAR RETAIL & WAREHOUSE AREA I LOCATED OFF MACKEY STREET I PARKING I CALL FOR FURTHER DETAILS & TO VIEW TODAY

3,600 SQ. FT. WAREHOUSE ROLLING SERVICE DOOR I CENTRAL LOCATION I FINAL SPACE AVAILABLE I EASY ACCESS I GOOD VALUE $8.00 PER SQ. FT. I CALL NOW TO VIEW

NORFOLK HOUSE AFFORDABLE OFFICE SPACES

CITIBANK OFFICE BUILDING THOMPSON BOULEVARD

1,467 SQ. FT. +/- OFFICE SPACES FOUR STOREY OFFICE BUILDING IDEAL SPACES FOR SERVICE & SUPPORT BUSINESSES I LOCATED OFF BAY STREET ON FREDERICK STREET I PARKING NEARBY

3,000 SQ. FT. + AVAILABLE EXCELLENT LOCATION I ATTRACTIVELY PRICED I STANDBY GENERATOR I JOIN A RESPECTED FINANCIAL INSTITUTION AT THIS ADDRESS I PARKING I SEE NOW

EAST BAY SHOPPING CENTRE NEWLY RENOVATED PLAZA

SEARS HILL FOR SALE

1,500 SQ. FT. AVAILABLE FOR LEASE DUAL ENTRANCES I HIGH VISIBILITY I IDEAL FOR SHOP OR OFFICE I LOTS OF PARKING I EASY ACCESS TO OR FROM PARADISE ISLAND I FINAL SPACE

2,100 SQ. FT. BUILDING 5,175 SQ. FT. LOT I EASILY ACCESSIBLE I COMMERCIAL POTENTIAL I PARKING I CURRENTLY A 3 BED 2 BATH HOME OFFERED AT $339,000

PAGE 4, Thursday, May 11, 2017

New Govt’s ‘pivotal sink or swim term’ From pg B1 He emphasised that the new government will be unable to solely tax its way out of its financial crisis, as Bahamian businesses and consumers had nothing left to give.

Warning that an increased taxation burden would only further depress the economy, Mr Myers said fiscal responsibility had to be married with growth strategies.

“That’s going to be a challenge,” he added. “A sensible government, a responsible government has got to realise it’s not just about

fiscal responsibility but also about creating economic development, improving the ease of doing business, stabilising the credit rating, improving productivity and educating the populace.

“These are the real challenges to make this thing happen. They’ve got to improve the sentiment, create employment, create incentives for opportunities and not just tax the economy, as it will continue to shrink.

You cannot tax the Bahamian people more because they don’t have it to give you.

“Whether it’s a new gov-

ernment or returning government, how and where are they going to make this change? Continuing to manage the way they have been will inevitably be our complete demise,” Mr Myers continued.

“That course is not a steady decline. You may be going down at a certain trajectory, but at some point it becomes a straight line down. These things mount up on you - cost of debt, downgrades, brain drain - and all of a sudden that downward line turns into a vertical drop.”

Mr Myers said government revenues would shrink if the economy contracted, adding that it was vital to restore Bahamian consumer and business confidence if this nation was to achieve

the growth levels needed to reduce double digit unemployment.

The Central Bank’s annual report showed that the 2015-2016 fiscal deficit resulted largely from revenues coming in $110 million below the Government’s projections, with spending overshooting by $61.1 million.

The Government’s fixed cost spending increased by $293.1 million or 17.1 per cent in 2015-2016 to $2 billion - a figure 3.5 per cent higher than Budget estimates - with reduced capital spending keeping the total outlay in check.

The Central Bank blamed the increased outlays on a 43 per cent jump in subsidies to loss-making public corporations, together with rising interest payments on the $7 billion-plus national debt and a $25 million expansion in the civil service wage bill.

“Amid the rising stock of outstanding debt, interest payments firmed by $41.6 million (17.8 per cent) to $275 million, due to growth in both the internal and external components by $37.7 million and $3.9 million, respectively,” the Central Bank said.

Describing this as “the fiscal cliff”, Mr Myers told Tribune Business: “If we get to the point where debt

THE TRIBUNE servicing is such a massive portion of your budget, we are already on a slippery slope where we can’t climb back.

“If you believe you can continue to tax the economy you will cause contraction, not expansion, and we hit fiscal doom..... When it collapses, it really collapses, and it will really depress growth and the economy, and will be really painful for a lot of folks for a long time.

“If you think I’m joking, look at Jamaica. The only reason people in Jamaica survive is living off the land. We’re not at that point yet, but we’re getting there. The Bahamas is fast approaching it.”

Mr Myers questioned why the Christie administration had made numerous spending commitments during its last months in office when the 2015-2016 fiscal data showed it was consistently missing its Budget forecasts.

He added that if revenues were under-performing, the Government needed to adopt “real world” business solutions and reduce its spending to compensate, and keep deficit targets on track.

“It shows there’s no management capacity and governance capacity at all,” Mr Myers told Tribune Busi-

Baha Mar gains over 18,000 job applicants From pg B1 employees to-date, a number that continues to grow.

Mr Sands said: “I think the excitement in a large amount of persons interested in wishing to work at Baha Mar has been overwhelming. We will continue to review those applications. At the end of the day, our commitment is to employ in excess of 5,000 persons when the resort is

advertise today! call the tribune today @ 502-2394

fully opened.”

The number of applicants is more than three times’ the number of available positions once Baha Mar is fully open, a further indication of both the persistently high unemployment rate and Bahamians seeking what they perceive as better paying, more secure jobs.

Graeme Davis, Baha Mar’s top executive, recently told Tribune Business that reservations at the Grand Hyatt have “exceeded our expectations”.

Late last month, the resort revealed that reservation availability for the Grand Hyatt at Baha Mar has been moved up to May

ness of the 2015-2016 fiscal year.

“Whoever gets into power has to address that. If we want to ignore this and spend ourselves into oblivion, we’re going to hurt the country long-term.

“One one hand the Central Bank is telling you that you’re overspending, and the debt-to-GDP is out of control, but if you think that’s OK as a civil servant, a government minister or manager of a public agency, I don’t know how that’s sensible.”

The Bahamas’ national debt stood at $7.042 billion at year-end 2016, with the debt-to-GDP ratio at 77.9 per cent - a level well above the so-called ‘danger threshold’ cited by the International Monetary Fund (IMF) and others.

“At end-December, the direct charge (debt) on the Government stood at $6.313 billion, a rise of $399.2 million (6.8 per cent) over the prior year,” the Central Bank said.

“Similarly, the national debt - inclusive of Government guaranteed loans rose by $373.1 million (5.6 per cent) to $7.042 billion at year-end, amounting to an estimated 77.9 per cent of GDP, up from 75.3 per cent at end-December 2015.”

8, some 2s days earlier than originally advertised.

An official ribbon cutting ceremony to mark the opening of the 1,800 room Grand Hyatt was held on April 21, with this past Monday bringing an end to the preview period.

Chow Tai Took Enterprises (CTFE), the conglomerate formed by the late billionaire, Cheng Yu Tung, and now controlled by his family, is the resort’s new developer and is pushing for a full opening in March 2018.

Baha Mar also includes a 300-room SLS resort, a 200-room Rosewood Baha Mar property, and the 694room Melia Nassau Beach, which has been open for three years and operates as an adults-only, all-inclusive.

THE TRIBUNE

Thursday, May 11, 2017. PAGE 5

FNM deputy: OECD ‘preying on the weak’ From pg B1

exchange obligations by the September 2018 deadline.

The OECD and its members have ratcheted up the pressure for the Bahamas to switch its approach to implementing the CRS, the global standard for automatic tax information, from its chosen bilateral route to a multilateral method.

This would require the Bahamas to negotiate with all-comers at once, rather than individual countries on a nation-by-nation basis, but the intensifying international pressure means one of the key issues facing the incoming administration - and something that will require a quick decision - is whether to change the CRS approach.

Mr Turnquest told Tribune Business that the FNM had met with OECD representatives while in Opposition, and was aware of the organisation’s concerns.

He emphasised that a Hubert Minnis-led administration would “promote and protect” the Bahamian financial services industry,

and “not destabilise the financial system in the Bahamas” in addressing international concerns.

“Obviously it’s a very serious matter that we take very seriously, and we’re going to have to develop a strategy and see how best we can accomplish a middle ground to the satisfaction of both parties,” Mr Turnquest said of the OECD and CRS pressures.

“We’ve had discussions with the Bahamas Financial Services Board over the years with regard to the need to innovate and create new products that are 100 per cent compliant with the regulatory bodies.

“We believe we have to unleash that creativity and find new niches for our providers. We’re very open and facilitative to the industry.”

Mr Turnquest said an FNM administration would be guided by the private sector in its policy response to the CRS pressures, which have been complicated by the refusal of European Union (EU) member nations to enter into automatic tax informa-

tion exchange agreement negotiations with the Bahamas on a bilateral basis.

This, in turn, potentially exposes the Bahamas to being included on a so-called EU blacklist of countries considered ‘non-cooperative’ on tax matters, which is supposed to be published before year-end 2017.

The Bahamian financial services industry’s priority is to avoid inclusion on any ‘blacklist’, and Mr Turnquest pledged that an FNM administration “will be very aggressive in promoting the industry and protecting the gains made over the years”.

He added: “We believe there is value in offshore business, and we have to work with other jurisdictions to ensure it is protected and these threats that continue to come are addressed properly and comprehensively.”

Mr Turnquest then accused the OECD of ‘changing the rules of the game’ with respect to the CRS, having approved the ‘bilateral’ approach to implementation only to turn around and pressure the Bahamas into switching to the multilateral approach.

“The goal posts continue to be moved in terms of compliance issues,” he told

Tribune Business. “That’s the problem we’ve had over the years. They have to be clear what the regulatory requirements of us are.

“They [the OECD] need to be more clear as to where they see this road ending, in terms of acceptable rules, so that we and other international financial jurisdictions can determine how we best fit into that model and adapt our local regulations to meet the standards they’ve set.

“No business can continue with a constantly evolving set of standards.

There must be some period of consistency. They [the OECD] have to stop themselves. Otherwise the world will see it for what it is: Unfair competition, and the strong preying on the perceived weak.”

The OECD representatives who visited the Bahamas warned that this nation must “take quick action” to avoid being ‘blacklisted’.

Monica Bhatia, who leads OECD’s Global Forum secretariat, said the Bahamas was perceived as “the last tax haven standing” and an “outlier” because it was the sole financial centre of any significance to persist with the bilateral approach to CRS implementation.

Tribune Business sources present at the seminar with the OECD said the body had cleverly modified its arguments, and objections, regarding the Bahamas’ choice of the bilateral implementation route.

Given that it had previously approved the ‘bilateral’ route as an option, the OECD knows it is open to charges of ‘hypocrisy’ and ‘goal-post moving’ if it simply demands the Bahamas goes multilateral.

Instead, its officials argued that the Bahamas had left it too late to use the bilateral approach to meet its automatic tax information exchange commitments by the September 2018 deadline.

The OECD’s presentation to the Bahamian financial services sector

was described as “dripping with sarcasm” by one observer, who said it employed the theme: ‘Why are you always the last guys to comply?’

Its representatives employed the analogy of a high-rise building to describe the Bahamas’ situation, saying that all other countries were taking the elevator to the top via the multilateral approach, and this country was the only one using the stairs.

Several financial industry sources, speaking on condition of anonymity, told Tribune Business that given the EU’s stance and the pressing compliance deadline, combined with this nation’s bilateral ‘isolation’, the Bahamas was unlikely to be able to “hold out”.

HELP WANTED Young Attorney with over three (3) years experience.

For civil litigation, conveyancing, corporate and probate matters.

Excellent opportunity for advancement.

Send resume to thompsonatlawbah@gmail.com

Career Opportunity Scotiabank (Turks and Caicos) Limited is seeking the services of a

Manager, Compliance, Scotiabank, Turks and Caicos Position Summary: The Manager, Compliance and Legal provides support in the coordination of the overall Anti-Money Laundering regime for Turks & Caicos Islands (TCI) and supports Management in fulfilling their compliance responsibilities by promoting adherence to the Scotiabank Guidelines for Business Conduct, the Group Standards for AntiMoney Laundering and Anti-Terrorist Financing and any supplemental, policies, procedures, guidelines or codes of conduct applicable to the TCI.

Key Accountabilities for this role: Monitoring Compliance • Provide support in developing and carrying out an adequate review program that will confirm compliance to regulatory requirements is in place.

• Provide support in reviewing, on an annual basis, plans developed by support groups to monitor operational risk. Assist the Director in periodically consulting with support functions to ensure plans have been executed and documented, and coordinate the submission of information, of an exception nature, to Sr. Management and the Board of Directors where warranted.

• Coordinate compliance reviews/branch visits either as part of a shared service/ compliance team or as a stand-alone activity.

• Assist in the monitoring and analysis of client complaints, which allege or may indicate non-compliance so as to minimize the risk to reputation or the risk of subsequent litigation.

Policies, Practices, Procedures, Testing and Training • Provide support in ensuring that adequate policies, practices and procedures have been defined and implemented to enable ongoing compliance to applicable local regulatory requirements to be achieved.

• Provide support in developing Anti-Money Laundering training programs to support the reliable implementation of regulatory requirements.

• Provide support in ensuring that policies regarding FATCA are being properly implemented.

Remedying Non-Compliance and Resolving Problems • Provide support in ensuring the instances of non-compliance to regulatory requirements are being identified, appropriately reported and adequate action plans are developed to ensure corrective action and non-recurrence.

Compliance Reporting • Provide support in ensuring that all required reporting activities are completed in an accurate and timely manner as prescribed.

• Provide support to branches as required. ®Trademark of The Bank of Nova Scotia, used under licence (where applicable).

Regulatory Awareness • Provide support in ensuring that a reliable organizational structure, with adequate accountability and processes, has been defined to enable a comprehensive awareness of applicable local regulatory requirements.

Educational Requirements: • A minimum of five (5) years’ experience in the field • Formal training in compliance and membership in a recognized professional compliance association (e.g. Association of Certified Anti-Money Laundering Specialists (ACAMS), International Compliance Association ICA) • Proficient legal training and knowledge that can be leveraged to support the business.

Functional Competencies: • Good knowledge of business activities undertaken by Scotiabank (Turks and Caicos) Limited. i.e. retail banking, corporate banking, commercial banking, credit, collections, as applicable, • Expert knowledge of both local and international laws and the regulatory/ supervisory structure of the local financial markets, current banking regulations and industry standards, • Sound knowledge of the Bank’s policies, procedures, operations, organization, internal controls and the Scotiabank Group compliance process, • Strong administrative and reporting skills to ensure that the compliance matrices for all applicable departments, units and branches within Scotiabank (Turks and Caicos) Limited are up to date.

• Excellent communications skills, both written and oral, as well as analytical and negotiation skills, • Strong interpersonal and organizational skills and the ability to prioritize/delegate and deal with the workload to meet deadlines, • Excellent relationship building and interpersonal communication skills • Excellent presentation skills • High degree of computer literacy.

Qualified candidates should submit C.V. via email to: The Human Resources Dept., Scotiabank Turks and Caicos: santresha.gardiner@scotiabank.com on or before May 19, 2017.

Note: Only persons short-listed for an interview will be contacted.

All eligible persons with Belonger status encouraged to apply.

PAGE 6, Thursday, May 11, 2017

Small business ‘cannot wait another 5 minutes’ From pg B1 tial to restore hope among Bahamian entrepreneurs.

Two successive administrations, FNM and PLP, have failed to deliver on previous promises to take this Act through Parliament, and Mr Turnquest argued that the Bahamian small business sector will continue to “stagnate” without the structured support it promises.

“Right now, the business community is not growing how it’s supposed to, and we don’t feel excited about the environment where we work every day,” Mr Turnquest told this newspaper.

“You have to be here, working like I do with businesses on a daily basis, to understand the challenges they face.

“All the political parties’

manifestos imply that the SME Act will be legislated, but they don’t put a timeline on it. It could be five years, and we can’t wait another five minutes.”

Mr Turnquest said both the Free National Movement (FNM) and Democratic National Alliance (DNA) had pledged in their manifestos to pass legislation similar to the SME Act as originally proposed, while the Progressive Liberal Party (PLP) promised similar support structures.

All were “singing a tune” that Bahamian small businesses and entrepreneurs have heard before, and Mr Turnquest said the sector was getting “tired” of waiting for action.

“It’s almost 10 years later, and it’s still going on,” he added, pointing out that

No Property Fund dividend until 80% occupancy rate hit From pg B1 Business of 2016. “You think you’re making headway, until you have someone cancel a lease. It seems like your constantly fighting to keep vacancies low.”

Mr Anderson said the Fund had also been forced to make concessions on rental rates to either keep existing tenants or secure

new ones. This, together with the present occupancy rates, was conspiring to keep rental income low.

“We lost another large tenant at One Marina Drive,” he added. “We got part of it back, but at a lower rental rate and that impacted our valuation.

“Even though the drop in value [of our properties] was less than in 2015, it was

Private Premarital Counselling Sessions Private Marriage Counselling Wedding Ceremonies

THE TRIBUNE

much of the framework/ groundwork for the SME Act had been completed from 2009.

“We need hope. My clients say: ‘Turnquest, they’re only trying to make you and I feel good by putting this in the marketplace’. They don’t feel like it’s going to be done soon.

“That’s why it has to happen in the first 100 days.

We’ve had the gaming ‘referendum;’, the gender equality referendum.. the Small Business Act should be a priority for the new administration. We can’t create anything new without this legislation being passed, and it’s been ready since at least 2012,” Mr Turnquest continued.

“All they’ve got to do is dust it off, tweak it and determine the best way forward. It’s almost 10 years and nothing has happened yet. Today, the clock has started for the first 100 days, and the Small Business Act can only be a priority. What

else is there to do? Whoever wins, I’m going to knock on their door on Thursday.”

The Christie administration initially conducted much work on the draft SME Act, engaging consultants to develop the draft legislation and support agencies/structures, and consulting with the private sector.

However, the momentum stalled and the initiative appeared to be overtaken by the National Development Plan (NDP). Khaalis Rolle, minister of state for investments, previously told Tribune Business that the Government wanted to ensure the SME Act aligned properly with the NDP’s objectives.

The SME legislation, as initially drafted, proposed the creation of the Small and Medium-Sized Enterprises Development Agency (SMEDA), which was to function as the ‘one-stop shop’ for providing and coordinating assistance to the

sector.

SMEDA’s proposed role was to assist small businesses with crafting business plans and access to capital, as well as co-ordinating the necessary support they required from other government agencies and the private sector, such as marketing, accounting and human resource functions.

Mr Turnquest told Tribune Business that the Bahamas’ economic “stagnation” showed a new development formula, which shifted this nation from its traditional reliance on major foreign direct investment (FDI) projects, was required.

“We talk about the ease of doing business,we talk about competitiveness, but we are in the same boat as Trinidad and Barbados with these downgrades flying at us,” he said.

“We still have high deficits, a high national debt, and we need GDP growth of 3-4 per cent or more. The formula of big business by

itself doesn’t work. It’s obvious that the formula over the past two administrations doesn’t work.”

Mr Turnquest said the solution was to grow Bahamian ownership, entrepreneurship and small businesses, and rescue them from the “stagnation” experienced over the past decade.

Pointing out that small businesses are the driving force of most economies, Mr Turnquest said the clients advised by himself and his associates are “not hiring, not increasing sales”.

“For two years they’ve been really stagnant and cannot grow. We have to motivate ourselves when things are tough,” he told Tribune Business.

“The number one challenge is stagnation. There’s no growth in the community in the absence of serious commitment to small business growth.”

still over $2 million. It’s part of the business. You have these mixed swings on valuation from a property perspective that you can’t do much about.”

The Fund saw its rental and parking revenue decline year-over-year by 5.7 per cent, falling from $4.003 million in 2015 to $3.776 million.

The loss on valuation of its three properties was $2.161 million, which was less than the prior year’s $2.949 million, the bulk of the ‘hit’ - some $1.839 million - coming on the Bahamas Financial Centre.

“We continue to have talks, but we’re not comfortable paying out dividends given where occupancies are,” Mr Anderson told Tribune Business. “We want to get to 80 per cent on an overall basis.”

While the Fund’s third property, Providence House, home to the PricewaterhouseCoopers accounting firm, is 100 per cent leased, he explained that the Bahamas Financial Centre and One Marina Drive continued to drag the overall rate down.

“We’d really like to get into the 80 per cents before

we start paying out dividends again, as we want to get more indication people are interested in renting properties,” Mr Anderson reiterated.

“We want to see the market turn before we get comfortable paying out dividends.”

The RoyalFidelity chief added that the Fund remained on the hunt for acquisition opportunities, and was eager to diversify away from office-based properties concentrated in or near downtown Nassau, but had been beaten out by the Government for UBS House.

“We’re still generating good cash flow and are well-positioned to take advantage of opportunities as they come up, but it’s tough to buy buildings,” Mr Anderson told Tribune Business.

“It’s hard to negotiate prices. We lost one to the Government, and we’re looking at at least one other opportunity at the moment, but we don’t know what’s going to happen and where the building’s going to end up. They’re not necessarily easy items to acquire.

“We’re still looking. We need to diversify and get out of town. We know we’ve got a concentration in office buildings, but have just not been able to find anything suitable.”

Mr Anderson said the Fund’s funds from operations (FFO), which measures its operating performance and cash flow, had dropped by 22 per cent year-over-year, going from 50 cents per share in 2015 to 39 cents per share.

However, he added: “We’re still well-positioned even though the economy over the past two years has not been great.”

He added that the Fund had benefited from the payout of its $10 million preference shares, and refinancing of its remaining $11.389 million bank debt, which had reduced its interest costs by “a couple hundred thousand”.

Mr Anderson said December’s 50 basis point cut in the Bahamian Prime interest rate had provided further help, slashing another $60,000 off the Fund’s annual cost of funds.

Share your news

Rev. Antonio O. Beckford M.A

Over 20 years Counselling Experience

Make an appointment at

341-2555 or 424-1262

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.

THE TRIBUNE

Thursday, May 11, 2017. PAGE 7

Half-billion Windows 10 devices, but PC slump stunts growth SAN FRANCISCO (AP) — Microsoft’s latest version of Windows is faring better than its maligned predecessor, but the software’s growth is still stunted by a shift away from personal computers.

Windows 10 is now running on a half-billion devices nearly two years after its release, Microsoft CEO Satya Nadella disclosed Wednesday during the software maker’s annual conference for applications programmers.

That figure is up from 400 million eight months ago, but far short of Microsoft’s goal of putting Windows 10 on 1 billion devices by 2018.

The Redmond, Washington, company had already acknowledged it won’t reach that goal in time .

Windows 10 represents a comeback for Microsoft after the colossal flop of Windows 8, whose ill-conceived designed deepened a decline in PC sales and contributed to the departure of Nadella’s predecessor, Steve Ballmer.

Although it has been easing recently, the PC slump still hasn’t ended.

People are increasingly connecting to digital services, checking email and performing other computing tasks on devices powered by Apple’s iOS and Google’s Android instead of Microsoft’s Windows.

That’s one the prime reasons Microsoft has been eclipsed by both Apple and Google in the technology industry’s pecking order after dominating throughout the 1990s.

Microsoft tried to piggyback on the trend by expanding into smartphones, but those attempts have mostly flopped. It’s the reason Microsoft cites for failing to meet its 1 billion goal in time. Its Surface tablet has done better, but even that product has hit rough patches. Microsoft blamed disappointing Surface sales for a revenue shortfall in its most recent years.

As consumers have embraced smartphones, Microsoft increasingly is building its products with business and government agencies in mind, said Gartner analyst Ed Anderson.

But Microsoft is still hop-

Microsoft employee Ali Hajy demonstrates a large-screen Microsoft Surface device at the Microsoft Build 2017 developers conference, yesterday in Seattle. Earlier in the day at the annual event, Microsoft CEO Satya Nadella said that a half billion devices are now running Windows 10, its latest operating system. That’s up from 400 million disclosed last September, but far short of a goal of 1 billion by 2018. (AP Photo/Elaine Thompson)

Democrats, Republicans compromise on minimum wage hike AUGUSTA, Maine (AP) — Maine Democrats have lined up to support a Republican’s bill to tweak the voter-approved minimum wage hike, while the parties are at odds over a measure to eliminate a new tax on the state’s highest earners.

Supporters are cheering a legislative committee’s 11-2 vote Wednesday to recommend the minimum wage bill, which would once again allow employees to pay less than minimum wage to workers who make up the difference in tips.

Democratic Rep. Ryan Fecteau, House chairman of the Legislature’s labor, commerce, research and economic development committee, said the “compromise” bill protects the “hard fought” wage increase and that his amendment would create new worker safeguards. He said the committee heard testimony from “hundreds of servers” worried about the impact of requiring restaurants to pay tipped workers minimum wage.

Republican Rep. Stacey Guerin called the bill a “big win for Maine’s restaurant industry.”

Democratic Sen. Shenna Bellows voted against all nine bills recommending changes to the minimum wage law, saying her votes reflect the people’s will that those who work full time “shouldn’t be living in poverty.”

Voters in November approved an increase in Maine’s minimum wage from $7.50 per hour to $12

an hour by 2020. The wage would then increase according to inflation. Tipped employees’ wages would reach the minimum wage by 2024.

Amy Halsted of Maine People’s Alliance, which led the minimum wage hike campaign, said the referendum won with more votes than any citizen initiative in Maine history.

“The Republican-led attempts to undermine every aspect of this law are deeply disappointing, as is the fact that some Democrats joined in voting to cut wages for tipped workers,” she said.

Gov. Paul LePage has repeatedly said the public didn’t understand the impact of the ballot questions they approved and has claimed the new laws are already hurting Maine businesses and workers.

About 55.5 percent of Maine voters approved the minimum wage hike, while voters narrowly passed a 3 percent surtax on portions of individual income above $200,000.

The Legislature’s taxation committee on Wednesday voted along party lines on a Republican’s bill to eliminate the 3 percent surtax, which would be used to directly fund public school classrooms.

Democratic Rep. Gay Grant said the bill thwarts the will of the people, while Republican Rep. Joel Stetkis has testified that the surtax makes Maine less inviting for medical professionals and business people.

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

. C O M

@100JAMZ242

ing to win over consumers with its digital servant, Cortana, a rival to Apple’s Siri, Google’s Assistant and Amazon’s Alexa.

Earlier this week, Mi-

crosoft unveiled an internet-connected speaker featuring Cortana in a partnership with Samsung’s Harman Kardon. Microsoft also announced Wednesday

that both Intel and HP plan to implant Cortana in upcoming devices, but didn’t provide any further details.

Microsoft encouraged programmers Wednesday

to design applications that help Cortana do whatever people might want. Both Amazon’s Echo and Google’s Home devices are striving to do the same thing.

PAGE 8, Thursday, May 11, 2017

THE TRIBUNE

European Central Bank’s Draghi cautiously upbeat on eurozone FRANKFURT, Germany (AP) — The head of the European Central Bank says that risks to the strengthening economy of the 19-country eurozone have fallen — but insists it’s too early to declare victory and start withdrawing stimulus measures.

Mario Draghi said in remarks delivered Wednesday in the Dutch parliament that recent data confirm that the rebound “is becoming increasingly solid and that downside risks have further diminished.”

He added that “nevertheless, it is too early to declare success” and stressed that the bank’s improved forecasts assume the full implementation of its stimulus measures. The bank says it will continue pumping 60 billion euros ($66 billion) a month in newly printed money into the economy through the end of the year, and beyond if necessary.

The bank has also held its key interest rate benchmark at a record low of zero even as growth picked up.

Draghi was greeted by

finance committee chairman Pieter Duisenberg, the son of Wim Duisenberg, the first head of the ECB when it was created in 1998 ahead of the introduction of the shared euro currency in 1999. Wim Duisenberg died in 2005.

The committee, however, gave Draghi anything but a nostalgic reception. The ECB’s stimulus programs have provoked criticism in the more prosperous northern European countries such as Germany and the Netherlands. That’s be-

cause the stimulus efforts to lower market interest rates are seen as hurting savers and bailing out less financially solid countries.

Lawmaker Tony van Dijck told Draghi that “you’re not a hero” in the Netherlands by depriving savers of returns on their holdings.

Draghi responded that the stimulus had benefited the economy and ordinary people by helping boost employment. He said the policies had played a role in the creation of 4.5 million jobs over the last three years.

Analysts expect the ECB

to signal later this year it will taper the stimulus program in 2018.

The currency union’s economy grew 0.5 percent in the first quarter and unemployment has fallen slowly to 9.5 percent, but with sharp differences between countries. Inflation, meanwhile, has risen to 1.9 percent, in line with the ECB’s goal of just under 2 percent. But the bank has warned it needs to see that inflation is back on track in a sustainable way. Core inflation, which excludes volatile food and fuel prices, remains at a weak 1.2 percent.

Withdrawing the stimulus will have far-reaching effects. It will mean higher interest costs for longerterm borrowers such as corporations, governments and people with house mortgages. It will make it easier to save for retirement and to fund pension plans out of current income. It could also send bond prices lower in the short terms. Over the longer term, higher rates should make conservative holdings such as savings accounts and bonds more attractive relative to riskier ones such as stocks.

A woman carries bags as she leaves the Athens’s central fish market as workers take a break, in Athens yesterday. Greece has been surviving on bailout loans since 2010 in return for harsh spending cuts and tax increases that have put nearly a quarter of the workforce out of work and seen more than a third of the population living or at risk of poverty. (AP Photo/Petros Giannakouris)

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity

2016/CLE/QUI/00141

IN THE MATTER OF A SUBDIVISION called “ROLLE TERRACE” comprising of a tract of land by Survey 4.963 acres situate immediately Southwest of Mount Vernon Estates and Southeast of High Vista Estates and on the Northern side of Step Street and approximately 525 feet West of Cockburn Street Fox Hill in the Eastern District of the island of New Providence which said subdivision, has such position shape marks boundaries and dimensions as are shown and delineated on the diagram or plan recorded in the Department of Lands and Surveys and in the Ministry of Public Works, as Plan No. 5716 NP and thereon coloured Pink.

AND IN THE MATTER of The Quieting of Titles Act 1959, Chapter 393 Statute Law of The Bahamas AND IN THE MATTER OF THE PETITION OF SEAN ANTHONY CARLOS DEAN, (also, called “Shawn Dean”) ADMINISTRATOR of The Estate of Petral Rolle, Deceased ==================== NOTICE ====================

Petitioner

Notice is hereby given that Sean Anthony Carlos Dean is applying to the Supreme Court of the Commonwealth of The Bahamas to have the title of the following subdivision investigate under Section 3 of the Quieting Titles Act 1959 and the nature and extent there of determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act:– “ALL THAT SUBDIVISION called “ROLLE TERRACE” comprising a tract of land containing by survey 4.963 acres situate immediately Southwest of Mount Vernon Estates and Southeast of High Vista Estates and on the Northern side of Step Street and approximately 525 feet West of Cockburn Street Fox Hill in the Eastern District of the island of New Providence which said subdivision, has such position shape marks boundaries and dimensions as are shown and delineated on the diagram or plan recorded in the Department of Lands and Surveys ad in the Ministry of Public Works, as Plan No. 5716 NP and thereon coloured Pink.

A plan of the said subdivision may be inspected during normal working hours at the following places: a) The Registry of the Supreme Court, British American Building, Marlborough Street, Nassau, N.P. Bahamas, or b) The Chambers of Corporate Legal Services, Pickstock Place, Robinson Road, Nassau, Bahamas.

NOTICE IS HEREBY GIVEN that any person having a dower or an adverse claim or a claim not recognized in the said Petition at all on or before the expiration of thirty (30) days after the final publication of these presents file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of his claim in the prescribed form verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a statement of such claim on or thirty (30) days after the final publication of these presents shall operate as a bar to such claims.

Arlean P. Horton-Strachan Corporate Legal Services 110 Pickstock Place Robinson Road Nassau, Bahamas.

Attorneys for the Petitioner

THE TRIBUNE

Thursday, May 11, 2017. PAGE 9

US stocks rise as energy companies rally with oil prices NEW YORK (AP) — Energy companies jumped with the price of oil Wednesday, but overall, stocks finished only slightly higher as a quiet week of trading continued.

The price of U.S. crude oil jumped 3 percent as fuel stockpiles kept shrinking, and that made investors more optimistic about energy company profits. Strong earnings from video game maker Electronic Arts and chipmaker Nvidia helped technology stocks move up.

However weak results from Priceline and Disney hurt consumer-focused companies, and health care stocks also stumbled as drug companies fell.

Investors didn’t react much to President Donald Trump’s surprise decision to fire FBI Director James Comey on Tuesday evening.

U.S. stocks also had little reaction to the French presidential election last weekend, although European indexes climbed following the win by centrist candidate Emmanuel Macron.

“It’s almost as if the market has become numb,” said Julian Emanuel, an equity strategist for UBS. “Investors are interpreting this as more noise.”

Emanuel said investors are focused on economic growth and the Trump administration’s businessfriendly agenda. Until they have a clearer understand-

ing of how well the economy is doing and whether Trump’s policies will be implemented, he said investors may just wait and see, in which case stocks will stay in the range they’ve traded in for the last few months.

The Standard & Poor’s 500 index picked up 2.71 points, or 0.1 percent, to 2,399.63, a fraction of a point above the all-time high it set Monday. The Dow Jones industrial average shed 32.67 points, or 0.2 percent, to 20,943.11 as Disney and Boeing slumped.

The Nasdaq composite finished at a record for the fourth day in a row as it rose 8.56 points, or 0.1 percent, to 6,129.14. The Russell 2000 index of small-company stocks was up 7.73 points, or 0.6 percent, to 1,399.59.

Oil prices made big gains as reports showed U.S. crude stockpiles dropped by 5.2 million barrels last week. That was bigger than analysts expected. Crude inventories are returning to more normal levels after they swelled to record highs the last few years.

Benchmark U.S. crude surged $1.45, or 3.2 percent, to $47.33 a barrel in New York. Brent crude, the international standard, gained $1.49, or 3.1 percent, to $50.22 a barrel in London EOG Resources gained $2.90, or 3.2 percent, to

$94.54 and Chevron added $1.42, or 1.4 percent, to $106.50.

Crude oil prices have fallen in recent weeks as investors wondered if the members of OPEC and other key oil-producing countries will be able to limit production and support prices. U.S. oil has traded between around $45 and $55 a barrel this year as investors worried about oil prices and profits at energy companies. The S&P 500’s energy sector has dropped 10 percent in 2017.

Nvidia advanced $18.35, or 17.8 percent, to $121.29.

Nvidia tripled in value in 2016 and had wobbled early this year. Electronic Arts, which makes games including “The Sims” and “Mass Effect,” rose $12.15, or 12.7 percent, to $108.16.

Emanuel, of UBS, said investors are rewarding companies that are reporting strong earnings growth but don’t depend too much on faster economic growth.

That includes technology companies and banks.

Entertainment giant Walt Disney posted lower sales than investors expected and it said profit at its cable networks declined because of programming

Trader John Santiago, left, works on the floor of the New York Stock Exchange, yesterday.

U.S. stock indexes are mostly lower Wednesday morning following weak first-quarter reports from consumer-focused companies including Priceline and Disney. (AP Photo/Richard Drew)

costs at ESPN remain high.

Its stock fell $2.41, or 2.2 percent, to $109.66. Recently Disney stock suffered a five-day losing streak partly brought on by concerns about cable advertising revenue.

Revenue for online booking service Priceline was a bit lower than analysts expected and the company’s profit forecast for the current quarter was also disappointing. That sent the stock down $86.72, or 4.5 percent, to $1,824.41. Priceline has soared 44 percent over the last 12 months.

Boeing lost $2.31, or 1.2 percent, to $183.18 after it suspended test flights of its new 737 Max plane because of possible problems with a key engine part. The Max is designed to be a more fuel-efficient version of the

737, Boeing’s most popular commercial plane.

Online review website Yelp plunged after it slashed its revenue forecast for the year. That followed a disappointing first-quarter report, and analysts said the company struggled to retain customers. The stock sank $6.37, or 18.4 percent, to $28.33 to reach its lowest price in almost a year.

Watchmaker Fossil tumbled after another weakerthan-expected quarterly report. The company said sales of traditional watches and other jewelry continued to fall. The stock fell $3.71, or 20.4 percent, to $14.44. The stock traded above $100 a share as recently as December 2014 but has been trading at eight-year lows.

NOTICE

NOTICE is hereby given that DOROTHY MARJORIE ROBINSON of Prince Drive, 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 4th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Legal Notice

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

Blue Key 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).

Blue Key Limited, is in Dissolution.”

The date of commencement of dissolution is the 5th day of May, 2017.

Diane Nobile, Esq, 201 S. Biscayne Blvd, Suite 2650, Miami, Florida 33131 Liquidator

MARKET REPORT WEDNESDAY, 10 MAY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,889.55 | CHG -0.03 | %CHG 0.00 | YTD -48.66 | YTD% -2.51 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.13 6.76 8.60 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.01 11.00

52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.20 5.69 8.50 11.00 2.18 1.31 5.80 7.50 8.56 7.15 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 2.05 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

LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.33 1.55 6.00 9.75 9.00 9.95 6.90 12.01 10.00 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 LAST SALE 100.00 100.00 100.00 108.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.30 1.55 6.00 9.75 9.00 9.95 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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

108.86 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

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 -135.0 14.2 14.0 23.4 104.5 22.5 19.4 20.0 18.8 9.4 12.1 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

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

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

YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 4.26% 2.61% 3.87% 4.00% 4.10% 0.00% 3.32% 2.03% 5.33% 0.00%

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