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THURSDAY, MAY 25, 2017

$4.20 FREEPORT TAX REGIME REPEAL MUST PRESSURE ‘THE TWO FREE RIDERS’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Grand Bahama Port Authority (GBPA) attorney yesterday expressed hope that the promised repeal of Freeport’s new investment regime will pressure “the two free riders” whose impact on Bahamians is “five times’ greater” than Baha Mar’s. Carey Leonard told Tribune Business that the Minnis administration needed to ensure there was “some quid pro quo” if it granted the Port Group of Companies, and Hutchison Whampoa’s Freeport investments, an automatic 20-year extension of their real property tax exemptions. Pointing out that, unlike other licensees, both also enjoyed exemptions from Freeport’s service charges, Mr Leonard suggested the Government require them to undertake multi-million See PG B5

‘Quid pro quo’ for GBPA, Hutch tax breaks Attorney urges infrastructure upgrades City ‘can pull Bahamas out of doldrums’

THE Government yesterday appeared to narrow its planned VAT and innercity ‘tax breaks’, while seeking to deliver on campaign promises of accountability, transparency and good governance. The ‘Speech from the Throne’, which sets out the Minnis administration’s policy and legislative agenda priorities, said it would “take action to effect a reduction of VAT on breadbasket items”. The language differs from Dr Minnis’s cam-

$4.35

$4.15

University’s $18.3m bond ‘fully taken’ from first day By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE University of the Bahamas’ (UOB) advisers yesterday predicted its $18.3 million bond issue will be fully subscribed on the first day, with Monday’s launch only awaiting the Minister of Finance’s signoff. Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business that capital markets feedback suggested there was already sufficient investor support to finance the entire $18.3 million. “Based on our initial feedback, we’ve already got

Already ‘sufficient support’ to close offer Monday launch awaits Minister’s review Funding vital to meet ‘charter conditions’ sufficient support to close the transaction,” he said. “We don’t anticipate any problems closing it and getting the full amount.” Mr Anderson said the full offering memorandum for the $18.3 million bond is due to be sent out to tar-

KP TURNQUEST

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geted institutional investors and investment houses on Friday afternoon/evening, with the taking of subscriptions set to start on Mon-

day. However, the RoyalFidelity chief said the Monday launch was subject to See PG B7

‘Put to bed’ Freeport’s regulatory uncertainty CAREY LEONARD

Gov’t narrows inner city taxation breaks By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.30

Now only on construction materials

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE long-running uncertainty over who has regulatory responsibility in Freeport “needs to be put to bed once and for all”, the Chamber of Commerce’s chairman urged yesterday. Gowon Bowe told Tribune Business that the Hawksbill Creek Agreement, Freeport’s founding

Chamber chief: Modernise Hawksbill Creek Bahamas needs to exploit GB’s assets treaty, likely needed to be reformed and modernised to account for a world that was never envisaged in the 1950s and 1960s.

He added that with Grand Bahama well-represented in the Cabinet, the Bahamas now had to seize the opportunity to fully exploit the island’s economic potential for the benefit of the entire nation. Reviving Grand Bahama’s economy featured prominently in yesterday’s ‘Speech from the Throne’, and Mr Bowe told Tribune Business: “I would hope that’s not seen as lip service.

“If we look at Grand Bahama in the wider context of the Bahamas, the infrastructure in Grand Bahama - not just Freeport but also outside - with the deep water harbour and opportunities for industrial development is tremendous. “We need to start thinking, not only about New Providence, which we’ve focused on a lot, but how do we expand See PG B8

VAT exemption scope also shrunk Levy ‘reduced’, no longer eliminated paign promises, in which he pledged to eliminate - not just reduce - the 7.5 per cent Value-Added Tax (VAT) on so-called ‘breadbasket’ items, which are the basic food staples required for See PG B6

‘HUGE CONFIDENCE BOOST’ IF ALL GBPA LICENSEES GET 20-YEAR TAX BREAK By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FREEPORT will enjoy “a huge boost to business confidence” if the Government delivers a 20-year ‘tax break’ renewal for all, the Grand Bahama Chamber of Commerce’s president said yesterday. Mick Holding told Tribune Business that the new administration’s economic agenda, with its emphasis on reviving Grand Bahama, was “fantastic” and made “quite a statement” for the island’s struggling private sector. He also backed the “equal treatment” for all Grand Bahama Port Authority (GBPA) licensees, as stated in the ‘Speech from the Throne’, as “the right approach” for reviving Freeport. Mr Holding was responding after Dame Marguerite Pindling, in unveiling the See PG B4

Govt makes ‘quite a statement’ with GB focus Equal treatment for all ‘right approach’ Film/TV plans diversification ‘avenue’

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PAGE 2, Thursday, May 25, 2017

THE TRIBUNE

RAISING THE STAKES ON CYBER SECURITY CYBER threats and attacks are growing in number and complexity. In our digital, information-driven world, cyber threat management is a business and strategic imperative. The stakes are now higher than ever, with cybercrime no

longer limited to fraud and theft, but encompassing vast criminal networks, government-sponsored hackers and cyber terrorists. Cybercrime’s costs range from stolen funds and damaged systems to regulatory fines, legal damages and

financial compensation for affected parties. Intangible costs may include a loss of competitive advantage due to stolen intellectual property, the loss of customer or business partner trust, and overall damage to a company’s reputation and brand.

Beyond damage to individual organisations, the sheer scope of cyber attacks now has the potential to cause systemic, mass-scale infrastructure outages and, potentially, affect the reliability a nation’s financial systems and the well-being

of economies. Effective cyber security starts with awareness at the Board and ‘C-suite’ level, and the recognition that at some point your company will be attacked. It is essential that you understand the biggest threats, and learn how they can put assets at the heart of your company’s mission at risk. The cybersecurity questions below should guide companies in assessing their cyber posture; appropriately challenge information security teams to up their game by asking key questions and providing critical information; and help them consistently monitor and improve their resilience going forward. Question 1: Does the board and C-suite demonstrate due diligence, ownership and effective management of cyber risks? Question 2: Do we have the right leader and organisational talent? Question 3: Have we established an appropriate cyber risk escalation framework that includes our risk appetite and reporting thresholds? Question 4: Are we focused on, and investing in, the right things? Question 5: How do our cybersecurity programme and capabilities align with industry standards and peer organisations? Question 6: Do we have an organisation-wide cyber-focused mindset and cyber-conscious culture? Question 7: What has management done to protect the organisation against third-party cyber risks? Question 8: Can we rapidly contain damages and mobilise diverse response resources should a cyberincident occur? Question 9: How do we evaluate the effectiveness of our company’s cybersecurity programme?

Shavonne Smith Question 10: Are we helping to protect our industry, the nation and the world against cyber risks by taking a holistic approach to knowledge and information sharing? It is not possible for any organisation to be 100 per cent secure. But it is entirely possible to manage, and significantly mitigate, the impact of cyber threats, including theft, regulatory penalties, legal compensation and reputational damage. By working collectively, we can minimise the growing potential for broad-scale infrastructure outages and business disruption at the national, or even global, level. • NB: Information in this article is based on the Deloitte white paper, ‘Cyber Security: Everybody’s Imperative’. For more information on Deloitte Bahamas Risk Advisory Services Cybersecurity offering contact Lawrence Lewis, risk advisory services partner, at 1(242)302-4898 or llewis@deloitte.com, or Shavonne Smith, senior risk advisory services consultant, at 1(242)302-4880 or shasmith@deloitte.com. Ms Smith holds a Master of Science (MSc) degree from Capitol College in Baltimore, Maryland, and specialises in information assurance and network security. She also holds the CISA designation (Certified Information Systems Auditor), and several Microsoft certifications.

BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE

IT INTERNAL AUDITOR INTERNAL AUDIT DIVISION A vacancy exists at the Bahamas Power and Light Company Ltd. for an IT Internal Auditor in the Internal Audit Division.

Responsibilities of the position include, but are not limited to the following: • • • • • • •

Executing the IT application and general controls reviews portion of the Internal Audit Quarterly Audit Plan; and producing IT Audit Reports; Assisting other members of the audit team in the developing and launching automated IT audit procedures; and obtaining or generating reports for various audit assignments; Providing advice and counsel on new systems, initiatives, and IT services under development from an internal controls perspective; Assisting the AGM-Chief Internal Auditor in the coordination of IT audit activities, including internal controls assessments with the External Auditors; Effectively and efficiently managing the IT audit functions and resources; Assisting with the hiring, training, and professional development of non-managerial employees; Overseeing the quality of work performed by the IT internal audit team, ensuring compliance with applicable standards;

Job requirements include but are not limited to: • • • • • • • • • •

A Bachelor’s degree in IT, Accounting or other business related discipline; Requires 3 – 5 years’ post-certification experience in IT, auditing or general accounting; Professional certification (such as: CISA, CA, CPA); Understands and applies all related IT Audit Standards inclusive of ISACA, IPPF and International Accounting Standards. Strong knowledge of the CobiT and COSO internal controls frameworks; Strong knowledge and understanding of the current IT technical environment, including database systems, telecommunications, and IT change controls; Sound knowledge and experience with regulatory rules and requirements affecting the internal auditing and IT management practices; Good investigative, interviewing and analytical skills. Also possess good management, leadership, problem-solving and supervisory and Risk Management Assessment skills; Understands systems development life cycle (SLDC) processes for the implementation and building of business application systems; Programming or coding techniques sufficient to construct and implement computer assisted audit procedures appropriate to the enterprise environment (Using ACL and the H.T.E system report generation tools to conduct audits); Able to understand and explore newer and evolving technology concepts, such as storage management virtualization.

Interested persons should apply by completing and returning an Application Form to: Manager – Human Resources Department, Bahamas Power and Light Company Ltd., Blue Hill & Tucker Roads, P.O. Box N-7509, Nassau, Bahamas on or before: May 26, 2017.

Only candidates meeting the criteria will be contacted. Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Bahamas Power and Light Company Ltd.

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THE TRIBUNE

GOV’T ‘ENTERING REAL WORLD OF GOVERNANCE’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Opposition’s leader yesterday said the Minnis administration must now “enter the real world of governance”, describing the ‘Speech from the Throne’ as an admission of the foundation laid by the former government. Speaking at a press conference in the House of Assembly’s Minority Room, Philip Davis said: “The Government must now enter the real world of governance and not trash talk from a platform. Governance requires hard choices. It is easy as a critic to stand and promote ideas which have no foundation, but reality has now hit home. “We listened intently, and the reality is that the Speech from the Throne is an acknowledgement of the transformative foundation already constructed by the Progressive Liberal Party government,” he added. “We are encouraged to hear that the Government has embraced essential jobrelated skills training and specialised programmes for youth employment initiatives that have been, and continue to be, in train.” Mr Davis said initiatives such as National Health Insurance (NHI) began under the Christie administration, which had already committed to the secondary and tertiary implementation of the scheme. It is reassuring to see that FNM is committed to continuing the work of NHI,” he added. As revealed in the Speech from the Throne, the Minnis administration “supports National Health Insurance but recognises that the present roll-out model, which focuses on primary care services, does not address the significant health maladies our See PG B7

Thursday, May 25, 2017, PAGE 3

TAXI CAB PRESIDENT URGES: ‘CLEAN UP’ CURRENT SYSTEM By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Bahamas Taxicab Union’s (BTU) president yesterday urged the Government to “clean up” the existing list of franchise holders, suggesting there could be more than 200 New Providence-registered plates not used for 15 years or more. The Minnis administration, in yesterday’s ‘Speech from the Throne’, said it will “review and give con-

sideration to the ownership of taxi license plates by persons who have been leasing those plates for many years”. But Philip Watkins, the BTU’s president, told Tribune Business: “The issue of taxi franchises has come up election after election. That statement is nothing new to us. “You have persons right now managing plates which are owned by retirees. In some instances, the husband may have died and transferred the ownership of the plate to his wife, who

is receiving those funds to supplement her pension. Sometimes maintaining a vehicle can prove to be a challenge, and because people find they could end up getting less money they just let someone use their plate and get paid something every month. “To what extent the Government is proposing to regularise the taxi plates, I have no idea. If the union can be any assistance to them regularising the industry, we would be more

than happy to do so.” Mr Watkins said a moratorium on the issuance of taxi cab plates has been in existence for the past 20 years. “Of the 1,135 plates issued for New Providence, there are at least 200 not in the system for whatever reason,” he added. “They are not on the road, and some may have been removed for whatever reason.” He continued: “The Government needs to

look at the Road Traffic Department, clear up the plates not operational and, if they see fit, to issue new plates. That’s their prerogative, but they should look at cleaning up the system. “I wouldn’t advise them to go issue new plates because between 1 and 1,135, there are 200 or more plates that are in the system and haven’t been on the road in 15 years or more. They should bring them out, let’s start with them, and then we go from there.”

OPPOSITION WARNS ON REPEALING FREEPORT’S INVESTMENT REGIME By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Opposition yesterday warned the Government against “repealing and replacing” Freeport’s investment incentive regime, the former Grand Bahama minister branding it “transformative”. Senator Dr Michael Darville told Tribune Business: “The Opposition is very concerned about this because the Grand Bahama (Port Area) Investments Incentives Act 2016 is an evidence-based piece of legislation that has a lot to do with land reform in the Port area. “We would urge the new Government to move very cautiously with this statement and look at all the factors associated with repealing the Act. We do not have a problem with them making amendments to improve upon what we have left in place, but we feel that this Act is not only transformative but will lead the way for further growth and development of the economy of Grand Bahama. “I’m very concerned, as the former Minister for Grand Bahama, considering the amount of work done by

the Hawksbill Creek Review Committee as well as our consultants, McKinsey, who have been guiding us on the new paradigm that is necessary for Grand Bahama.” Dr Darville said the Opposition was pleased the Government has decided to keep the Ministry of Grand Bahama in place. “It was something that was birthed during our term in office,” he added. “I believe that we planted some deep roots. I believe that it will play an interesting role in the future for the further growth and development of Grand Bahama, particularly in the free trade zone. It will definitely be a mechanism for direct foreign investment to have the necessary framework in place, so that when they do come into the Grand Bahama area we would have the legislative framework for them to be productive. Mr Darville continued: “I also note that they spoke about a one-stop shop. That is something that we have been in discussions with our stakeholders with over the past six months, particularly the Grand Bahama Port Authority, to establish a one-stop shop in the free trade zone that would help See PG B6

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PAGE 4, Thursday, May 25, 2017

‘Huge confidence boost’ if all GBPA licensees get 20-year tax break From pg B1 new government’s headline policy objectives, promised that it would “repeal and replace” the Grand Bahama (Port Area) Investment Incentives Act 2016.

In doing so, the Governor-General said it would “ensure that all licensees receive equal treatment under the law”. That represents a break from the Act passed by the previous administration, which gave the GBPA

THE TRIBUNE and Hutchison Whampoa an automatic, blanket 20year tax breaks renewal while requiring all the former’s other licensees to apply to the Government for theirs on uncertain terms. “I certainly think equal treatment for all is the right approach,” Mr Holding told Tribune Business. “I would like to think that because the 20-year term has been established, this is what they will go for.

“If they were to do that, it would be a huge boost to business confidence and enable us to attract more outside investment, as we can give them the surety of 20 years. I look forward to hearing more details.” The ‘Speech from the Throne’ is effectively a statement of intent accompanied by few details, with the Government having much to do to transform its policy and legislative vision into reality. However, the Minnis administration emphasised Grand Bahama’s importance to the Bahamas’ overall economic welfare, stressing how its infrastructure and industrial assets can be leveraged to potentially transform this nation’s GDP performance. “My government realises that a healthy and strong Grand Bahamian economy is vital to the growth and development of the entire Bahamas,” Dame Marguerite said yesterday. “Consequently, my government will establish an Investment Promotion Board to promote Grand Bahama as a place for business and recreation.” Mr Holding described the focus on Grand Bahama as “fantastic” and “quite a statement”, adding: “I’m very pleased to hear it. That’s very encouraging. It’s got to be a positive thing in that regard.” However, he cautioned: “Before anyone invests, they need to see things in writing. They need to have

all the assurances covered by some form of agreement, but it’s got to be positive and helpful in attracting people to Grand Bahama and Freeport. “I’m hoping that in the next couple of weeks the Chamber will have the opportunity to sit down with representatives of the Government, the minister of state for Grand Bahama, the Deputy Prime Minister, to get a better understanding in detail of what they intend. But the signs are good, the signs are positive.” Continuing the Grand Bahama focus, Dame Marguerite said the Government will “focus on the development of Freeport as an offshore technology hub” and “promote Grand Bahama as a primary location for the local and international film and television industries”. The provision of incentives “to establish a financial services centre in Grand Bahama” was also promised. While no specifics were provided for any of these three strategies, which have all been explored before, Mr Holding and Carey Leonard, the Callenders & Co attorney, identified the film and TV industry, in particular, as a potential source of much-needed economic diversification. It is unclear whether this strategy plans to revive the Bahamas Film Studios project at the former US Air Force Missile Base at Gold Rock Creek. That project,

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the brainchild of investor trio Paul Quigley, Hans Schutte and Michael Collyer, was undercapitalised and, after undergoing tumultuous ownership changes, has been closed for almost a decade. Still, Mr Holding said the Bahamas Film Studios had shown the sector’s potential for the Bahamas, with its water tank used to film scenes for the Pirates of the Caribbean II and III movies. “I haven’t been up there myself to the actual site for several years, but it was starting to decay and fall apart,” he recalled of the site. “It’s certainly not usable in its current state from what I could see. “But it’s [films and TV] another avenue, another opening for us, and that in itself adds attractions. If film companies do start coming to Grand Bahama again, that can have a very positive effect.” Mr Leonard said he had heard discussions about Freeport’s deteriorating International Bazaar, because of its architecture, having the potential to be transformed into a film studio. Should such an idea become reality, he said it would both provide economic diversification and help to attract the numerous Bahamians working in the film and TV production industries back home. “You’re creating a whole new industry for Bahamians out there in various countries, working in the film and TV industries in various countries, who have nothing to come home to,” Mr Leonard told Tribune Business. “You’re saying to young, talented Bahamians: ‘We’re going to create something for you to come home to’. I think it’s fantastic.’ The ‘Speech from the Throne’ also pledged to “launch the rebound of Grand Bahama” as a tourist destination, via “the template of a master strategic plan designed for Grand Bahama”. No details were provided, with Dame Marguerite saying: “My government will establish a tourism signature identity in the marketplace for the island of Grand Bahama.”

THE TRIBUNE

Thursday, May 25, 2017, PAGE 5

Freeport tax regime repeal must pressure ‘the two free riders’ From pg B1 dollar infrastructure upgrades in return for tax break renewals. Mr Leonard was speaking after yesterday’s ‘Speech from the Throne’, which placed Grand Bahama - and Freeport - at the centre of the new government’s plans for reviving the Bahamian economy. Dame Marguerite Pindling, the Governor-General, confirmed that among the Minnis administration’s objectives is the “repeal and replace” of the Grand Bahama (Port Area) Investment Incentives Act 2016. While there was no mention of what will take its place, the strategy is “to ensure that all [GBPA] licensees receive equal treatment under the law”. That is not the case under the 2016 Act, passed by the former Christie government, which automatically granted Freeport’s two largest investors - the GBPA and Hutchison - an automatic 20-year extension of their tax breaks, while the former’s other 3,500 licensees had to apply to the Government for theirs. Besides pledging to establish technology and financial services hubs in Grand Bahama, and promoting the island as a movie and TV production location, the ‘Speech from the Throne’ also emphasised the island’s importance to the overall Bahamian economy. “My Government realises that a healthy and strong Grand Bahamian economy is vital to the growth and development of the entire Bahamas,” Dame Marguerite said. Mr Leonard yesterday expressed particular delight that a government, at least verbally, had finally signalled it understood Grand Bahama’s potential and ability to pull the nation “out of the economic doldrums”. “I’m delighted to hear that,” he told Tribune Busi-

ness. “I think it’s a very positive step forward. I think that’s going to give people a great deal of encouragement; that for once, we’ve had someone come out and say they recognise the importance of Grand Bahama to the economy. “If they follow this, and sustain it, Grand Bahama can really help to increase the GDP, and help pull the Bahamas out of the economic doldrums. The potential is here.” Mr Leonard, now an attorney with Callenders & Co, called for the Government’s “repeal and replace” of the 2016 Act to focus on ensuring the GBPA and Hutchison Whampoa live up to their developmental obligations. “Depending on how they review the issue, perhaps it will put some pressure on the two companies that got a free ride with the incentives Act,” he told Tribune Business. “If the Hutchison Group and the Port Group of Companies are going to get some sort of exemption from real property tax, there should be some quid pro quo, because they’re already exempt from service charges. “There should be requirements for infrastructure development,” he added. “Our roads need some serious attention, and the landscaping that was once so beautiful in the ‘garden city’ has been allowed to decay badly.” Mr Leonard said that while such infrastructure upgrades would incur a multi-million dollar bill, this would be outweighed by the benefits - including to the GBPA and Hutchison - who, as Freeport’s largest landowners, should see their real estate assets increase in value. “It would improve the land values for everybody, not just DevCo and the Port, but all landowners,” he argued of an infrastruc-

ture programme. “We’ve not seen the same property value increases that Nassau has. The property values in Grand Bahama have absolutely collapsed.” Many observers felt the Christie administration, by giving the GBPA and Hutchison an automatic 20-year tax break renewal, let Freeport’s two largest investors ‘off the hook’ and surrendered all leverage over them. The Grand Bahama Development Company (DevCo), a 50/50 joint venture between the two companies, and the GBPA’s Freeport Commercial & Industrial affiliate are the city’s two largest landowners, but any pressure to develop their vast holdings was removed by the real property tax exemption removing all ‘carrying costs’. It was felt at the time that the Christie administration had ‘traded off’ the tax breaks extension in return for Hutchison waiving its port exclusivity, and facilitating the Carnival port in east Grand Bahama, and agreeing to the Container Port’s $300 million Phase V expansion. “They’re the ones that can really help drive the economy,” Mr Leonard said of the GBPA and DevCo (Hutchison). “The reason I think the Government have to put the pressure on both these companies is that they have a tremendous effect on the lives of one-sixth of the population of the entire country. “The effect they have is five times’ greater, maybe 10 times’ greater, than Baha Mar’s in terms of employment. The Government has every right to step in, especially with the Port Authority, as they effectively regulate the lives of Bahamians. If they spend more money on infrastructure, their own assets will grow as well.” Mr Leonard also urged

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Hutchison Whampoa to “seriously and sensibly selloff” the Grand Lucayan hotel, Freeport’s largest resort, and called on the Government to support any purchaser of the property. Acknowledging that this was vital to reviving employment, and Freeport’s wider tourism and hotel sector, he added: “Hutchison hold on and hold on, and negotiate people to death. That happened with Memories, and that has got to stop. “One of the first key things they [the Government] could do to help get things moving is to get that hotel sold.”

Tribune Business exclusively revealed prior to the general election that the Canadian-based real estate developer, the Wynn Group, was the Grand Lucayan’s potential purchaser. However, little has been heard of the deal progressing since former prime minister, Perry Christie, announced that Wynn and Hutchison had signed a Letter of Intent (LOI) just prior to the general election. This newspaper understands that Wynn’s plans call for an expanded casino, branded by Hard Rock, and the construction of two new condo hotel towers at the

Grand Lucayan. However, it is unclear whether the LOI has progressed to a sales agreement, amid suggestions that Wynn is still finalising its acquisition financing. Mr Leonard also acknowledged that much remained to be done to translate the Government’s ‘Speech from the Throne’ promises into reality. “Everything they said is wonderful, but putting it into effect is a whole new ball game,” he told Tribune Business. ‘It takes energy and effort, but I applaud the new government for what it’s trying to do.”

PAGE 6, Thursday, May 25, 2017

Gov’t narrows inner city taxation breaks From pg B1 everyday living. The scope of the VAT ‘exemption’ plan also appeared to have narrowed, as the Prime Minister had promised the levy would also be eliminated from utility bills (water and elec-

tricity) and education services. These were not mentioned in the ‘Speech from the Throne’, which also appeared to claw back on the breadth of the inner-city or ‘Over-the-Hill’ tax breaks plans promised during the campaign.

THE TRIBUNE While the Government is sticking with the plan to create “tax free economic zones” in deprived communities and inner-city areas, the ‘Speech from the Throne’ seemingly narrowed the ‘tax breaks’ to exemptions on just construction and building materials. Dame Marguerite Pindling, the Governor-General, in reading the speech said: “My Government will enact legislation which al-

lows duty-free concessions on all construction materials and building supplies used in the construction of business premises, and new of refurbished owner-occupied homes in these zones.” The scope of these tax incentives is considerably watered down from what Dr Minnis outlined during an FNM campaign rally at Christie Park, when he said: “We will institute a programme of far-reaching targeted tax initiatives to help stimulate business Overthe-Hill and in inner city communities. “We will help the people in the inner-city to invest in their own communities by using the tax code to spur jobs, economic activity and investment.” Dr Minnis said then that the tax breaks an FNM government would implement would include the duty-free importation of construction materials for residential and commercial properties; no Business License fees or real property taxes; no taxes on household furniture; no taxes on capital goods and business equipment “after proper vetting”; and lower import duties on business vehicles. Based on the ‘Speech from the Throne’, only the first of these five categories is being implemented - possibly because the Government’s precarious fiscal position is a barrier to any further revenue ‘give aways’. K P Turnquest, Deputy Prime Minister and minister of finance, previously told Tribune Business that the new administration may need to be “cut some slack” in the 2017-2018 fiscal year, with the Government’s $7 billion national debt and $300 million-plus fiscal deficits acting as an obstacle to its policy agenda. While the Minnis administration’s agenda appeared

to contain no single ‘game changer’ plans, its policy proposals could achieve fundamental, far-reaching reform if implemented collectively. While much of the ‘Speech from the Throne’ was a combination of campaign and manifesto promises, and initiatives left by previous administrations, the key will whether the new government can deliver and execute effectively. The Government especially sought to play to the issues of accountability, transparency and good governance, issues that struck a chord during the campaign trail - particularly with many voters who supported the FNM. The pledge to “enact and enforce anti-corruption legislation for all Parliamentarians and public officers” was met with one of the biggest cheers. “The Office of Ombudsman will be created to provide a direct source of relief where people have legitimate grievances due to the actions or inactions of government, or any agency of the Government,” the Speech from the Throne promised. The Auditor-General is also to be strengthened “without government-imposed constraints on its finances”. While promising to “strengthen the accountability and transparency of the fiscal operations of government” through new public procurement regulations and improved software applications, the ‘Speech from the Throne’ made no mention of the Fiscal Responsibility Act demanded by many in the private sector. The Minnis administration also indicated it is troubled by the ‘brain drain’, Dame Marguerite saying: “My Government is troubled by the perceived in-

Opposition warns on repealing Freeport’s investment regime From pg B3 with the ease of doing business and create a framework that exists in all free trade zones, particularly our com-

petitors like Panama and Singapore.” He added that the ‘onestop shop’ initiative was necessary to increase the ease of doing business. “We re-

crease in talented young Bahamians seeking their fortunes permanently beyond the Commonwealth of the Bahamas. “No country can maximise its potential if many of its talented young people enlist their talents permanently in the development of economies elsewhere.” The new government’s solution to this problem is the creation of a ‘national skills register’ of Bahamians living overseas, along with promises to “address the present national skills deficit”. Pledges to “establish a one-stop shop to improve the ease of doing business”, and providing Bahamians with the same tax incentives as foreigners, were also ‘low hanging fruit’ and easy promises to make. When it came to tourism, the ‘Speech from the Throne’ said freelance bloggers would be hired to generate content and publicity about the Family Islands. On the financial services front, the Government promised to follow through with legislation to create a Bahamian Credit Bureau and ensure this nation meets its automatic tax information exchange requirements. Public service reform is also on the agenda, the ‘Speech from the Throne’ recognising “that outdated policies, inattention to the development of human resources and the acceptance of mediocrity in the performance of duties have led to the inefficient delivery of public sector services. “These agencies exist to provide service, and the public should not be frustrated by inattentive or inefficient workers,” it added. The Government now has to address the ‘how’, and devise details for how it will implement its pledges.

alise that the one-stop shop is something that is necessary so that we can increase the ease of doing business, so that when we attract direct foreign investment we do not allow the frustration that follows with the establishment of business in the area.”

THE TRIBUNE

Thursday, May 25, 2017, PAGE 7

University’s $18.3m bond ‘fully taken’ from first day From pg B1 final approval from K P Turnquest, Deputy Prime Minister and minister of finance, who was yesterday said to have requested details on the $18.3 million offering for review. Mr Turnquest could not be reached for comment before press time last night, but he will likely want to ensure the bond issue’s terms and conditions to ensure they align with the 2017-2018 Budget plans now being finalised. Should it launch according to schedule, Mr Anderson added of the bond: “I think it will be fully subscribed by Monday. We’ve got two weeks that it’s open for, but it will effectively close once we get the money. “We’ve known about this for a long time, we knew it was coming, so we’ve been out soliciting support from various institutions for the last month or two. Given the response and indications, I don’t think there will be any problem raising the money we need. All

indications are good at the moment.” The debt financing is critical to enabling the University “to meet its charter requirements”, as the money raised will fund construction and other capital projects at its various campuses. The term sheet for the University of the Bahamas bond issue, which has been obtained by Tribune Business, states: “The proceeds of the Series B Notes are to be used to fund various capital projects for the University of the Bahamas at its campuses throughout the archipelago of the Bahamas, thereby enabling it to meet its charter requirements as a University.” The bond replaces the $16.1 million Caribbean Development Bank (CDB) loan that the previous government was forced to cancel, after the University of the Bahamas was unable to complete its audited financial statements and bring them up-to-date - a key condition of the loan. With fees and interest

piling up on the undisbursed loan, the University - together with the former Christie administration - decided to cancel the arrangement with the CDB and seek alternative financing sources. The bond facility was an obvious source, given that an $18.3 million tranche remained to be placed following a previous $31.7 million issue, which refinanced bank debt taken on for the Harry C. Moore library’s construction and other capital projects. “They’ve got various projects they’re looking at funding, general projects and funding issues,” Mr Anderson added of the University’s latest capital call. “People want to support the country’s University, so we got a good response that way.” The bonds, which carry a 6 per cent annual interest coupon, and a maturity of 15 years, “are not secured by any specific collateral”. However, the term sheet confirms that the Government has provided a ‘comfort letter’, or ‘Letter of Acknowledgement’, confirming it is aware of the $18.3 million issue and the “obligations and liabilities”

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

it imposes on University of the Bahamas. “It [the Government] is aware and acknowledges that the delivery of an executed copy of this letter is one of the conditions precedent to the issuance of the notes, without which it would not be possible to proceed with the offering,” the term sheet says. While the University of the Bahamas will be responsible for paying the principal and interest to investors, the term sheet adds: “The University is a statutory body under the fiscal control of the Government, and the Government shall retain fiscal control of the

University throughout the term of the notes.” Mr Anderson said the ‘Letter of Acknowledgement’ had been provided “before the previous government left”, and added: “We’ve had it for the last few weeks.” Its issuance, and terms, are likely to have attracted Mr Turnquest’s attention for review. The $18.3 million bond issue is a private placement targeting selected institutional and high net worth investors only. Members of the public should not apply.

GOV’T ‘ENTERING REAL WORLD OF GOVERNANCE’ From pg B3

country presently faces.” The Minnis administration intends to extend the focus of NHI to secondary and tertiary health care, and “oversee the incremental implementation of a progressive and functional National Catastrophic Health Insurance Programme”.

Banca del Sempione (Overseas) Ltd. Employment Opportunity For the position of the

Chief Portfolio Manager Responsibilities: Analysis of investment strategies and opportunities in support of the portfolio management of clients of the Bank. Implementation of investment strategies. Leading and supervision of the portfolio management team. Reviewing and reporting on the performance of portfolios. Overview of the securities trading department. Minimum qualification: University degree and 10 years experience in a similar position with documented evidence of achievements . 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. 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.

PAGE 8, Thursday, May 25, 2017

‘Put to bed’ Freeport’s regulatory uncertainty From pg B1 the economic pool to take advantage of the economic assets in Grand Bahama.” With Grand Bahama sup-

plying three Cabinet ministers and two Parliamentary secretaries, the Chamber chairman suggested the island was unlikely to enjoy a stronger advocacy group

Finance Corporation of Bahamas Limited (FINCO) is presently considering applications for:

Mortgage Specialist What is the opportunity? RBC FINCO is looking for a Mortgage Specialist to contribute to meeting team sales plans by acquiring and growing profitable client relationships. In this role, you provide peace of mind to clients by providing customized mortgage solutions and advice. What will you do? • Contribute to meeting team sales plan, and related activities through effective assessment of customer financial needs, providing product solutions • Maintain and grow the customer portfolio by identifying and promoting personal banking solutions for customer needs with a continuous focus on relationship building • Develop and maintain relationships with service partners to optimize business opportunities and referrals. • *Required to work every other Saturday What do you need to succeed? Must have: • 3 or more years Banking Experience • AICB Diploma or a degree in banking or a related field would be an asset • Previous experience in portfolio and liability administration would be an asset What’s in it for you? We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual. • A comprehensive Total Rewards Program including competitive compensation and flexible benefits • Leaders who support your development through coaching and managing opportunities • A world-class training program in financial services • A collaborative dynamic culture where personal initiative and hard work are recognized and rewarded Interested persons should apply by May 31st, 2017. and forward your resume to:tt-ec-bbrecruitmentjobpostings@rbc.com

www.rbcroyalbank.com/caribbean

® / ™ Trademarks of Royal Bank of Canada. Used under licence.

THE TRIBUNE at the highest levels of government than the one it has now. “Hopefully, they are able to advise the wider government that Grand Bahama can be exploited in a positive way for the benefit of the entire country,” Mr Bowe added. Freeport is increasingly being viewed as the potential answer to many of the Bahamas’ economic and social problems, given the ability of its existing infrastructure and land mass to support a much larger population than it caters to at present. Mr Bowe, though, said the uncertainty over who has regulatory responsibility for sectors such as en-

ergy, communications and web shop gaming in Freeport needs to be fully resolved if the city is to reach its economic potential. “We need to solve once and for all who has legal and regulatory authority in Freeport,” he told Tribune Business. “The Cable Bahamas and URCA debacle has been going on for many years, and now there is the gaming industry. “That needs to be put to bed once and for all so investors have certainty over the regulator and rules.” The issue over whether the Government, Utilities Regulation and Competition Authority (URCA) or Grand Bahama Port Authority (GBPA) have regu-

Legal Notice

NOTICE

J & W INC.

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), J & W INC., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 16th day of November, 2016. ROCKWELL LTD. 25 Mason Complex Stoney Ground The Valley, British Anguilla Liquidator LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 ANTARES GLOBAL STRATEGY FUND LTD.

Pursuant to Section 140 (3) of the International Business Companies Act, 2000, notice is hereby given that the dissolution of the said Company which commenced on the 13th day of April 2017 has rescinded its intention to wind up the affairs of the company until further notice. Amicorp Bahamas Management Limited Bahamas Financial Centre, 2nd Floor Shirley & Charlotte Streets P.O. Box N-4865 Nassau, Bahamas

latory responsibility for certain industries in Freeport is coming to the fore once again. Stephen Bereaux, URCA’s chief executive, recently told Tribune Business that both communications and energy providers, and the regulator itself, needed “a clear and consistent position across all sectors” as to whether URCA or the GBPA holds supervisory responsibility. In the absence of any Supreme Court ruling on the issue, Mr Bereaux said URCA “has to assume” the authority and responsibility is its own. He added that URCA was merely following the Communications Act, which mandated that it regulate the sector throughout the Bahamas - with no exemption or ‘carve out’ provided for Freeport. URCA’s stance, though, conflicts with that of both Cable Bahamas and GB Power Company. They are arguing that Freeport’s founding treaty, the Hawksbill Creek Agreement, effectively usurps URCA’s statutes and makes the

GBPA their primary regulator within the Port area. Similar issues are at play in the web shop gaming industry, with Chances Games having initiated legal action to determine whether it is the GBPA via the quasi-governmental powers bestowed by the Hawksbill Creek Agreement - or the Gaming Board that is its primary regulator. Mr Bowe, meanwhile, suggested it was time to look at negotiating reforms to modernise Freeport’s founding treaty so that it kept up with the modern world’s demands. “What was contemplated at the time of the Hawksbill Creek Agreement originally may no longer be applicable, and while there are a number of voices that say we have to abide by it, there needs to be a retooling,” he told Tribune Business. “Is this right for the time? Do I need to revisit Agreement? Any transaction concluded 50 years ago, in the 1950s and 1960s, how could the drafters of this agreement know what’s taking place today.”

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story. VIMEROL BUSINESS LTD. Company No. 140369 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that VIMEROL BUSINESS LTD. is in voluntary liquidation. The voluntary liquidation commenced on 19th May, 2017 and Rahel Ruth Kieber of Dorfstrasse 7a, 9495 Triesen, Principality of Liechtenstein, has been appointed as the Sole Liquidator. Dated this 22nd day of May, 2017 Sgd. Rahel Ruth Kieber Voluntary Liquidator COUVERTINO ENTERPRISES CORP. Company No. 503919 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that COUVERTINO ENTERPRISES CORP. is in voluntary liquidation. The voluntary liquidation commenced on 17th May, 2017 and Nina Racciatti of Talstrasse 83, 8036 Zürich, Switzerland, has been appointed as the Sole Liquidator. Dated this 17th day of May, 2017 Sgd. Nina Racciatti Voluntary Liquidator CORAM ASSOCIATED S.A. Company No. 250436 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that CORAM ASSOCIATED S.A. is in voluntary liquidation. The voluntary liquidation commenced on 17th May, 2017 and Oliver Billeter of Weingartenstrasse 7, 8805 Richterswil, Switzerland, has been appointed as the Sole Liquidator.

May 25, 2017

Dated this 18th day of May, 2017 Sgd. Oliver Billeter Voluntary Liquidator

THE TRIBUNE

Thursday, May 25, 2017, PAGE 9

TRUMP HOTELS WON’T ASK IF STAYS PAID WITH FOREIGN GOVT MONEY

By BERNARD CONDON Associated Press NEW YORK (AP) — The Trump Organization will not ask guests at its hotels and resorts if they are using money from foreign governments to pay their bills, setting up a possible showdown with Democrats accusing the president of violating the U.S. Constitution. In a nine-page pamphlet made public Wednesday, the Trump Organization that it would be “impractical” to identify all guests using foreign government money. Asking guests to identify themselves, it added, would “impede upon personal privacy and diminish the guest experience of our brand.” The company said that it will tally up only money it takes in from only those who have specifically identified themselves as working for a foreign government entity. The statement is the first from the company to detail how it will handle foreign government business at its properties. Critics say that by not selling off his hotels and resorts, President Donald Trump is opening himself up to bribes from foreign governments. His new luxury Washington, D.C., hotel down the street from the Oval Office has been a popular venue for diplomats. Before taking office, Trump promised to donate profits from foreign govern-

ments using his properties to the U.S. Treasury. A lawyer representing the Trump Organization, Sheri Dillon, had described the offer as beyond what is necessary, a way to allay concerns that Trump — wittingly or not — may profit from the presidency. Democrats slammed the Trump Organization’s latest statement. Rep. Elijah Cummings of Maryland, the ranking Democrat on the House Oversight Committee, said the statement raises “grave concerns” about whether the president is violating the Constitution. Another Maryland Democrat, Rep. John Sarbanes, said the statement makes a “mockery” of the Constitution by putting “the guest experience” before the law. The “emoluments clause” of the Constitution says the president may not accept foreign gifts or payments without the consent of Congress. But just what the framers meant by a gift or payment is hotly disputed. The Trump Organization maintains the clause does not apply to “fair value exchanges” in which people pay for a service, like the use of a hotel room. The pamphlet came in response to a request last month from the House Oversight Committee for more detail from the Trump Organization on how it will

identify foreign government payments, how profits from those payments will be calculated, how they will be donated and whether Trump or his trust plans to claim the

donations for tax deduction purposes. In the pamphlet, the company emphasized the difficulty of identifying foreign government payments given that some could come from

foreign owned or controlled companies or investment funds. It also noted some of its business is from walk-in customers to its restaurants and shops, not registered guests.

To check for foreign government payments, the company said it will look at the bills it sends, contracts signed for hosting groups and payments from “reasonably identifiable foreign entities.”

THE EXTERIOR of the Trump International Hotel in downtown Washington. The Trump Organization says it will not ask guests at its hotels and resorts if they are using money from foreign governments to pay their bills, setting up a possible showdown with Democrats who accuse the president of violating the U.S. Constitution. (AP Photo/Pablo Martinez Monsivais, File)

NOTICE

NOTICE is hereby given that LOUIS-MARIE SERVEUS of #11 Minnie St. Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DENIE JOSEPH of Dundas Town, Abaco, The Bahamas is applying to the Minister responsible for Nationality 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 sent a written and signed statement of the facts within twenty eight days from the 18th, day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT TUESDAY, 23 MAY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,885.96 | CHG -3.01 | %CHG -0.16 | YTD -52.25 | YTD% -2.70 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 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 3.30 17.43 8.19 3.50 1.64 0.12 3.80 8.20 5.70 9.00 11.00 2.18 1.31 5.80 7.50 8.56 7.25 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 4.22 15.85 9.09 3.60 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 100.00 100.00 100.00 109.12 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.33 1.55 6.00 9.75 9.00 9.75 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 0.00 0.00 0.00 0.00 0.00 -0.20 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

109.01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.11 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

50 4,000

4,500

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

P/E 145.5 15.8 N/M 21.2 N/M N/M -135.0 14.2 14.0 23.4 104.5 22.8 19.4 20.0 18.8 9.4 11.9 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 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 4.26% 2.58% 3.87% 4.00% 4.10% 0.00% 3.38% 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

PAGE 12, Thursday, May 25, 2017

THE TRIBUNE

Baha Mar is seeking exceptional talent for a world class experience.

Take a look at the exciting opportunities that we have available.

INFORMATION TECHNOLOGY Service Desk Supervisor

The Service Desk Supervisor will work together with the Director of Service Desk to develop and execute all technology strategies and solutions within Baha Mar’s Service Desk environment, supervise the Service Desk and Technical Services staff and engage in proactive planning and support.

Telecom Engineer

The Telecom Engineer will work together with the Director of Network Services to deliver and maintain services within Baha Mar’s Telecom environment and support the architecture, design, development, and certification of network elements.

Linux Engineer

The Linux Engineer will work together with the Director of Systems and Application Support to manage all phases of Linux from design to implementation and support within Baha Mar’s software and hardware environment, to ensure the highest degree of operational stability and standard configuration.

Windows Engineer

The Window’s Engineer will work together with the Director of Systems and Application Support to manage the design, implementation and support of hardware and software systems within the Baha Mar Resort’s Windows environment and supporting infrastructure.

LEGAL Senior Counsel

The Senior Counsel will assist The General Counsel in providing legal advice on a broad range of matters, primarily focused on gaming, hospitality and regulatory matters and accordingly, he or she should have a strong understanding of the gaming laws and regulations of the Bahamas, the U.S. and/or Canada.

SECURITY Security Officer

The Security Officer will work with the Security Supervisor to provide safety and protection of assets including team members and guests. This role also involves protecting the reputation of Baha Mar and taking steps to limit exposure to risks while minimizing liabilities. The Security Officer will anticipate potential areas of concern and take a proactive approach to prevent business interruptions and protect the various business licenses in efforts of maintaining the peace and overall security of the property while providing exceptional guest service and responses to emergency situations.

HUMAN RESOURCES Director of Employment & Labour Relations

The Director of Employment & Labor Relations will be responsible for planning, prioritizing and implementing Baha Mar’s centralized employee relations and labor strategy to ensure the fair, equitable and consistent treatment of all Baha Mar Associates. This individual will oversee all of Baha Mar’s labor policies and procedures and ensure adherence to the laws of the Bahamas.

Director of Recruitment & HR Administration

The Director of Recruitment & HR Administration will work together with the Vice President of Human Resources & Organizational Development and will be responsible for planning, prioritizing and implementing Baha Mar’s human resources recruitment strategy and management philosophy. This individual will ensure that the company’s values and standards are implemented especially as it relates to HR administration, talent acquisiton, retention and development.

PUBLIC AREAS Director of Public Areas

The Director of Public Areas will work together with the Vice President of Facilities, Engineering and Shared Services in creating an excellent guest and employee experience as it relates to the overall appearance of the property, facilities operations, adherence to standard operating procedures and the development of a pleasant and cohesive facilities team.

Public Areas Cleaning Manager

The Public Areas Cleaning Manager will work together with the Director of Public Areas to ensure that the public areas of the hotel are consistently cleaned and maintained according to Baha Mar’s standards, adhering to operating procedures and developing a pleasant and cohesive team.

Public Areas Cleaning Supervisor

The Public Areas Supervisor will work together with the Public Areas Manager to ensure that the public areas of the hotel are consistently cleaned and maintained according to Baha Mar’s standards, adhering to operating procedures while developing and supervising a pleasant and cohesive team.

Public Areas Attendant

CASINO Special Events and Promotions Coordinator

The Special Events Coordinator will work together with the Promotions and Special Events Manager to coordinate tournaments and host parties and various functions for casino guest’s while exceeding expectations.

Casino Ambassador

The Casino Ambassador will work together with the Casino Team in attracting, developing and maintaining relationships with players to deliver the best gaming experience under the sun.

Players Club Manager

The Players Club Manager will work together with the Director of Casino Services supervising the Players Club operations; generating increased Players Club Membership and developing client loyalty; as well as the direct supervision of the day-to-day operations of the Players Club.

Casino Services Agent

The Casino Services Agent will work together with the Casino Services Supervisor and is responsible for accomodating requests in a professional manner including informing guests of all required information and being prepared to answer any questions guests may have in regards to the casino, resort and surrounding areas.

Director of Entertainment

The Director of Entertainment will work together with the Executive Vice President of Casino Operations in developing and implementing Baha Mar’s Entertainment strategy and will provide strategic direction and progressive ideas for booking headliners and other branded entertainment for venues while setting direction for day and nightlife offerings that create guest desire and devotion.

Director of Relationship Marketing

The Director of Relationship Marketing will work together with the VP of Casino Marketing and is responsible for overseeing the development and implementation of policies that cater to customer relations. The role also involves effective analysis and leadership over daily marketing operations processes and leveraging working relationships across brand teams, agencies and a network of operational database and program delivery vendors.

The Public Areas Attendant will work together with the Public Areas Cleaning Manager to clean and maintain assigned public areas of the hotel; ensuring guests’ expectations for the Resort are exceeded.

Visit careers.bahamar.com to complete an online application today!

THE TRIBUNE

Thursday, May 25, 2017, PAGE 13

Baha Mar is seeking exceptional talent for a world class experience.

Take a look at the exciting opportunities that we have available.

SLS KATSUYA SLS Katsuya Sushi Chef

The SLS at Baha Mar’s Katsuya Sushi Chef will work together with the Executive Chef and is responsible for the preparation and service of sushi menu items; including daily inventory and inspection of all fish and peripheral sushi making ingredients in order to ensure quality control of raw materials. The ideal candidate will have experience in sushi preparation and excellent customer service skills.

SLS Katsuya Server

The Server will work together with the Restaurant Manager to provide guests with exceptional dining experiences, offering suggestions and recommendations on menu items and wine pairings, ensuring guests’ expectations for their meals are exceeded.

SLS Katsuya Busser

The Busser will be responsible for providing prompt, courteous service to restaurant patrons and ensure guests’ expectations for their hotel dining experiences are exceeded.

SLS Katsuya Steward

The Steward will be responsible for maintaining all aspects of kitchen cleaning, including front and back of house operations, inventories and sanitation.

SLS Katsuya Cook

The Cook will be responsible for assisting with the preparation, cooking and presenting all food items, based on standardized recipes, and ensuring guests’ expectations for their hotel dining experiences are exceeded.

FOOD & BEVERAGE Grand Hyatt Server

Grand Hyatt Busser

The Busser will be responsible for providing prompt, courteous service to restaurant patrons and ensure guests’ expectations for their hotel dining experiences are exceeded.

Grand Hyatt Steward

The Steward will be responsible for maintaining all aspects of kitchen cleaning, including front and back of house operations, inventories and sanitation.

Grand Hyatt Cook

Grand Hyatt Bartender

The Bartender will be responsible for preparing the highest quality beverages while providing timely, accurate and friendly service to exceed guests’ expectations for their hotel beverage experiences.

SLS Katsuya Bartender

SLS Katsyua Food & Beverage Supervisor

The F&B Supervisor will work together with the Assistant F&B Manager to supervise the staff and assist with the operational management of the assigned outlet; including labor and cost control, staff training, scheduling, and revenue enhancement, always employing an efficient and professional manner to exceed guests’ expectations for their dining experiences.

SLS Katsuya Assistant Restaurant Manager

The Assistant Restaurant Manager will work together with the Restaurant Manager to oversee the daily restaurant operations while maintaining staffing and cost controls and ensuring guests’ expectations for their hotel dining experiences are exceeded.

SLS Katsuya Restaurant Manager

The Restaurant Manager will work together with the Director of Food & Beverage to manage the overall operational and financial responsibility of a full range restaurant, including labor and cost control, staffing, scheduling, training, revenus enhancement, always employing an efficient and professional manner to exceed guests’ expectations for their hotel restaurant experiences.

Grand Hyatt Food & Beverage Supervisor

Grand Hyatt Assistant Restaurant Manager

Grand Hyatt Restaurant Manager

ESPA Treatment Manager

The ESPA Treatment Manager will work together with the ESPA General Manager and is responsible for driving operating criteria whilst optimizing financial performance through revenue generation and cost control. This role also involves acting as a Duty Manager and overseeing the personnel management of the Therapist team.

ESPA Beauty Therapist

The ESPA Beauty Therapist will work together with the Treatment Manager and is responsible for delivering exceptional nail treatments to guests of the spa in line with ESPA and Baha Mar brand standards.

ESPA Fitness Trainer

The ESPA Fitness Trainer will work together with the Health & Fitness Supervisor to provide exceptional guest care through positive interaction and hospitality, assisting guests with the equipment and designing individualized training programs.

ESPA Guest Relations Specialist

The ESPA Sales and Reservations Operator will work together with the Sales and Reservations Supervisor to create a warm and welcoming atmosphere for callers; deliver outstanding guest service by answering all calls in a timely, courteous and friendly manner, while building consumer passion about the ESPA brand.

ESPA Dual Therapist

The ESPA Dual Therapist will be responsible for delivering exceptional treatments to guests of the spa in line with ESPA and Baha Mar brand standards while delivering impeccable guest service and maintaining excellent five star client care, hygiene, cleaning standards and grooming, and revenue generation through retail, upselling services, and cross sales to other business centers in the Spa .

RESORT OPERATIONS Transportation Manager

The Transportation Service Supervisor will work closely with the Director of Resort Operations and will be responsible for assisting in the operation of the Transportation Department to ensure guest transportation, as well as the pick-up and delivery of items, is performed in a safe, efficient, courteous and cost effective manner.

Beach Manager

The Beach Manager will work together with the Director of Resort Operations to develop and implement a beach resort lifestyle that delivers execptional guest services and rewarding experiences that leave a lasting impression.

Traffic Controller

The Traffic Controller will work closely with the Valet Supervisor and the Valet and Bell Teams to manage the flow of traffic on the Baha Mar porte cocheres. This individual will work to maintain a seamless traffic flow at all times, while providing unmatched service to all guests entering the property and ensure that no unauthorized vehicles park on the porte cocheres.

Visit careers.bahamar.com to complete an online application today!

PAGE 18, Thursday, May 25, 2017

THE TRIBUNE

JUDGES DIVIDED IN HEARING ON CONSUMER AGENCY POWER By MARCY GORDON Associated Press

WASHINGTON (AP) — Federal appeals judges are divided as they hear arguments over whether the president should be able to more easily fire the head of the government’s consumer finance watchdog agency. The U.S. Court of Appeals for the District of Columbia, in a rare hearing Wednesday by all its judges, took up the politically charged case involving the Consumer Financial Protection Bureau

and the power of its director. The judges are reconsidering a ruling last fall by a divided three-judge panel that would make it easier for President Donald Trump to fire CFPB Director Richard Cordray. He was appointed in 2011 by President Barack Obama. Lawyers for the Trump administration and a company sanctioned by the consumer agency argued that the way the CFPB was created, by Obama and Democrats in Congress after the financial crisis, violated the Constitu-

tion, by giving the director excessive power. The 10 judges — six appointed by Democratic presidents and four by Republicans — appeared split along ideological fault lines as they challenged, in turn, the opposing arguments put forward by the Trump administration and the CFPB. In an unusual turn, the Trump Justice Department is opposing the consumer watchdog agency within its own government. “This agency goes further than anything Congress has attempted to do in history,”

NOTICE

declared Ted Olson, the prominent attorney with Supreme Court victories who represents the mortgage lender in this case, PHH Corp. The company was accused of illegal conduct by the CFPB and ordered to pay $109 million, then struck back by bringing the case that has raised constitutional issues and moved up to the nation’s second most influential court. The appeals panel ruled in October that the way the CFPB is organized violates the Constitution’s separation of powers by limiting

NOTICE

NOTICE is hereby given that JERVIS TYLER DELANCY of P.O. Box F-40670, Jones Town, Eight Mile Rock,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 25th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that SAINTINOR GUERLINE of Dundas Town, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that CASSANDRA JOSEPH of East Street, P.O.Box N-1992, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 25th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 82° F/28° C Low: 60° F/16° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

A couple of showers and a t‑storm

Partly cloudy, a t‑storm in spots

A morning shower; partly sunny

Partly sunny

Mostly sunny

High: 92°

Low: 77°

High: 92° Low: 75°

High: 91° Low: 77°

High: 90° Low: 77°

High: 91° Low: 78°

AccuWeather RealFeel

104° F

82° F

112°-85° F

109°-84° F

105°-82° F

104°-83° F

almanac

ABACO

High: 84° F/29° C Low: 79° F/26° C

12‑25 knots

High: 86° F/30° C Low: 71° F/22° C

10‑20 knots

FT. LAUDERDALE

FREEPORT

High: 88° F/31° C Low: 75° F/24° C

E S

WEST PALM BEACH

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

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

uV inDex toDay

TONIGHT

High: 84° F/29° C Low: 69° F/21° C

High: 88° F/31° C Low: 78° F/26° C

MIAMI

High: 89° F/32° C Low: 77° F/25° C

8‑16 knots

KEY WEST

High: 86° F/30° C Low: 78° F/26° C

NASSAU

High: 85° F/29° C Low: 78° F/26° C

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

7:53 a.m. 8:25 p.m.

2.9 3.6

1:59 a.m. ‑0.6 2:03 p.m. ‑1.0

Friday

8:46 a.m. 9:17 p.m.

2.9 3.7

2:53 a.m. ‑0.8 2:55 p.m. ‑1.0

Saturday

9:40 a.m. 10:11 p.m.

2.8 3.6

3:46 a.m. ‑0.8 3:48 p.m. ‑0.9

Sunday

10:35 a.m. 11:05 p.m.

2.8 3.5

4:41 a.m. ‑0.7 4:42 p.m. ‑0.7

Monday

11:33 a.m. ‑‑‑‑‑

2.7 ‑‑‑‑‑

5:36 a.m. ‑0.6 5:40 p.m. ‑0.5

Tuesday

12:01 a.m. 12:33 p.m.

3.3 2.6

6:33 a.m. ‑0.4 6:40 p.m. ‑0.2

Wednesday 12:58 a.m. 1:36 p.m.

3.1 2.5

7:31 a.m. ‑0.2 7:43 p.m. 0.1

sun anD moon Sunrise Sunset

6:22 a.m. 7:52 p.m.

Moonrise Moonset

6:21 a.m. 7:53 p.m.

New

First

Full

Last

May 25

Jun. 1

Jun. 9

Jun. 17

CAT ISLAND

High: 85° F/29° C Low: 77° F/25° C

7‑14 knots

6‑12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 91° F/33° C Low .................................................... 77° F/25° C Normal high ....................................... 85° F/29° C Normal low ........................................ 72° F/22° C Last year’s high ................................. 87° F/31° C Last year’s low ................................... 71° F/22° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 4.67” Normal year to date ..................................... 7.95”

ELEUTHERA

High: 92° F/33° C Low: 77° F/25° C

jumped in and challenged Olson’s assertions. Having a consumer agency board with several members could actually make them less accountable than a single director, suggested Patricia Millett, one of four judges who were named by Obama. And although the CFPB receives guaranteed funding from the Federal Reserve and thereby avoids congressional budget approval, the agency still must justify its expenditures and activities to Congress, Millett said.

the president’s ability to remove the director. The law creating the CFPB allows its director to be removed only “for cause” — such as neglect of duty — and not over political differences. The judges said that conflicts with the Constitution, which allows the president to remove officials for any reason. Olson criticized the “power concentrated in one individual” — Cordray — when the CFPB was established by the 2010 Dodd-Frank financial oversight law. Several judges quickly

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 84° F/29° C Low: 77° F/25° C

High: 84° F/29° C Low: 78° F/26° C

High: 90° F/32° C Low: 79° F/26° C

W S

LONG ISLAND

insurance management tracking map

High: 86° F/30° C Low: 78° F/26° C

7‑14 knots

MAYAGUANA High: 84° F/29° C Low: 78° F/26° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 83° F/28° C Low: 78° F/26° C

GREAT INAGUA High: 87° F/31° C Low: 79° F/26° C

High: 83° F/28° C Low: 78° F/26° C

N E

6‑12 knots

4‑8 knots

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

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

WINDS S at 10‑20 Knots WNW at 6‑12 Knots S at 7‑14 Knots SW at 4‑8 Knots SSE at 7‑14 Knots S at 4‑8 Knots ESE at 7‑14 Knots ESE at 6‑12 Knots S at 7‑14 Knots SSW at 4‑8 Knots SSW at 12‑25 Knots NNW at 6‑12 Knots SE at 6‑12 Knots SSW at 4‑8 Knots SE at 4‑8 Knots ENE at 6‑12 Knots SE at 6‑12 Knots SE at 4‑8 Knots SE at 8‑16 Knots SE at 7‑14 Knots S at 4‑8 Knots S at 3‑6 Knots SE at 6‑12 Knots ESE at 4‑8 Knots SE at 7‑14 Knots S at 4‑8 Knots

WAVES 3‑6 Feet 3‑5 Feet 1‑3 Feet 1‑2 Feet 2‑4 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 4‑7 Feet 1‑3 Feet 1‑2 Feet 0‑1 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 4‑7 Feet 3‑6 Feet 1‑3 Feet 0‑1 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet

VISIBILITY 3 Miles 8 Miles 3 Miles 8 Miles 3 Miles 8 Miles 10 Miles 10 Miles 3 Miles 8 Miles 3 Miles 8 Miles 5 Miles 8 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 3 Miles 8 Miles 10 Miles 10 Miles 5 Miles 8 Miles

WATER TEMPS. 80° F 80° F 83° F 83° F 79° F 79° F 80° F 80° F 79° F 79° F 80° F 81° F 82° F 82° F 81° F 81° F 82° F 82° F 80° F 80° F 80° F 80° F 81° F 82° F 80° F 80° F

THE TRIBUNE

Thursday, May 25, 2017, PAGE 19

US stocks extend gains to a 5th day as tech companies rise By MARLEY JAY Associated Press NEW YORK (AP) — U.S. stocks rose for the fifth consecutive day Wednesday as investors went on a late buying spree. The gains came after news that the Federal Reserve plans to start reducing its huge portfolio of bonds. The Standard & Poor’s 500 index closed at a record high. Stocks were slightly higher for most of the day as the market kept chipping away at the losses it suffered one week before. Technology companies like TurboTax maker Intuit and materials companies including industrial gas company Praxair made some of the biggest gains. In the afternoon the Federal Reserve released the minutes from its latest meeting. Officials discussed steps for shrinking the central bank’s $4.5 trillion in bond holdings and Wall Street liked what it saw. The Fed bought huge amounts of bonds during the global economic crisis in an effort to stimulate the economy. When the Fed suggested in April that it was considering reducing its portfolio, investors were unnerved. But when investors

saw some details of how the plan might look, they were pleased. “They’re going to do it in a very careful, slow, and, at least by Fed standards, transparent method,” said Ed Campbell, senior portfolio manager at QMA, a fund owned by Prudential Financial. “They’re not going to do it in a way that runs the risk of shocking the market.” The Standard & Poor’s 500 index picked up 5.97 points, or 0.2 percent, to 2,404.39. The Dow Jones industrial average gained 74.51 points, or 0.4 percent, to 21,012.42. The Nasdaq composite rose 24.31 points, or 0.4 percent, to 6,163.02. The Russell 2000 index of small-company stocks added 1.53 points, or 0.1 percent, to 1,382.51. In the wake of the Fed’s disclosure, bond prices turned higher. The yield on the 10-year Treasury note fell to 2.25 percent from 2.28 percent. High-dividend stocks including utility companies and real estate investment trusts climbed as investors looked for yield. NRG Energy jumped 88 cents, or 5.5 percent, to $16.76 and Simon Property Group gained $2.53, or 1.6 percent, to $159.78.

Industrial gas company Praxair rose after it agreed to terms with Germany’s Linde. The companies said they would combine in an all-stock deal in December, part of a wave of consolidation in the chemical and materials industries. Praxair picked up $2.30, or 1.8 percent, to $132.27. Linde’s German stock rose 2.8 percent. Dow Chemical and DuPont, which are also planning to combine, rose as well. Dow picked up 67 cents, or 1.1 percent, to $61.45 and DuPont advanced $1.04, or 1.3 percent, to $78.38. Accounting software maker Intuit had a stronger quarter than investors expected and Wall Street was also pleased with its forecasts. Its stock gained $8.68, or 6.7 percent, to $137.83. Other technology firms once again rallied. Hard drive maker Western Digital added $1.67, or 1.9 percent, to $89.70 and chipmaker Nvidia rose $1.54, or 1.1 percent, to $138.57. General Electric slumped after CEO Jeffrey Immelt addressed an industry conference. Immelt suggested it will be tough for the company to reach the earnings targets some investors want to see. The stock fell 45 cents,

or 1.6 percent, to $27.83. GE, which is seen as a bellwether for many different industries, has been trading at its lowest price in a year and a half. Home improvement retailer Lowe’s stumbled after investors were unimpressed by its profit and sales, as a hefty charge cut into its earnings in the first quarter. Lowe’s shares fell $2.49, or 3 percent, to $79.85. Lowe’s stock is flat over the last year while rival Home Depot has jumped 16 percent. Sales for jewelry retailer Tiffany weren’t as good as expected in the first quarter. The company changed CEOs in February as it struggled with competition from online retailers and had difficulty attracting younger customers. Its

stock dropped $8.11, or 8.7 percent, to $85.03 and Signet Jewelry fell $3.85, or 6.6 percent, to $54.53. Benchmark U.S. crude lost 11 cents to settle at $51.36 per barrel in New York while Brent crude, used to price international oils, sank 19 cents to $53.96 a barrel in London. Oil prices have rallied lately as members of the OPEC cartel and other countries prepare to meet and discuss production. Those nations are expected to extend last year’s production cut in a concerted attempt to prevent oil prices from falling. Wholesale gasoline gave up 1 cent to $1.65 a gallon. Heating oil remained at $1.61 a gallon. Natural gas lost 1 cent to $3.21 per 1,000 cubic feet.

Gold fell $2.40 to $1,253.10 an ounce. Silver lost 2 cents to $17.12 an ounce. Copper fell 1 cent to $2.58 a pound. The dollar rose to 111.90 yen from 111.76 yen. The euro edged up to $1.1195 from $1.1185. The FTSE 100 index in Britain was up 0.3 percent and Germany’s DAX fell 0.2 percent. The CAC 40 in France was 0.2 percent lower. The Hang Seng in Hong Kong finished unchanged after Moody’s downgraded the Chinese government’s credit rating. The firm said it expects China’s financial strength to erode as debt rises, but its rating for the country is still relatively high. Tokyo’s Nikkei 225 rose 0.7 percent. The Kospi in South Korea gained 0.2 percent.

AN AMERICAN flag hangs on the front of the New York Stock Exchange on an evening, in New York. Global stock markets traded in narrow ranges yesterday, with investors brushing aside Moody’s decision to cut China’s debt rating. (AP Photo/Peter Morgan, File)

BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE

Say yes to more cash back

INTERNAL AUDITOR INTERNAL AUDIT DIVISION

A vacancy exists at the Bahamas Power and Light Company Ltd. for an Internal Auditor in the Internal Audit Division. Responsibilities of the position include, but are not limited to the following: • • •

UP TO

3% *

•

Producing audit programs and submitting the same for approval of the Chief Internal Auditor; Conducting complete risk assessment for areas being audited; Conducting financial, operational and ITS audit assignments in accordance with established audit programs. Producing audit reports on audit concerns, their causes, effects and the audit recommendations in accordance with the IIA Standards; Conducting some audit investigations, evaluating findings and producing investigation reports; exercising the IA’s ethical standards; Conducting reviews of budgetary systems (including variances analysis), policies, manpower efficiency and new computer applications; Discussing audit concerns with the relevant Department/Section Head and seeking agreement to implement recommendations; Producing audit reports and submitting the same to the Chief Internal Auditor for review and releasing to management and the Audit Committee; Training, coaching and directing the activities of the Audit Clerks, and offering general supervision and technical support to the Assistant Internal Auditor(s); Conducting corporate research, investigations on vendors, and fraud investigations, and producing associated reports; Assisting the AGM/Chief Internal Auditor with the annual audit planning exercise and offer direct assistance on major investigations; Conducting audits in conjunction with the External Auditors and producing working papers for the External Auditors year-end audit; Conducting stock taking observation exercises, Family Island audits and special assignments;

•

Preparing monthly and quarterly reports on audits performed;

• • • • • • • •

Scotiabank Gold MasterCard gives you up to 3% cash back* on all your everyday purchases including groceries, gas, pharmacy items, dining out and more. ®

Apply today and get a bonus of up to $40.* Call 242 356 1560, visit your nearest branch or go to bs.scotiabank.com/sayyes

Job requirements include but are not limited to: • • • • • • • •

CHIP

C SE UR

ANCE

#SayYesToMore

•

A Bachelor’s degree in Accounting or other business related discipline; A minimum of 5 years of post-certification experience in auditing and general accounting; Experience in interviewing, producing reports and making verbal presentations; Professional accounting certification (for example, CA, CPA,), in addition completing the CIA would be highly desirable. Management and supervision skills; The ability to conduct financial, operational and ITS audits and investigations and exercise strict audit code of ethics (for example, confidentiality); Understands and applies Internal Audit Standards and International Accounting Standards; Good investigative, interviewing and analytical skills and ability to lead and training subordinate staff; Knowledge of Microsoft Word & Excel computer programs. Also knowledge of audit software and a good working knowledge of the H.T.E system are required; The ability to conduct complete risk analysis for all major areas within the Corporation.

*Conditions apply. Bonus offer ends July 31, 2017. You will earn 3% cash back on the first USD$20,000 (or equivalent in local currency) you spend annually at gas stations and grocery stores. This 3% cash back applies at merchants which are classified in the MasterCard network as Grocery Stores & Supermarkets, Service Stations and Automated Fuel Dispensers (Merchant Codes: 5411, 5541 & 5542). You will earn 2% cash back on the first USD$20,000 (or equivalent in local currency) you spend annually at drug stores and pharmacies. This 2% cash back applies at merchants which are classified in the MasterCard network as Drug Stores & Pharmacies (Merchant Code: 5912). Some merchants may sell these products/services or are separate merchants who are located on the premises of these merchants, but are classified by MasterCard in another manner, in which case this added benefit would not apply. You will earn 1% cash back on purchases made after you have reached the 3% and 2% USD$20,000 (or equivalent in local currency) annual spend maximum (“overflow”) and on all other eligible purchases made with the card. Purchase returns, payments, cash advances, Scotiabank Credit Card Cheques, credit vouchers, card fees, interest charges or service/transaction charges do not qualify for cash back. Subject to change without notice. Visit bs.scotiabank.com/sayyes for full Terms & Conditions. Subject to credit approval. ®Registered trademark of The Bank of Nova Scotia, used under licence. ®MasterCard is a registered trademark of MasterCard International Incorporated.

Only candidates meeting the criteria will be contacted. Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER

PAGE 20, Thursday, May 25, 2017

THE TRIBUNE

AP FACT CHECK: BUDGET CHIEF SLAMS OBAMA GROWTH FORECAST By JOSH BOAK Associated Press

WASHINGTON (AP) — Trump budget director Mick Mulvaney, defending an administration that promises more economic growth than many think it can deliver, said Tuesday it’s the Obama administration that went overboard in its forecasts for growth. His indictment glosses over significant differences in the economy now and then. A look at his statement on the subject: MULVANEY, head of the Office of Management

and Budget: “I went back and looked at some of the economic assumptions that the Obama administration made in its first couple of years. And I want to say on a couple of different occasions, their assumed growth rate was more than 4.5 percent. Come on, this is the first administration in history — OK? — it was the first decade, the first eightyear period in history not to have a 3 percent growth rate. Yet they were promising us 4.5 percent growth.” THE FACTS: Former President Barack Obama’s expectations for growth

were in line with accepted economic views at the time. Here’s why: When Obama became president in 2009, the economy was stuck in the Great Recession. The gross domestic product had plunged 2.7 percent in 2008. It fell further in 2009. So Obama’s economics team figured that the economy would naturally rebound at a stronger pace than its average growth rate—the kind of acceleration that had previously happened coming out of downturn. Obama’s first budget in 2009 estimated growth

would be above 4 percent in 2011, 2012 and 2013. It would then settle into an average growth rate of 2.6 percent starting in 2015. That isn’t that far from separate estimates by the Congressional Budget Office that expected growth to average 4 percent from 2011 to 2014, before reverting to a 2.4 percent average. Of course, the growth expected under Obama never materialized. The economy expanded instead at a sluggish pace, closer to 2 percent a year, leaving many voters who supported President Donald Trump feeling left behind.

BUDGET OFFICE SET TO RELEASE REPORT ON HOUSE GOP HEALTH BILL By ALAN FRAM AND RICARDO ALONSOZALDIVAR Associated Press WASHINGTON (AP) — Keeping former President Barack Obama’s health care law is “completely unacceptable and totally unsustainable,” the Senate’s top Republican said Wednesday as the two parties braced for a Congressional Budget Office report on a Housepassed bill overhauling that statute. The budget office, lawmakers’ nonpartisan fiscal analyst, planned to release an analysis Wednesday of the impact the GOP-written House bill would have on coverage, consumers’ costs and the federal budget. Its two March reports on earlier versions of the bill projected it would leave 24 million additional people uninsured in a decade, a mammoth number that pushed Republicans onto the defensive. The new estimates could give talking points to House Republicans, or to Democrats, who voted unanimously against that bill. For GOP senators holding private meetings to sketch out their own legislation, its figures will be a starting point as they consider changing the House’s Medicaid cuts, tax credits and other policies. Wednesday’s report will be the first time the budget office has gauged the impact of eleventh-hour changes House Republicans made to gain enough votes to pass the bill. Those provisions included waivers states could get for insurers to raise premiums on some people with preexisting conditions, and to ignore health benefits that must be covered under Obama’s law. States could also gain permission for insurers to charge older customers far higher premiums. In addition, the new report could say whether the bill achieved enough budget savings to retain special protections the legislation would have to shield it from a Democratic filibuster in

the Senate. Though it’s considered unlikely, if the bill lacks sufficient savings, the House might have to revise the bill and vote again, which could be an ordeal for GOP leaders. The House approved the bill May 4 by a narrow 217-213 with only GOP votes. Senate Majority Leader Mitch McConnell, R-Ky., downplayed the report Wednesday as “a technical procedural step.” He added, “Whatever CBO says about the House bill today, this much is absolutely clear: the status quo under Obamacare is completely unacceptable and totally unsustainable. Prices are skyrocketing, choice is plummeting.” Democrats have defended Obama’s law for expanding coverage and requiring insurers to provide stronger benefits. Senate Minority Leader Chuck Schumer, D-N.Y., said Wednesday that the GOP bill would “gut Medicaid” and force higher outof-pocket costs on older people and others. “We can expect today’s CBO analysis will likely show many of the same grave consequences,” he said. In March, the budget office said the House legislation would increase premiums by an average 15 percent to 20 percent over the next two years, but push premiums 10 percent lower than they’d otherwise be by 2026. Many Republicans say their chief goal is to reduce premiums. Besides premiums, other critical components of the value of health insurance are out-of-pocket costs and benefits. Obama’s law included subsidies to help people with modest incomes cover their deductibles and copayments, and spelled out standard benefits like maternity services that insurers must provide. The House bill would eliminate the subsidies for deductibles and copayments, and let states greatly loosen Obama’s coverage requirements.