05192017 business

business@tribunemedia.net

FRIDAY, MAY 19, 2017

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Minister: Fyre Festival’s $8.4m land ‘absolute BS’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Minister of Tourism yesterday slammed as “absolute bull s***” claims by the ill-fated Fyre Festival organisers to have been given $8.4 million worth of Bahamian land, while conceding that “maybe we were caught blind” by the fiasco.

Dionisio D’Aguilar yesterday express considerable scepticism over the organisers’ claim to have been granted land in Exuma in exchange for holding Fyre Festival in this nation and promoting the Bahamas.

His comments came after Tribune Business obtained a 43-page private place-

Organisers claim ‘given’ Exuma land in return D’Aguilar: ‘Maybe we got caught blind’ Says ‘substantial reputational damage’ for Bahamas Dionisio D’Aguilar ment memorandum (PPM), or offering document, that Fyre Festival’s organisers were using to pitch the event to potential investors in their search for additional financing.

The document’s 30th page, headlined ‘Land Ownership’, claimed: “Fyre has been given $8.4 million of market value land on Black Point, Exuma, in exchange for hosting the

festival and advertising the island.”

Mr D’Aguilar said he had no knowledge of any Bahamian land being “given” to the organisers, hip hop artist, Ja Rule, and his technology entrepreneur partner, Billy McFarland, suggesting it was more likely they had leased a site for the Fyre Festival.

The newly-appointed Minister of Tourism told Tribune Business that the organisers appeared to have been using the land to increase Fyre Festival’s value, and its attraction, for potential investors, in their bid to attract desperatelyneeded capital prior to the event falling apart.

See pg b3

Condo owners hit by fraud, says court

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Cable Bahamas HQ

Cable chief ‘bullish’ despite $17m losses

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Cable Bahamas’ top executive yesterday said the company remains “very bullish” on its gro wth and future earnings prospects, despite suffering a near-$17 million net loss for the 2017 first quarter.

Anthony Butler, the BISX-listed communications pro vider’s president and chief executive, told Tribune Business that it remained on co urse to deliver significant shareholder returns as it continues to invest for future reward.

He indicated that Cable Bahamas’ share o f start-up costs in Aliv, the new mobile operator in which it holds a 48.25 per cent equity stake and management control, was depressing its financial performance in

Aliv start-up, depreciation create $18.4m ‘swing’ Waiting for expansion projects to boost profits Touts 100%, 10-year Florida ‘bulk deals’ the short-term.

And depreciation associated with Aliv’s network assets, especially its tower sites, is also impacting Cable Bahamas’ financials, having increased year-overyear by 83.5 per cent for the three months to end-March 31, 2017.

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The Court of Appeal has quashed two separate settlements after finding “that a fraud has been perpetrated on the unit owners” at a Freeport condominium complex.

Appeal Justice John Isaacs, in a May 16, 2017, verdict backed by his two fellow justices, found that the initial consent Order determining who should pay for hurricane-related repairs to doors and windows at the Silver Point Condominium “cannot stand”.

He ruled that Silver Point’s Board had failed to obtain the approval of unit owners, as required by the complex’s byelaws, and therefore lacked authority

Freeport complex suffers Board ‘sleight of hand’ Storm repair obligation switched to unit owners Settlements tied to $1m claim ‘cannot stand’ to enter into the settlement agreement.

Silver Point’s Declaration of Condominium treated doors and windows as part of the ‘common property’, rather than individual units. As a result, Appeal Justice Isaacs found that See pg b4

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Averting blacklisting is ‘priority’ for Govt

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Minister of Financial Services yesterday said warding off the threatened ‘blacklisting’ of the Bahamas was “10.5 on a one to 10 priority scale” for the newly-elected government.

Brent Symonette, whose portfolio also includes trade and industry, and immigration, told Tribune Business that Dr Hubert Minnis’s administration would determine the Bahamas’ approach to automatic tax information exchange within the necessary timelines.

He added that the Government was set to meet with the financial services industry today to get its feedback on the way forward, amid increasing pressure from the Organisation for Economic Co-Operation and Development (OECD) and a threatened ‘blacklisting’ See pg b5

Minister: ‘It’s 10.5 on one to 10 scale’ Meeting private sector today on tax info exchange Pledges quick decision as deadline ‘very tight’

Brent Symonette

BPL managers ‘in dark’ over PLP’s energy deal

By NATARIO McKENZIE

Tribune Business Reporter

Union chief wants to know plan for utility

Bahamas Power & Light’s (BPL) middle managers yesterday said they had been ‘left in the dark’ over the former government’s secretive deal with New Fortress Energy, and raised concerns over the future of the utility and their jobs.

Anthony Christie, the Bahamas Electrical Managers Union’s (BEMU) president, questioned “what is the plan moving forward” for BPL, admitting that his members were eager to know what the future could

Fearing for jobs over New Fortress discussions

nmckenzie@tribunemedia.net

hold regarding their employment.

Mr Christie admitted that the BEMU, which has roughly 100 members, was also blindsided by the Christie administration’s pre-election negotiations with New Fortress Energy, which involved the latter supplying BPL via a 25-year See pg b5

PAGE 2 , Friday, May 19, 2017

THE TRIBUNE

How to deal with the worst workers Many employers have had to deal with at least one worker who seems incapable of salvaging even a basic understanding of workplace decorum and ethics. This is the one unruly team member who, despite all efforts to bring them along, fails to deliver even at a mediocre standard.

What is most challenging in these situations is that the employee often feels sufficiently protected to walk round with an arrogant sense of job security. No scholarly work and research conducted by seasoned professionals can adequately prepare managers for some of the vile employees they encounter in the workforce.

The popular Bahamian adage, ‘every rope has an end’, should be the glimmer of hope that every supervisor needs when dealing with this employee. After having met a few of these persons in my years of lead-

ership, both in the public and private sectors, I have created what I call a survival checklist for supervisors, managers and leaders who want the best for their organissations:

1.

Make sure your front door as a leader is well swept, and that you are above reproach. These employees have a common practice of coming after the unsuspecting manager with accusations and allegations. They believe that your deficit is a license for their foolishness. When you approach them about habitual tardiness, attendance, poor performance on work assignments and other serious infractions, ensure you are not lacking in these areas.

2.

Cover yourself with documentation and

witnesses. These employees will find creative ways to be vindictive, and may get desperate when they feel their jobs are in jeopardy. Do not address them in a room alone EVER, and document everything. The references you make will prove beneficial in the weeks and months ahead.

3.

Be careful to stay away from making your verbal exchange with the employee personal. Human beings have a natural inclination to defend themselves when their character or physical person is under attack. Keep it professional and speak only about how their actions are adversely impacting the work, other employees and the organisation.

4.

Inform the Human Resources Depart-

ment, or senior leadership, of the ongoing challenges you are having with the employee.

The final bust-up should not be the first time they are acquainted with your frequent struggles with this staff member.

5.

Do not take it on personally. This person’s behaviour is probably not a reflection of your leadership skills.

My mother often reminds me that it is enshrined in people’s psyche that, when hurt, they want to hurt other people. Misery loves company.

Do your best to work with the individual, but do not allow anyone to convince you that your management skills are lacking because this one is not coming around.

Truth is, some people are planted in the wrong garden and no amount of

fertilizer will cause them to grow. They need a transplant.

6.

Tell yourself that this employee may be the necessary thorn your leadership skills need to propel you to the next professional and personal level. If you pass this test, you can graduate to a higher dimension of leadership.

Your leaders and subordinates are watching you.

7.

Pray. Prayer works.

Some things you cannot handle in your own strength, and you must simply rest on a higher power. The sovereign God, who knows the end from the beginning, has a beautiful way of sorting out what our human frailty cannot fix.

• NB: Ian R. Ferguson is a

Ian ferguson talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

GBPA’s diversify boost with license fee waiver NOTICE LYNDEN PINDLING INTERNATIONAL AIRPORT IMPOSTION/VARIATION OF FEES AND CHARGES It is hereby notified pursuant to regulation 4(10)(b) of the Airport Authority (Amendment) Regulations, 2009 that the Nassau Airport Development Company imposed and or varied fees and charges at the Lynden Pindling International Airport as follows: Aeronautical Fees

a) Landing Fees increase 3% b) Terminal Fees increase 3% c) Aircraft Loading Bridge Fees increase 3% d) Aircraft Parking Fees increase 3% It is further notified that the said imposition and or variation of Fees and Charges shall take effect at the Lynden Pindling International Airport on September 1, 2017.

The Grand Bahama Port Authority (GBPA has pledged a one-year waiver of license fees for innovative entrepreneurs who “think outside the box”, as it bids to diversify downtown Freeport’s small and mediumsized business sector.

Describing it as a Business Diversity Waiver, Ian Rolle, the GBPA’s president, said: “Whilst the economy is making small but steady progress, increased diversity and innovation within the city’s small business sector would definitely add value for residents, and to the local economic landscape.

“As with the upcoming ‘Business Innovation and e-Commerce’ workshop, all initiatives by our Invest Grand Bahama Small Business Bureau (IGBSBB), in 2017, will focus on encouraging increased business diversity and innovation, which at present is lacking within our small business sector.

Career Opportunity Job title: Location Supervisor Closing date: Monday, May 22nd, 2017 Salary Range: $20,500 - $24,500 per annum A growing retail company is looking for an energetic Location Supervisor to become an integral member its Store Operations Team.

Ian Rolle, the Grand Bahama Port Authority’s president, welcomes licensees and small business owners during GBPA’s 2017 Small Business Fair & Training Workshop.

“That said, one important measure that we are taking is to incentivise entrepreneurs who are thinking outside the box with a one-year GBPA License Fee Waiver when they launch their creative business ideas within the Downtown ares.”

Mr Rolle added that while downtown Freeport will serve as the launch pad for the pilot initiative, the GBPA was hopeful it would

translate into more variety for Bahamians and visitors when it came to shopping, dining and entertainment.

The GBPA’s ‘Business Innovation and e-Commerce’ workshop will be held on June 8 at the Grand Lucayan Resort, and will feature international headliners such as SHOPIFY. Derek Newbold, the GBPA’s senior manager of business development and Invest Grand Bahama, said all elements of the upcoming workshop will support the Business Diversity Waiver.

“We all know the traditional business concepts; in fact they currently hold the majority share of the local economy - for example, retail clothing stores, liquor stores, salons, beauty supplies stores and the like,” said Mr Newbold.

“While these business types continue to be neces-

sary within the community, we want to encourage entrepreneurs to be creative and think innovatively.

“By this, I am referring to adding value in a new way; perhaps within some of the traditional business concepts by way of enhanced customer experiences, technology integration, etc. It’s time to break the traditional mold.”

Mr Rolle added: “Creating a rich and diverse SME sector is a key component in moving the local economy forward.

“The BDW initiative, supported by the upcoming ‘Business Innovation & e-Commerce’ workshop, will provide attendees with valuable information, as well as deliver the relevant, practical and engaging content participants of previous events have come to expect.”

This individual will be responsible for: • • • •

providing assistance and support to Location Manager and to members of the Operations team; assisting with the training and oversight of Customer Service team members; providing efficient processing and coordination of cash handling, sales, and customer service processes; and assisting with reporting and processing related to administration and back office support.

Candidates should possess an Associate’s degree (Bachelor’s degree preferred) in Business Administration, Finance, or a related subject and a minimum of three (3) years’ experience in a similar position. Candidates with frontline experience in commercial banking, retail administration, money transfer business, bill payment services, or commercial aviation will be given serious consideration. Cash handling experience, MS Office suite proficiency, and the ability to quickly learn different POS, accounting, and inventory management systems are highly valued. Candidates must be able to successfully operate under pressure during peak business periods and must be able to pleasantly and firmly deescalate situations with difficult customers.

Candidates must have good communication skills, be flexible and have a positive attitude. Candidates will be required to undergo a thorough background check and must provide suitable character and employment references.

Please submit resumes to employed242@gmail.com.

Candidates submitting resumes must be prepared to begin their tenure with the Company within two weeks of employment offer.

Banca del Sempione (Overseas) Ltd.

Employment Opportunity For the position of Portfolio Manager Banca del Sempione (Overseas) Ltd. is looking for an experienced Portfolio Manager to join its select team of professionals.

Responsibilities: Asset allocation for customer accounts Application of investment strategies Trading of securities Review of performances of portfolios Liaison with clients and external portfolio managers Minimum qualification: 5 years experience in a similar position Excellent knowledge of European/Asian/American financial markets English and Italian written and spoken fluently, additional knowledge of other foreign languages is an advantage, especially Spanish Bachelors degree or similar Salary and benefits will be commensurate with position and experience. Interested candidates should forward a copy of their resume to: Human Resources Banca del Sempione (Overseas) Ltd. P.O. Box N-8159 Nassau The Bahamas Only persons being interviewed for this position will be contacted.

THE TRIBUNE

Friday, May 19, 2017. PAGE 3

Airline chief raises rising fee concerns Bahamians to stage

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Bahamian airline chief executive yesterday urged the new administration to quickly meet with stakeholders and assess the whole aviation sector, warning that increased fees were making Family Island travel cost prohibitive and impeding their economic development.

Randy Butler, the Sky Bahamas principal, issued what he described as a

NAD increases aviation fees 3% from September 1

“clarion call” to the Dr Hubert Minnis-led administration, urging it to sit down with the sector and chart the way forward, particularly the role of Bahamasair.

His comments came in the wake of the Nassau Airport Development Company (NAD), the Lynden Pindling International Airport’s manager, announc-

ing that from September 1, 2017, aeronautical fees, inclusive of landing fees, terminal fees, aircraft loading bridge fees and aircraft parking fees, will all increase by 3 per cent.

“We just pass those fees on to consumers,” Mr Butler said. “When you land in Turks and Caicos or Jamaica you are not taking another flight.

“When you come to Nassau and you want to go to Cat Island, you are paying those fees twice and that makes the trip more expensive.

“Whatever ministry is responsible for Family Island development as well as tourism is going to have to look at that. It is very expensive to travel to the islands when we have the amount of fees that you do. It’s becoming very hard for locals to move up and down. The Government has to take a look at the cost.”

Mr Butler added: “We want to give this government the support to be able to get it together. I hoping that this is one of those things that they look at, and take a look at aviation as a

whole; Family Island development and tourism.”

Mr Butler said a number of Bahamian-owned airlines have gone out of business, leading to a rise in illegal charters.

“Those illegal charters don’t have to pay National Insurance, Business License fees, NAD fees or train pilots. I hope that the government will sit down with industry and look at the role of Bahamasair and allow a codeshare with Bahamasair,” he added.

NHI: 71% of enrolees get their chosen doctor The National Health Insurance (NHI) Secretariat yesterday said almost 71 per cent of the scheme’s 15,640 enrolees to-date have been placed with their chosen primary healthcare doctor.

Suggesting that numbers were growing every day, the Secretariat said that as of yesterday, 15,640 enrolment applications had been received. Of those, 11,044 persons have been matched

Over 11,000 of 15,640 sign-ups placed Almost two-thirds of enrolees are women with a provider.

“This means that more than 11,000 Bahamians or legal residents can start see-

Minister: Fyre Festival’s $8.4m land ‘absolute BS’ From pg B1 “They’re including that in the equity worth they have, [but] $8.4 million of land is absolute bull s***. They would have leased the land, paying a rental and lease fee,” he said.”

“I don’t know what the arrangement was as to land use, who gave them the ability to use the land.

I don’t know what deal was struck.”

The Fyre Festival organisers’ claim to have been “given” $8.4 million worth of Bahamian land is assuming increasing importance in the US courts, amid the numerous lawsuits spawned by the event’s cancellation, which left hundreds of attendees “stranded” in Exuma.

One investor, Oleg Itkin, is alleging that he loaned McFarland and Fyre Media some $700,000 on the basis of written representations that the event organisers had been granted Bahamian real estate worth that amount.

Itkin’s lawsuit alleges that the land’s $8.4 million was more than 25 per cent, or one-quarter, of Fyre Media’s claimed assets. US media reports are suggesting that should the Bahamian land prove a mirage, it

could expose Fyre Festival’s organisers to criminal lawsuits on the basis of fraudulent misrepresentation.

Mr D’Aguilar, meanwhile, took a notably different stance from his predecessor, Obie Wilchcombe, admitting yesterday that Fyre Festival’s collapse had caused “significant reputational damage” for the Bahamas and its tourism brand, with the fall-out continuing.

Mr Wilchcombe, prior to the May 10 general election, had sought to downplay and brush off any impact for the Bahamas, saying: “I believe that the brand, the Bahamas’ brand, will withstand any negative fallout.”

Mr D’Aguilar, though, agreed that the Bahamas would need to conduct greater due diligence on festival and event organisers seeking to use this nation as their host.

He suggested that they should be required to submit business plans, proof of adequate accommodation for attendees, and even possibly provide the Government with proof they possessed the necessary financing.

Mr D’Aguilar added that enhanced scrutiny should be especially applied to

ing their NHI registered primary care provider and receive care at no out-ofpocket cost to them,” the Secretariat said. “Many of these persons have never had a doctor of their own who co-ordinates their care, nor did they have private health insurance.”

Peter Deveaux-Isaacs, the permanent secretary for NHI, added: “Our team at the NHI Secretariat has heard many stories from

Bahamians about how much having access to a doctor – their doctor who they choose during the enrolment process – means to them.

“I think a lot of persons take for granted that they can see a doctor when and where they want to. But we need to remember that twothirds of our population may not have had that option before NHI Bahamas came on board.”

The NHI Secretariat said that 62.5 per cent of enrolees were female and 37.5 per cent are male. When it came to age, 34.3 per cent of enrolees are between the ages of 15-44; some 31.7 per cent are between the ages of 45-64; another 18.1 per cent are over 65 years old; a further 13.8 per cent are between the ages of 3-14; and 2.1 per cent are two yearsold or younger

first-time event organisers, such as Messrs McFarland and Ja Rule, while indicating that his Ministry may have automatically assumed they had the capacity to pull off Fyre Festival because of their perceived wealth and celebrity status.

“I had a discussion with the person under whose purview that fell under in the Ministry of Tourism,” Mr D’Aguilar said of his inquiries into the Fyre Festival.

“The feeling by the employees at the Ministry of Tourism was that this was something very much handled by the promoters and organisers, and they were basically responsible for accommodations and the whole set-up.

“The Ministry was not involved in that process; in fact, not involved at all. It was only when we realised that incredible numbers of people had showed up, and the organisers couldn’t handle that amount, that the Ministry stepped in and tried to assist.”

However, the Ministry of Tourism’s press releases on Fyre Festival, issued under the former administration just one month before it was held, gave the impression of a much closer relationship with the organisers.

An April 3, 2017, press release from the Ministry of Tourism described itself “as a partner for the festival”, liaising with all government

and Exuma-based authorities to ensure the organisers obtained the necessary permits and approvals.

It added the Ministry of Tourism was “working tirelessly with Fyre Festival organisers to ensure that the 2017 festival is unforgettable” - and unforgettable it certainly has been, but for all the wrong reasons.

“Maybe we caught blind,” Mr D’Aguilar admitted yesterday, “but the assumption was these were great, expert promoters with significant money, quite high profile, and people were interested in coming to an event organised by these people.”

Bahamian private sector executives, including Pedro Rolle, the Exuma Chamber of Commerce’s president, previously told Tribune Business that there were clear warning signs Fyre Festival would fail four to eight weeks out, with vendors not being paid.

Mr D’Aguilar said he was unsure whether due diligence was conducted on the Fyre Festival by his ministry, but said this was needed in the future to protect the Bahamas’ reputation and brand.

“We must make greater efforts to find out how many people are coming in, whether they have accommodation, and to get a plan of action from the organisers,” he told Tribune Business.

“Give us a comfort level.

Demonstrate you know what you’re doing. If this is your first event, we must do more in-depth due diligence.”

Mr D’Aguilar said requiring foreign festival organisers to post performance bonds was likely a step too far, as it would deter them from coming to the Bahamas.

Yet this had to be balanced with ensuring a Fyre Festival-type fiasco is never repeated, the Minister adding: “We must make sure this doesn’t happen again, given that the damage to the brand is significant and it hasn’t stopped. It’s ongoing.

“While we can say this was not our responsibility, it has caused substantial reputational damage to the country. Obviously, the take away from this is that while we can say, great, look at all these festivals, we’ve got to look after the reputation and brand of the Bahamas.

“It’s not that the Bahamas didn’t deliver. No one asked us to provide anything but, at the end of the day, this happened in the Bahamas and we’re considered a co-conspirator in the fiasco,” Mr D’Aguilar continued.

“We learn from these mistakes, and once bitten twice shy. We have to do our best to guard against this.”

French President Macron talks to Putin, faces media uproar PARIS (AP) — French President Emmanuel Macron held a special security meeting, spoke with Russian President Vladimir Putin and convened his Cabinet for the first time Thursday — all under a growing cloud of concern that his office is trying to control the press.

The government, appointed Wednesday, is a carefully calibrated balance of 22 prominent and unknown figures from the left

and the right, half of them women. They arrived for their first meeting Thursday with smiles, posing for photographs on the front porch of the presidential Elysee Palace.

After the meeting, Macron talked by phone with Putin about possible cooperation on international issues, including the fight against terrorism.

The Kremlin said in a statement that the two voiced readiness to develop “tradition-

ally friendly” economic, political and cultural ties.

Macron held a defense council including the defense minister and the military chiefs to focus on security issues. The country remains under a state of emergency, and under threat from Islamic extremists, since deadly November 2015 attacks.

During the Cabinet meeting, Macron called on his ministers to have the “necessary discipline” and

“solidarity” despite their sometimes stark political differences, government spokesman Christophe Castaner said.

In keeping with Macron’s independent centrist line and goal of reshaping French politics, his ministers include both Socialists and conservatives.

Castaner, a Socialist who joined Macron’s movement last year, said “our political background will not pre-

vent us to work smartly for France.”

Meanwhile, tensions have arisen over Macron’s policies on media access, recalling similar conflicts over coverage of Donald Trump’s presidency in the U.S. Some French political reporters said that Macron’s office called their media organization to designate specific journalists who will be able to cover Macron’s first trip outside Europe, scheduled in Mali on Friday.

Freeport film Fest

A Bahamian actor/ producer has teamed with Sir Sidney Poitier and the Ministry of Tourism to stage the first Caribbean Film Festival and Market (CFFM) at Freeport’s Grand Lucayan Resort from November 2-5, 2017.

The Festival is the idea of Cedric Scott, a resident of Hollywood, California, who has partnered with Sir Sidney, the Ministry and its regional partner, CaribbeanTales Worldwide Distribution (CTWD).

“We are inviting the world to come and see what we have to offer here in the Caribbean. The host country, the Bahamas, stands ready to display its moviemaking prowess,” said Mr Scott.

A CFFM statement said that as the host country of the inaugural Festival, the Bahamas will present films made in the Caribbean by regional filmmakers. The event will also showcase experienced digital storytellers from various Caribbean countries.

CFFM said its focus will be to display the Caribbean cinematographic skills, and to bring together the most talented filmmakers who have a passion for telling Caribbean stories.

It added that the event is expected to attract to the Bahamas both film distributors and sales agents to review Caribbean films, with the goal of having these works screened for theatrical release throughout the region and internationally.

Juries and panel discussions will take place to judge and evaluate the cinematic merits of the films entered into competition.

The CFFM organisers have invited entries for a total of seven film categories: * Caribbean and International Music Video * Caribbean and International Short Narrative Film * Caribbean and International Feature Narrative Film * Caribbean and International Short Documentary Film * Caribbean and International Feature Documentary Film * Caribbean and International Short Animation * Caribbean and International Feature Animation CFFM said there has been a recent increase in the number of quality films produced in the Caribbean, such as Better Must Come and Out the Gate from Jamaica to Yank Tanks and Suite Habana from Cuba, and Rain and Children of God from the Bahamas.

Grand Bahama has acted as a film location for productions such as Pirates of The Caribbean 2 & 3; Zeus and Roxanne; Eye of The Dolphin; and the German TV Movie, Der Sea Wolf.

call 502-2394 to advertise in the tribune today!

PAGE 4 , Friday, May 19, 2017

Condo owners hit by fraud, says court From pg B1 the original Consent Order’s effect was to allow Silver Point’s Board, “by a sleight of hand”, to shift responsibility for the repairs valued at over $1 million from itself to the individual unit owners.

And the Court of Appeal also quashed an ‘amended’ Consent Order, entered into by attorneys for the Board and one group of apartment owners, which removed the earlier settlement’s assertion that the windows and doors were ‘common property’.

Appeal Justice Isaacs ruled that then-Supreme Court Justice, Hartman Longley, did not have jurisdiction to approve the change to the initial consent Order, thus making the alterations “void and of no effect”.

Setting out the background to the 11 year-old legal dispute, the Court of Appeal said it had its “genesis” in the damage inflicted

by Hurricane Frances in 2004.

“An insurance claim was made by the Silver Point Condominium Apartments,

and a settlement of the claim was arrived at in excess of $1 million,” Appeal Justice Isaacs said.

“The insurance money was to be used to effect repairs to both the units and the common areas of the condominium.

“Questions arose among the unit owners as to who was to receive compensation, and for what, particularly in relation to doors and windows which had been damaged by the hurricane, as there had long been an issue whether doors and windows constituted a part of the common areas or part of a unit.”

Common areas are those used by all unit owners in a condominium or apartment complex, with costs relating to their maintenance and upkeep shared by all - usually through an annual assessment or levy.

In Silver Point’s case, determining whether the doors and windows were part of the ‘common areas’ or individual units became critically important following Hurricane Frances, as this would decide who paid for the repairs.

Cable chief ‘bullish’ despite $17m losses From pg B1 mobile by year-end,” Mr Butler told this newspaper of Aliv’s anticipated performance. “We’re delighted we’ve got over 60,000 subscribers on the network. But obviously there’s a start-up cost and the depreciation.”

He was speaking after Cable Bahamas suffered a near-$18.4 million negative year-over-year swing, going from a $1.53 million profit in the 2016 first quarter to a $16.862 million net loss this year.

And the BISX-listed operator, which is in the process of changing its year-end from December

to June, released financials that also showed it has incurred net losses of $33.43 million in the 15 months to end-March 2017.

This compares to $14.371 million worth of ‘red ink’ incurred in the 2015 calendar year, and the ongoing losses have the potential unnerve both Cable Bahamas shareholders - especially retail investors - and the wider capital markets.

This is particularly since Cable Bahamas has suspended dividend payments, as it seeks to conserve capital to finance its expansion plans, which apart from Aliv also involve $100 mil-

Appeal Justice Isaacs noted: “The determination of this question was of particular significance because if the windows and doors were a part of the common area, their repair or replacement would constitute an expense of the body corporate, payment of which would normally be from funds raised on an assessment of all unit owners.

“However, if they were a part of a unit, the individual unit owner would be responsible for their repair or replacement.”

The Court of Appeal added that prior to Hurricane Frances, problems had frequently arisen at Silver Point when unit owners made unauthorised changes to the external appearance of their doors and windows, with the Board forcing the guilty parties to make changes.

Appeal Justice Isaacs said the storm “brought matters to a head’, and a group of six apartment owners, headed by Apollon Metaxides, filed an action on January 14, 2006, to clarify the status of Silver Point’s windows and doors.

The group and the Silver Point Board took threeand-a-half years to agree a settlement, reaching a deal on June 30, 2009, that declared the windows and

doors were part of the ‘common areas’.

This, though, was challenged by unit owner Douglas Collins in February 8, 2010, who argued that the Board did not have the authority to enter into the consent Order settling the original action.

This triggered a fresh legal action, with the attorneys for Silver Point and the Metaxides group - Constance McDonald and Edwin Knowles - successfully persuaded Justice Longley to sign an amended Consent Order, despite not having discussed this with Mr Collins’s attorney, Rengin Johnson.

The amended Consent Order eliminated the determination that windows and doors were part of Silver Point’s common areas, and triggered legal action by another group of Silver Point owners led by Johann Swart.

Justice Longley dismissed the Swart group’s action, and the Court of Appeal found their appeal turned on two issues - whether both settlements were “lawfully made”, and if Justice Longley had the ability to approve the second Consent Order.

Finding that he did not in the latter case, Appeal Justice Isaacs said the first

settlement had brought the matter to an end.

“The alteration made to the consent Order should not have been sanctioned by the judge,”he wrote. “It was not competent for Justice Longley to entertain the application to vary the consent Order in the circumstances.

As such, the amendment is void and of no effect.”

As to the original settlement, Appeal Justice Isaacs said the Swart group’s case was that the unit owners had not authorised the Silver Point Board to settle the Metaxides action, and the consent Order’s terms went beyond the complex’s governing documents.

As a result, they argued that the both settlements were “ultra vires” the Law of Property and Conveyancing (Condominium) Act and Silver Point’s byelaws.

Appeal Justice Isaacs said there was “some merit” to the Swart group’s arguments that the settlements imposed obligations not contained in Silver Point’s Declaration of Condominium - especially since the latter said windows and doors were ‘common property’.

“Consequently, in my view, by virtue of entering into an agreement with the Metaxides group from which the consent Order came into effect, the Board

has, by sleight of hand, achieved an advantage over all unit owners with non-conforming doors and windows, to wit, the Board is able to require the appellants to reinstate and pay for the offending windows and doors and, in effect, to pay for the reinstatement of ‘common property’,” the Court of Appeal ruled.

Appeal Justice Isaacs said the fears of the Swart group’s attorney, Fred Smith QC, that the settlement could “be wielded like a club to batter nonconforming unit owners into submission” were illfounded, as defences were still available to them.

However, given that the consent Orders did not reflect the decision sought in the original Metaxides action, he ruled: “I am persuaded that a fraud has been perpetrated on unit owners.”

Appeal Justice Isaacs said the Board’s failure to get approval from unit owners to enter into the original consent Order violated Silver Point’s byelaws and, since it did not have the necessary authority, he declared both settlements “unenforceable”.

Attorney Krystal Rolle represented the Metaxides group, while Gail LockhartCharles acted for the Board.

lion worth of Florida-based acquisitions.

Cable Bahamas is still effectively investing for projected future gains and shareholder returns tomorrow, which have yet to materialise - although they should now be much closer and start to come through in 2018.

In the meantime, as it waits for profits and returns to come through on the back-end, the company is having to ‘eat’ its share of Aliv’s start-up losses, which stood at $9.718 million for the three months to endMarch 2017.

These losses were not there in the 2016 first quarter as Aliv did not exist then, which explains much of the $18.4 million yearover-year swing into losses.

Another key factor was

the more than-$7.5 million rise in depreciation and amortisation, associated with accounting treatment mark downs on the increased network infrastructure associated with Aliv. Depreciation, as a result, jumped from $9.147 million in the 2016 first quarter to $16.782 million this time around.

And it is also unclear whether Cable Bahamas was still incurring Hurricane Matthew-related repair costs into the 2017 first quarter, or whether these were contained solely in its 15-month figures.

The key now is for Cable Bahamas to properly, and fully, execute on its growth initiatives. Mr Butler said yesterday: “We’ll have our full market position [through Aliv] in the next 24-36 months.

“We will then become the quadruple player with the most advanced network. We now have a Florida network that’s providing us with revenue, and we’re very bullish our future and our position in a very competitive market.”

Tribune Business understands that Cable Bahamas has been seeing “double digit” growth in revenues and margins, both in its Florida business and in its core Bahamian markets.

Mr Butler did not comment on that, but explained that Cable Bahamas’ Summit Broadband affiliate in Florida was targeting highend residential communities, resorts and hospitals with its bundle of services.

“The residential market in Florida involves 10year long-term contracts,”

he told Tribune Business.

“It’s bulk deals. The Lyford Cay-type communities over there, it’s a long-term bulk deal where everybody pays.

“We could go down a street in Nassau and get 60 per cent penetration. Over there, it’s 100 per cent on a long-term contract.”

Cable Bahamas’ revenues for the first quarter yearover-year were up by 17 per cent, standing at $51.141 million compared to $43.68 million last year.

While some of its expansion is now coming through on the top-line, the BISXlisted operator’s expenses also rose due to start-up costs, jumping by 60.7 per cent to $46.608 million compared to $28.995 million the year before.

House speaker promises tax overhaul this year despite chaos

Treasury Secretary Steven Mnuchin arrives on Capitol Hill yesterday, to testify before the Senate Banking Committee hearing on tax overhaul. (AP Photo/J. Scott Applewhite)

THE TRIBUNE

WASHINGTON (AP) — House Speaker Paul Ryan insisted on Thursday that Congress will overhaul the U.S. tax system this year despite the chaos consuming Washington and the political divisions in Congress.

“I feel very confident we can meet this goal,” Ryan, R-Wis., told reporters.

Ryan was bolstered by skittish business leaders who began an aggressive lobbying effort to ensure that their vision for a tax overhaul isn’t lost in the

daily distractions of President Donald Trump’s administration.

The conservative Koch brothers’ political network announced it is preparing to spend millions of dollars toward that end. The announcement came on the same day a handful of business executives told a congressional committee that the current tax system makes U.S. companies uncompetitive.

“We no longer live in a world where the U.S. can set a corporate tax rate

without considering what our international competition looks like,” John Stephen, AT&T’s chief financial officer, told the House Ways and Means Committee. “Countries are vigorously competing against each other to attract investment and jobs, but the U.S. has done little to retain its competitive advantage.”

The Trump administration released a one-page tax proposal last month that included massive tax cuts for businesses, a bigger standard tax deduction

for middle-income families, lower investment taxes for the wealthy, and an end to the federal estate tax for the very rich.

Thirty-one years after the last overhaul, there is widespread agreement that the current tax system is too complicated and picks too many winners and losers, compelling companies to make business decisions based on tax implications instead of sound business reasons.

But there are deep political and practical disagreements over how to fix it. Is it OK for a tax overhaul to add to the nation’s debt?

Should corporations pay less? Should rich people pay more?

THE TRIBUNE

Friday, May 19, 2017. PAGE 5

BPL managers ‘in dark’ over PLP’s energy deal From pg B1 power purchase agreement (PPA).

He said the BEMU was also unaware of the talks, and it only learned of it what was happening from the newspapers.

“What’s been happening is that the Government has still had a hand in the management and oversight of BPL. The Government has been doing a lot of stuff outside and around BPL. If it was looking at power generation, you would think that BPL would have been involved,” Mr Christie said.

“The union would like to be involved when it comes to anything that could im-

pact our members and their jobs. Who is going to run the plant? What will happen to the old plant.

Will they use our people or their people? We have their jobs to protect.”

Mr Christie added that the unions also have yet to see PowerSecure’s full business plan for BPL. “What is the plan moving forward? A lot of our staff are becoming senior and a lot can happen in one year. These folks want to know what their future is with the company,” he said.

In a statement outlining the terms left behind by the former administration, exdeputy prime minister and minister of works, Philip

Averting blacklisting is ‘priority’ for Govt From pg B1 by the European Union (EU).

“We’re meeting with the financial services people tomorrow [today] to discuss it, and we will be able to take a position in very short order and identify it to the public,” Mr Symonette told Tribune Business.

He acknowledged that the Bahamas had a “very tight” window in which to determine its approach for implementing the Common Reporting Standard (CRS), the global standard for implementing the automatic exchange of tax information, and seemingly criticised the Christie administration for leaving the matter to the new government.

“There is a deadline attached, and the Government intends to have a decision made within that deadline,” Mr Symonette said. “The deadline is very tight, and it’s something the previous government left to us to take a decision on.

“As soon as possible, we will take a decision. We have a deadline, and it is a priority. If you want to put it on a scale of one to 10, it’s 10.5.”

The Bahamas has until September 2018 to meet its automatic tax information exchange commitments, but it needs to be seen as making good progress on this soon, or otherwise this nation is likely to end up on the EU’s threatened ‘blacklist’ of non-cooper-

Davis, quoted two prices at which New Fortress would provide electricity.

He said it had offered to supply energy at 13.5 cents per kilowatt hour (kwh) from 120 Mega Watts (MW) of “supplemental”, or additional, generation units that would be installed at BPL’s existing Blue Hills power plant.

And, looking longerterm, Mr Davis said the price of energy supplied from a new 260 MW power plant, also fuelled by liquefied natural gas (LNG) and constructed at Blue Hills, would be 10.35 cents per kwh.

Apart from power generation, the deal appears to give New Fortress significant influence and control over both renewable energy and the refinancing of BPL. Mr Davis said the terms required New Fortress to

construct new liquefied natural gas (LNG) storage and regasification terminals at Arawak Cay and in Freeport.

It will also, if approved, “design, develop and construct an LNG bunkering and transshipment hub” near Freeport. Under an associated bunkering license, Mr Davis said New Fortress will pay “incremental licensing fees of up to $7.5 million annually”.

Other requirements were said to involve New Fortress converting BPL’s existing oil-fuelled power generation facilities on Bimini, Abaco, Eleuthera and the Exumas to burn LNG. Seemingly taking advantage of New Fortress’s parent, a $72 billion New Yorkbased asset manager called Fortress Investment Group, the Christie administration also agreed that it could

“lead and arrange” a $600 million rate reduction bond (RRB) to refinance BPL’s legacy debts and liabilities.

Mr Davis said the refinancing would “improve the Government’s debt-toGDP ratio”, likely referring to the fact the RRB would replace some $240 million in loans guaranteed on BEC/BPL’s behalf.

New Fortress will also invest $10 million in a “smart grid power management system for the Bahamas”,according to Mr Davis.

The ‘deal’ with New Fortress also brought the company into renewable energy, where it is to partner with the Government to “establish a programme whereby it will sponsor qualified renewable energy projects of up to 25MW installed capacity in the Bahamas”.

“The Government will

facilitate all necessary project development activities to support the company’s renewables sponsorship programme, including facilitating such projects and/ or providing financeable offtake arrangements,” Mr Davis said of the proposed agreement’s contents.

“New Fortress Energy will work with the Government to develop a workforce optimisation plan (including by conducting an economic impact study) to maximise the employment opportunities of Bahamian citizens in the operation of the projects described herein.

“I am of the view that this proposed agreement is in the public interest and will prove to substantially move all Bahamians forward together.”

ative countries that is due for publication by year-end 2017.

Mr Symonette said the ‘blacklisting’ threat, which has been played up by OECD officials in a bid to pressure the Bahamas to switch its CRS implementation approach to a multilateral method, as opposed to bilateral, was something the Government is taking seriously.

While the impending 2017-2018 Budget was taking up much of the new administration’s time, Mr Symonette said all relevant ministries and officials were working on the Bahamas’ CRS position.

As revealed by Tribune Business, the Bahamas is now isolated, and under growing pressure, to bow to international demands that it automatically exchange tax information on a ‘multilateral’ basis, with the EU and its members refusing

to accept this nation’s preferred approach.

The Bahamas previously agreed to implement the CRS via a bilateral approach that involved negotiating agreements on an individual country-by country basis.

However, the OECD and its developed country members have been steadily increasing the pressure on the Bahamas to switch to the ‘multilateral’ approach, requiring this country to negotiate tax deals with allcomers at once.

The Bahamas has been left exposed by the decisions of Hong Kong, Panama and the United Arab Emirates to switch from the bilateral to multilateral approach, which has left this nation as the last international financial centre (IFC) of significance that is sticking to the former.

Given that it had previously approved the ‘bilat-

eral’ 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 are arguing that the Bahamas has left it too late to use the bilateral approach to meet its automatic tax information exchange commitments by the September 2018 deadline.

OECD representatives have 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.

Monica Bhatia, who leads the 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.

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”.

Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business previously that the private sector acknowledged the Government may “have to consider a policy change” on how this nation implements the CRS. She added that there is “no alarm” about this nation having to alter its approach, and emphasised that the Bahamian financial services industry’s priority was to avoid any ‘blacklisting’.

NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANNIE DORIVAL of Caspian Road intend to change my name to ANNIE ELIsE DORIVAL. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, ERROL LLYOD GABRIEL COMARCHO and ASHLEY LAREN BAKER COMARCHO of Chesapeake North Subdivision, Freeport, Grand Bahama, Bahamas parents of BLAKE GIBSON BAKER intend to change his name to BLAKE GIBSON COMARCHO If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

COPER OVERSEAS S.A. NOTICE is hereby given as follows: (a) Coper Overseas S.A. 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

NOTICE is hereby given that MAKEDA NICOLA ALLARD of #11 Schooner Circle, Bahamia, Freeport, Grand Bahama, 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 12th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT THURSDAY, 18 MAY 2017

Dated this 15th day of May, A.D., 2017

Beatus Limited Liquidator GONG TIANSHI INDUSTRIES LIMITED

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 161424 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 5th day of May, 2017.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Richard L. Broughton, No 6 Bosham Close, Camperdown Heights, P.O. Box SP-63801, Nassau, The Bahamas. Persons having a Claim against the above-named Company are required on or before the 4th day of June, 2017 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

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

BISX ALL SHARE INDEX: CLOSE 1,889.58 | CHG -0.01 | %CHG 0.00 | YTD -48.63 | 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 8.99 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)

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

NOTICE

NOTICE is hereby given that MARCUS ISAIAH SHAQUILLE ALLARD of #11 Schooner Circle, Bahamia, Freeport, Grand Bahama, 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 12th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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 2.38 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 100.00 100.00 100.00 109.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.33 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 -0.05 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

109.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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 22.8 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

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

Dated this 5th day of May, 2017 Richard L. Broughton Liquidator

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%

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% 2.58% 3.87% 4.00% 4.10% 0.00% 3.32% 2.03% 5.33% 0.00%

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

PAGE 6 , Friday, May 19, 2017

THE TRIBUNE

Rally powers rebound in US stocks a day after slump

By ALEX VEIGA AP Business Writer Solid gains among phone companies and some retailers helped nudge U.S. stocks higher on Thursday, a day after the stock market had its biggest drop in eight months. Banks also recouped some of their losses. Energy and materials stocks fell.

The rally came a day after the market’s worst drop since September as political tumult deepened in Washington, stoking worries among investors that President Donald Trump may have trouble enacting tax cuts and other businessfriendly policies.

“People may be wanting

to put money to work in stocks, but the bonds they bought yesterday, they’re still going to keep those as a little bit of a hedge, just in case,” said JJ Kinahan, chief market strategist at TD Ameritrade.

The Standard & Poor’s 500 index rose 8.69 points, or 0.4 percent, to 2,365.72.

The Dow Jones industrial average added 56.09 points, or 0.3 percent, to 20,663.02.

The Nasdaq composite index gained 43.89 points, or 0.7 percent, to 6,055.13.

The Russell 2000 index of smaller stocks picked up 5.19 points, or 0.4 percent, to 1,361.08.

Bond prices slipped. The 10-year Treasury yield rose

NOTICE ARIELLE INVESTMENT & SHIPPING LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ARIELLE INVESTMENT & SHIPPING LIMITED is in dissolution as of May 16th, 2017.

MR. COSTAS HADJIMARKOS situated at 11 Limassol Avenue, 2112 Nicosia, Cyprus, is the Liquidator.

LIQUIDATOR ______________________

to 2.23 percent from 2.22 percent.

Despite the day’s gains, the major stock indexes were still on course to end the week in the red.

Stocks appeared headed for another down day early Thursday following selloffs in Asia and Europe.

But better-than-expected quarterly results from WalMart Stores and retailers such as L Brands helped lift the market.

Wal-Mart gained $2.42, or 3.2 percent, to $77.54, while L Brands rose $1.29, or 2.7 percent, to $49.69.

Traders also welcomed data from the Labor Department showing that applications for unemployment benefits fell last week to the lowest level in nearly three months.

Among other big movers: Incyte surged 6.9 percent on

the facade of the New York Stock Exchange. Stocks are modestly higher in early trading on Wall Street, Friday, May 5, 2017, after the government reported a pickup in hiring in April.

(AP Photo/ Richard Drew, File)

growing analyst optimism over the biopharmaceutical company’s work developing cancer treatments.

The stock gained $8.31 to $128.80.

Weak quarterly results from other companies sent those stocks lower.

Ascena Retail Group sank 27 percent after the retailer cut its forecast for its fiscal third quarter and full year, citing lagging customer traffic and other challenges. The stock lost 76 cents to $2.06.

Cisco Systems fell 7.2 percent a day after the internet gear maker said it expects revenue in its fiscal third quarter to be down from a year earlier. The company also said it was laying off 1,100 workers in addition to the 5,500 job cuts Cisco announced last August.

The stock gave up $2.44 to $31.38.

Benchmark U.S. crude oil futures rose 28 cents, or 0.6 percent, to close at $49.35 a barrel in New York.

Brent crude, used to price

international oils, climbed 30 cents, or 0.6 percent, to settle at $52.51 a barrel in London. In other futures trading, natural gas fell 1 cent to $3.18 per 1,000 cubic feet. Wholesale gasoline was little changed at $1.60 per gallon. Heating oil rose 1 cent to $1.54 per gallon.

In metals trading, the price of gold fell $5.90 to settle at $1,252.80 per ounce. Silver lost 24 cents to $16.67 per ounce. Copper slipped 2 cents to $2.53 per pound.

Russian FM mocks US media over intelligence-sharing reports NICOSIA, Cyprus (AP) — Russian Foreign Minister Sergey Lavrov on Thursday mocked U.S. news reports suggesting President Donald Trump inappropriately shared sensitive intelligence with him about terror threats involving laptops on airplanes.

Without directly confirming the details of their conversation, Lavrov said he didn't understand what the “secret” was since the U.S. introduced a ban on laptops on airlines from some Middle Eastern countries two months ago.

He joked that some U.S. media were acting like com-

munist newspapers in the former Soviet Union and not offering real news.

“There used to be a joke in the Soviet Union that there was no news in the newspaper Pravda and no truth in the newspaper Izvestia,” Lavrov said through a translator. “It's true, I get the impression, that many U.S. media are working in this vein.”

The Russian word “pravda” means truth, while “izvestia” means news. They are also the names of two long-running newspapers in Russia.

Lavrov was in Cyprus on Thursday for talks with his

Cypriot counterpart.

Asked to comment on the controversy surrounding the reported intelligencesharing, he said media have reported that “the secret” Trump told him was that “'terrorists' are capable of stuffing laptops, all kinds of electronic devices, with untraceable explosive materials.”

“As far as I can recall, maybe one month or two months before the Trump administration had an official ban on laptops on airlines from seven middle Eastern counties and it was connected directly with the terrorist threat,” Lavrov

added. “So, if you're talking about that, I see no secret here.”

The Washington Post reported this week that Trump shared highly classified information with Lavrov and Russian Ambassador to the U.S. Sergey Kislyak about an Islamic State terror threat involving laptop computers on aircraft. Other outlets, including The Associated Press, later confirmed the report.

Trump responded by tweeting that as president, he had authority to disclose whatever he'd like. He did not deny discussing classified information.

NOTICE FOUNTAIN GRAND INVEST INC. In Voluntary Liquidation

EMR Financial Ltd. Company No. 1840879 (In Voluntary Liquidation)

NOTICE Harbour Inlet Ltd. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, FOUNTAIN GRAND INVEST INC. is in dissolution as of May 16th, 2017.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that EMR Financial Ltd. is in voluntary liquidation.

The voluntary liquidation commenced on 9th May, 2017 and Maximilian Scheiff of Glärnischstrasse 18, 8002, Zürich, Switzerland, has been appointed as the Sole Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Harbour Inlet Ltd. is in dissolution as of May 16th, 2017.

NGOO SIN HUNG JUSTIN situated at 135 Serangoon Avenue 3 #07-02 Chiltern Park Condominium Singapore 556114, is the Liquidator.

INKA FARHANA BINTE JEFFERY situated at Blk 145 Tampines Street 12 #09-346 Singapore 521145, is the Liquidator.

LIQUIDATOR ______________________

Dated this 15th day of May, 2017 Sgd. Maximilian Scheiff Voluntary Liquidator

LIQUIDATOR ______________________

NOTICE PACIFIC GLOBAL CAPITAL CORP. In Voluntary Liquidation

NOTICE INFINITE INVEST MANAGEMENT CORP. In Voluntary Liquidation

OPAKNACK PARTICIPATION CORP. Company No. 1491303 (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, PACIFIC GLOBAL CAPITAL CORP. is in dissolution as of May 16th, 2017.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, INFINITE INVEST MANAGEMENT CORP. is in dissolution as of May 16th, 2017.

NGOO SIN HUNG JUSTIN situated at 135 Serangoon Avenue 3 #07-02 Chiltern Park Condominium Singapore 556114, is the Liquidator.

NGOO SIN HUNG JUSTIN situated at 135 Serangoon Avenue 3 #07-02 Chiltern Park Condominium Singapore 556114, is the Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that OPAKNACK PARTICIPATION CORP. is in voluntary liquidation. The voluntary liquidation commenced on 13th April, 2017 and Dr. Bernhard Lorenz of Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.

LIQUIDATOR ______________________

LIQUIDATOR ______________________

Dated this 19th day of April, 2017 Sgd. Dr. Bernhard Lorenz Voluntary Liquidator

ALLAMBIEPORT HOLDING S.A. Company No. 601304 (In Voluntary Liquidation)

NOTICE TARA INVESTMENTS RESEARCH LTD. In Voluntary Liquidation

TOTAL CONTINENTAL S.A. Company No. 571375 (“Company No.”) (in voluntary liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that ALLAMBIEPORT HOLDING S.A. is in voluntary liquidation. The voluntary liquidation commenced on 13th April, 2017 and Nina Racciatti of Talstrasse 83, 8036 Zurich, Switzerland, has been appointed as the Sole Liquidator.

Dated this 19th day of April, 2017 Sgd. Nina Racciatti Voluntary Liquidator

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TARA INVESTMENTS RESEARCH LTD. is in dissolution as of May 16, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that TOTAL CONTINENTAL S.A. is in voluntary liquidation. The voluntary liquidation commenced on May 8th 2017 and GABRIELA DIAS at Pilatusstrasse 13, 8712 Stäfa, Switzerland, has been appointed as Sole Liquidator.

Dated this 15th day of May 2017 GABRIELA DIAS Voluntary Liquidator

THE TRIBUNE

Friday, May 19, 2017. PAGE 7

Canada PM, Washington governor discuss trade, climate change

Canada Prime Minister Justin Trudeau, left, and Washington state Gov. Jay Inslee chat after posing for photographers before a meeting yesterday, in Seattle. (AP Photo/Elaine Thompson)

Canada-European Union pact worries US lobster industry PORTLAND, Maine (AP) — Members of the U.S. seafood industry are fearful that Canada’s approval of a new trade deal with the European Union will cause big problems for the American lobster business, just as the catch is hitting historic highs.

The Canada-European Union Comprehensive Economic and Trade Agreement Implementation Act, or CETA, cleared its final hurdle in the Parliament of Canada on Tuesday. The deal gets rid of tariffs on Canadian lobster exports to the 28-nation bloc, putting Canada at a huge advantage over the U.S. The tariffs for fish and seafood average 11 percent, and the EU is the biggest importer of seafood in the world. EU countries imported more than $150 million in lobster from the U.S. last year, along with more than $190 million Canadian (US $140 million) from Canada.

Seafood exporters and lobster industry members like Dave Madden, owner of exporter Lobster Trap in Bourne, Massachusetts, said they fear loss of money and jobs in the U.S. under the new rules. He ships about 4.5 million pounds of lobsters to countries such as Italy, France and Spain per year.

“Not only does it hurt not to be able to ship that poundage, I don’t need as many people to pack,” he said. “So people are going to lose jobs over this.”

Tariffs will fall in the coming weeks, said Chantal Gagnon, spokeswoman for Canada’s Office of the Minister of International Trade.

The European Union already approved the agreement, and an EU spokesman declined to comment on Canada’s approval.

The rule change is coming during a boom time for the U.S. lobster catch. The American lobster industry is based largely in Maine, which set a record for to-

tal catch in 2016 with more than 130 million pounds.

Price to consumers has also been high, in part because of growing demand from Asian countries. But a loss of European business could shake up prices and availability throughout the supply chain.

Maine Gov. Paul LePage, a Republican, and members of the Maine delegation have been warning about the danger of the tariff change for months, but the U.S. and EU are not close to a similar deal at the moment. Rep. Chellie Pingree, a Democrat, has said the Cultivating Revitalization by Expanding American Agricultural Trade and Exports bill she submitted this month could reduce some of the sting.

She said the bill would double funding for two federal programs that help get more Maine food to foreign markets.

“These programs are vital to helping iconic Maine foods — like lobster, potatoes and wild blueberries — and many other valueadded food products reach the world market,” Pingree said.

SEATTLE (AP) — Canadian Prime Minister Justin Trudeau and Washington Gov. Jay Inslee met Thursday to discuss a shared interests ranging from trade to climate change.

Trudeau told reporters their private meeting at a Seattle hotel was an opportunity “to talk about the incredibly close ties between Washington state and British Columbia and indeed, all of Canada.”

“We’re both strongly engaged on issues of climate change, issues of openness to trade, leadership on refugees as well, and an understanding that diversity can be a real source of strength,” he said.

Inslee called Trudeau’s visit fitting “because we share so much more with Canada than just a common border.”

“We share an incredible commitment to defeating climate change and a recognition that we can grow our economies while we’re doing that,” he said. “It is a great pleasure to know that we have a national leader in the North American con-

tinent who’s committed to that.”

In a news release issued after the meeting, Inslee’s office said the governor and prime minister discussed their respective efforts on curbing carbon pollution: with Inslee talking about his clean air rule to cap carbon pollution, and Trudeau describing pollution reduction initiatives in Canada’s largest provinces, including British Columbia.

They also discussed increased oil tanker traffic in the Salish Sea, as well as efforts to protect the area’s southern resident orca whale pod.

Washington state and the Canadian province of British Columbia are involved in initiatives promoting clean energy and the feasibility of a high-speed rail connection connecting Canada to the Pacific Northwest.

The state’s transportation budget signed by Inslee earlier this week includes $300,000 to study the possibility of a train that would travel 250 miles per hour (402 kilometers per hour) from Vancouver to Port-

land, Oregon with stops in Seattle and Olympia.

Canada is Washington state’s second largest destination for exports behind China, according to the state’s Commerce Department.

Bilateral trade between the Washington state and Canada totaled $19.8 billion last year, with $12.8 billion of that accounting for Washington imports from Canada.

The prime minister arrived in the state Wednesday to attend and speak at Microsoft’s CEO Summit in Redmond.

The event, which was closed to the public and media, focused on cybersecurity and the space race.

Trudeau’s office said he was the first sitting head of government or state invited to address the summit and attended so he could promote Canada’s technology industry.

After their Seattle meeting, Inslee was traveling to Mexico to meet up with a state delegation on a trade mission and Trudeau was heading to Burnaby, British Columbia for an event.

GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS BAHAMAS DEVELOPMENT BANK CONSULTANCY SERVICES TO CONDUCT A DIAGNOSTIC REVIEW AND PREPARE A STRATEGIC PLAN OF THE OPERATIONS OF THE BAHAMAS DEVELOPMENT BANK REQUEST FOR EXPRESSIONS OF INTEREST The Government of the Commonwealth of the Bahamas (GOCB) has applied for financing from the Caribbean Development Bank (CDB) to assist the Bahamas Development Bank (BDB) in financing the cost of conducting a study in the form of a Diagnostic Review of the operations of BDB along with the preparation of a strategic plan. GOCB intends to apply the proceeds of this financing to eligible payments under a contract for which this invitation is issued. Payments by CDB will be made only at the request of GOCB and upon approval by CDB, and will be subject in all respects to the terms and conditions of the Financing Agreement. The Financing Agreement prohibits withdrawal from the financing account for the purpose of any payment to persons or entities, or for any import of goods, if such payment or import, to the knowledge of CDB, is prohibited by a decision of the United Nations Security Council taken under Chapter VII of the Charter of the United Nations. No party other than GOCB shall derive any rights from the Financing Agreement or have any claim to the proceeds of the Financing.

BDB, the Executing Agency, now wishes to procure consultancy services to undertake a diagnostic study of the Bahamas Development Bank and to inform its long-term sustainability.

The objective of the consultancy is to assess Operations, Strategic Issues such as Corporate Governance, Human Resources and Financial Performance and necessary Strategic Direction and Objectives and make recommendations with a view to improving the long-term sustainability of the BDB. The duration of the assignment is expected to be for a period of (6) months.

The Bahamas Development Bank now invites interested, eligible, consulting firms to submit Expressions of Interest for the provision of these consultancy services.

Consultants shall be eligible to participate if: (a) in the case of a body corporate, it is legally incorporated or otherwise organised in an eligible country, has its principal place of business in an eligible country and is more than 50 per cent beneficially-owned by citizen(s) and/or bona fide resident(s) of eligible country(ies) or by a body(ies) corporate meeting these requirements; (b) in the case of unincorporated firms, the persons are citizens or bona fide residents of an eligible country; and (c) in all cases, the consultant has no arrangement and undertakes not to make any arrangements, whereby any substantial part of the net profits or other tangible benefits of the contract will accrue or be paid to a person not a citizen or bona fide resident of an eligible country.

Eligible countries are member countries of CDB. In the assessment of submissions, consideration will be given to technical competence, qualifications and experience, local and regional experience on similar assignments, financial capability and existing commitments. All information must be submitted in English. Further information may be obtained from the first address below between 9:00 a.m. and 4:00 p.m. hours Monday to Friday.

Two (2) hard copies of the Expressions of Interest must be received at the first address below no later than May 31, 2017 by 4p.m. (Bahamas Time) and one (1) hard copy must be sent simultaneously to CDB at the second address below. The sealed envelope containing each submission should include the name and address of the applicant and shall be clearly marked “Expression of Interest – Consultancy Services to Conduct a Diagnostic Review and Strategic Plan of the Operations of the Bahamas Development Bank.”

Following the assessment of submissions, a shortlist of not less than three and not more than six applicants will be provided with full terms of reference, and invited to submit technical and financial proposals to undertake the assignment. GOCB reserves the right to accept or reject late applications or to cancel the present invitation partially or in its entirety. It will not be bound to assign any reason for not short-listing any applicant and will not defray any costs incurred by any applicant in the preparation and submission of Expressions of Interest.

1st Address: Project Coordinator Bahamas Development Bank Cable Beach, West Bay Street Nassau, Bahamas Tel: 242-702-5700 Email: projectcoordinator@bdb.gov.bs 2nd Address: The Procurement Officer Caribbean Development Bank P.O. Box 408 Wildey, St. Michael Barbados, W. I. BB11000 Tel: (246) 431-1600/ Direct: (246) 431-1790 Email: procurement@caribank.org

PAGE 8 , Friday, May 19, 2017

THE TRIBUNE

Greek parliament approves new creditordemanded cutbacks ATHENS, Greece (AP) — Greece’s government secured parliamentary approval late Thursday for a new batch of creditordemanded measures that will impose further income losses on austerity-weary Greeks over the next three years but pave the way for a modest debt relief deal.

The legislation was backed by all 153 deputies in Prime Minister Alexis Tsipras’ left-led coalition.

All 128 opposition lawmakers present in the 300-member parliament stood against the measures in a vote just before midnight.

The vote was a key requirement for Greece’s European creditors to release a new bailout installment, without which the country would struggle to meet its debt servicing obligations in July.

But it will also accelerate negotiations on easing Greece’s debt repayment terms, which Athens hopes could be concluded as early as next week at a meeting of European finance ministers.

“Now the ball is in our creditors’ court,” Tsipras said after the vote. “We

expect, and are entitled to, a decision at Monday’s meeting, that will adjust the Greek public debt in a way that matches the Greek people’s sacrifices.”

Earlier Thursday, about 15,000 people protested peacefully against the cutbacks in a second day of demonstrations outside parliament. The demonstrations were called by major trade unions, a day after a general strike disrupted services across the country.

Dozens of masked youths broke out of the crowd to throw gasoline bombs at police guarding approaches to the parliament building.

They were repulsed with

($5.45 billion), will be implemented through 2020 — a year beyond the mandate of Tsipras’ government.

The bulk of the measures involve a sharp reduction in the income tax-free threshold and further cuts in pensions.

On Thursday morning, hundreds of pensioners braving heavy rain marched to parliament to express their anger.

“No more tax theft,” they chanted.

Pensions have been cut sharply over the past seven years as successive Greek governments have slashed spending in return for bailout money to avoid bank-

Yesterday Greece’s Prime Minister Alexis Tsipras, second right, stands with members of his government during a parliamentary session to vote more austerity measures as part of an agreement with international bailout creditors. Protesters clashed with police in central Athens during a second day of demonstrations Thursday, as lawmakers prepared to vote on creditor-demanded measures that will usher in additional income losses for Greeks over the next three years.(AP Photo/Petros Giannakouris) demands and extending the uncertainty over the country’s economic recovery.

“This is the only road map that guarantees ... the country’s exit from the great Greek recession,” Houliarakis told lawmakers.

Finance Minister Euclid Tsakalotos said he expects restrictions on bank cash withdrawals and capital flows imposed in 2015 can be lifted by the end of this year.

The government also hopes to gingerly return to tapping international money markets with a bond issue later this year, which would be the first since 2014.

Tsipras initially came to power in 2015 promising to bring an end to the austerity that had been imposed during Greece’s first two international bailouts. But his coalition government soon found itself facing a disastrous default as the country was unable to service its debt without external help.

The prime minister signed up for a third bailout later that year, but not before calling a referendum that led to a run on the banks, forcing the government to impose capital controls. The banking restrictions and limits on cash withdrawals remain.

States make move in fight over health care reform

of the House and the Trump administration.

Insurers, which are legally obligated to provide assistance to qualifying customers, continue to be reimbursed by the government.

Along with California, states involved in the legal action are New York, Connecticut, Delaware, Hawaii, Illinois, Iowa, Kentucky, Maryland, Massachusetts, Minnesota, New Mexico, Pennsylvania, Vermont and Washington state.

LOS ANGELES (AP) — Democratic attorneys general in more than a dozen states announced Thursday they would attempt to intervene in a federal lawsuit that threatens to undercut funding for the Affordable Care Act. The legal move is intended to give the states a foothold in the case that could disrupt the lives of millions of Americans.

Pensions have been cut sharply over the past seven years as successive Greek governments have slashed spending in return for bailout money to avoid bankruptcy tear gas, and police said one man was arrested and two more detained on suspicion of taking part in the violence.

The cutbacks, worth some 4.9 billion euros

The lawsuit was filed by House Republicans against the Obama administration and challenged the constitutionality of aid payments estimated at $7 billion this year.

The insurance subsidies help cover medical expenses for lower-income Americans.

At issue is how the Trump administration will handle the lawsuit.

Speaking in Los Angeles,

ruptcy.

Tsipras, who is badly trailing the main opposition conservatives in opinion polls, defended the new austerity measures Thursday.

He played up the prospect

California Attorney General Xavier Becerra said there is no way to predict the direction of the Trump White House in the matter.

“That unpredictability by itself, that instability in the health care marketplace, is what raises costs,” he said.

Since President Donald Trump took office in January, Democratic attorneys general have repeatedly contested his administration’s proposals, including

of alternative benefits and anti-poverty spending that his government has promised — provided, however, it meets ambitious budgetary targets for years to come.

“The counter-measures will provide relief to thousands,” he said, adding that the entire package presented to parliament would open the way to a strong economic recovery and an end to Greece’s supervision by its creditors.

Deputy Finance Minister George Houliarakis said the austerity measures are a “necessary compromise” between meeting creditors’

on softening environmental protections.

The California Medical Association said in a statement that the health care subsidies are “crucial to ensure that low-income families can afford the cost of coverage, doctors’ visits and life-saving medical treatment.”

The nonpartisan Congressional Budget Office recently concluded earlier this year that insurance

markets would probably be stable in most areas under the Obama-era Affordable Care Act. But Trump has predicted it “soon will explode.”

Parties in the case are expected to meet next week.

In an earlier ruling, a U.S. district judge in Washington found the law does not explicitly authorize those expenditures.

The case has been on hold by mutual agreement