06162017 business

business@tribunemedia.net

FRIDAY, JUNE 16, 2017

$4.15

$4.27

$4.20

Sebas’s property group in ‘extraordinary growth’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BMG assets hit $83m, as profits jump 1,113%

SEBAS Bastian’s property development and construction group boasted $83 million in assets under management at year-end 2015, having made an extremely fast transition from start-up to profitability.

The 2015 financial statements for Brickell Management Group (BMG), which were only signed-off in mid-November 2016, show year-over-year net income jumped by 1,113 per cent or over $3 million - from $277,196 to $3.363 million.

BMG’s annual report, which has never been reported on publicly before, boasts of “extraordinary growth” for the

Overdrawn $150k at BOB, despite no facility Commercial buildings leased to Christie Govt vertically-integrated property development, management, financing and construction group - primarily due to sales at its Venetian West development.

Mr Bastian, who is best known as chief executive of the Island Luck web shop operator,

wrote that top-line sales revenue had grown by $8.9 million or 1,159 per cent year-over-year as BMG began to monetise the value of its real estate projects.

“Our ROI (return on investment) came in at 7 per cent or $673 per share, compared with 1 per cent and $55 in 2014,”Mr Bastian wrote in the annual report. “As at the end of 2015, assets under management amounted to over $83 million, which represented a significant growth year-over-year.”

Mr Bastian said BMG’s “innovative system of construction” had reduced building timelines, with 87 units at Venetian West sold in the 12 months to end-December 2015 - 33 on a cash basis, and the remaining 54 See PG B7

THE Government is becoming alarmed by the rapid expansion in web shop products and draw frequency, a Cabinet Minister revealed yesterday.

Dionisio D’Aguilar, the minister of tourism, told Tribune Business that the Minnis administration was more concerned by this trend than the number of physical web shop locations.

Pointing out that web ship locations had decreased by 37 per cent nationwide compared to pre-legalisation numbers, the Minister, who has responsibility for gaming, said the Government remained conscious of the potential anti-social impacts.

“The question is not the number of premises; it’s the number of opportunities to bet,” Mr D’Aguilar told Tribune Business. “They have draws every half hour now. We’ve got to look at that. Gaming exacts an economic toll on the well-being of the local population.”

He added that the Minnis administration was “mindful that some communities, especially in the Family Islands, have been devastated” by the proliferation of web shop gaming, which

Issue more concerning than location numbers Activity must be ‘past-time, not way of life’ GB targeted as dutyfree retail mecca has sucked significant monies out of those small economies.

“There has been an enormous proliferation in the number of products the numbers houses offer,” the Minister said, despite locations reducing from 635 in 2014 to 400 now.

Acknowledging that it was “only natural” for the seven legalised web shop operators to grow and expand their businesses, Mr D’Aguilar said the Government had to assess whether it was “in the best interests of the Bahamian people” to let it go unhindered.

The web shop industry is forecast to generate $15 million, or almost three-quarters of the Government’s $21 million in gaming taxes for the 2016-2017 fiscal year, and Mr D’Aguilar said the See PG B6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Website won’t collect 7.5% levy under MoU

Minister won’t impose ‘too much’ regulation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ISLAND LUCK CEO SEBAS BASTIAN

Reveals maritime museum, native food market plans

THE Prime Minister yesterday urged the Bahamas to “fully capitalise” on cultural and heritage tourism, foreshadowing plans for a maritime museum and ‘Over-the-Hill’ native food market.

Dr Hubert Minnis, in an address to Bahamas Hotel Tourism Association(BHTA) members, said that focusing on these two areas would both help diversify the tourism industry and unleash its “considerable untapped potential”, while meeting traveller demands for more authentic experiences.

He added that such a focus would also help boost Bahamian tourism industry ownership, and aid his administration’s objective of developing more local entrepreneurs.

“Twenty-first century travellers

NO VAT IN GOVT’S VACATION RENTAL DEAL WITH AIRBNB Sector likely faces new taxation in 2018-2019

GOVT ALARMED OVER WEB PM: ‘Fully capitalise’ on SHOP DRAW, PRODUCT RISE heritage, cultural tourism

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.27

And ‘Aqua Plaque’ branding for historic sites Focus shift to unleash sector’s ‘untapped potential’ seek more than the proverbial sun, sand and sea,” Dr Minnis said. “They travel in search of unique and authentic experiences....

“We must fully capitalise on our culture and heritage to add a more vibrant visitor experience.”

The Prime Minister said the Bahamas’ “richly textured culture” left it well-placed capitalise on See PG B6

THE Minister of Tourism yesterday said he did not want to impose “too much regulation” on the vacation rental market, following the Government’s signing of a Memorandum of Understanding (MoU) with Airbnb.

Dionisio D’Aguilar told Tribune Business that the MoU requires Airbnb to collect all due taxes and fees associated with Bahamas-based vacation rentals listed on its website, and ensure those landlords are in full compliance with local rules and regulations.

However, he revealed that DIONISIO Airbnb will not D’AGUILAR collect ValueAdded Tax (VAT) on the Government’s behalf because it was uncertain whether landlords were meeting the $100,000 annual revenue threshold that triggers registration.

As a result, Mr D’Aguilar suggested that the Government would have to look at introducing some kind of room/occupancy tax to capture vacation rentals.

This, though, would only be introduced with the 2018-2019 Budget at earliest, and the Minister of Tourism said landlords would likely be given a choice between paying VAT or this new tax to ensure there was no ‘double taxation’.

Mr D’Aguilar, who confirmed that he signed the Airbnb agreement while at Caribbean Tourism Week in New York See PG B5

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Oil explorer’s extra $3.25m ‘encouraging for Bahamas’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN oil exploration firm yesterday said it was “encouraging for the Bahamas” that it had raised $3.25 million to finance its operations, despite “frustratingly slow progress” in finding a joint venture partner.

Simon Potter, the Bahamas Petroleum Company’s (BPC) chief executive, told Tribune Business that the new capital would assist efforts to tie-down a ‘farm in’ (joint venture) partner for the drilling of its first exploratory well.

That must now be drilled in waters south-west of Andros by April 2018, and Mr Potter said the recentlycompleted capital raising would provide BPC with sufficient funding to carry it through the partner search and well ‘spudding’.

“Discussions have been

More capital to aid BPC on JV partner Criticises Christie Govt for regulation wait ‘Optimistic’ on finding partner by April 18 ongoing for a while,” Mr Potter said of the ‘farm in’ partner talks, “and we’d obviously like to bring those to a conclusion. This additional funding will help to facilitate that.

“There’s obvious support for the project within the London stock market, within the oil and gas sector, which is encouraging for the Bahamas - that a Bahamas-based company is able to get support for a project See PG B4

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THE TRIBUNE

$9.5M PI PROPERTY IS LIFE AND SOUL OF REALTY PARTY A BAHAMAS Realty executive staged a party at the actual eight-bedroom, $9.5 million Paradise Island property she was trying to sell to stimulate buyer interest.

Monica Knowles, who was the company’s top producer in 2016, said: “It’s like going to buy a fine gown for a gala. You are not going to purchase it without trying it on. This was like letting guests try on the estate. I wanted them to experience the luxury, wander through the property at sunset with a glass of champagne in their hands, and meander through the house as if it were theirs.”

She did not stop at the champagne, cocktails and canapés, and brought in musical entertainment through Julien Believe and Patrice Murrell.

Then Ms Knowles opened the doors to Baker House, all 21,000-plus square feet of it, including 11 bathrooms.

“We were very pleased that so many brokers and real estate people showed up because we want to work with others in the profession. They may know someone who is perfect for this

property, and I may know someone who is just right for a listing they have,” said Ms Knowles.

While the stylish party at Baker House was both memorable and imaginative, many top agents are inventing new ways of presenting listings.

“This isn’t your grandmother’s real estate industry,” said Larry Roberts, Bahamas Realty’s chairman. “It changed the minute the Internet was born, and changed again when the Bahamas got MLS (Multiple Listing Service), opening more listings to more ways of showing it to a worldwide audience that is viewing it from the comfort of their living room.”

There are also new markets to explore.

“We still have a lot of interest from the US,” said Ms Knowles, “but we are seeing more interest from buyers in China and the Far East, from South America, and particularly Canada. Early developments in the Bahamas attracted buyers by the droves from the UK, who dreamed of some day living in the warmth of the beautiful Bahamas.

“Many of them never even set foot in the country. They sent cheques for monthly payments and it kept their dreams alive. This is a very different market in scope, price point and target audience, and most dramatically different at the high-end luxury property level like Baker House.”

The Baker House that played host to the rare look at life inside Ocean Club Estates has sweeping views of the Tom Weiskopf golf course and partial ocean views. It features a large pool, soaring ceilings, designer kitchen with top grade appliances, an outdoor kitchen, separate theatre room, lush landscaping and entitles owners to all community amenities, including 24hour security, tennis, golf, swimming, a clubhouse and proximity to Atlantis and the One & Only Ocean Club.

“It did not sell yet, but I am confident it will,” said Ms Knowles. “If not, I will just have to figure out another way to show it to people who know people. It is a super property and I am honoured that they entrusted its offering to me.”

CHANGING real estate sales strategies – Monica Knowles, second from right, pulled out all the stops to host an open house at a $.9.5 million, 1.2 acre home in Ocean Club Estates. The party drew other real estate professionals, including Brian Austin (left) and Iona Henderson (right), as well as guests such as Sandra Kemp, second from left. Photos/Sara Parker

REALTOR Andrea Brownrigg chats with an invited guest at the open house arranged by her Bahamas Realty colleague, Monica Knowles, to show an eight-bedroom, 11-bath, $9.5 million home in Ocean Club Estates.

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Friday, June 16, 2017, PAGE 3

GRAND LUCAYAN SALE ‘DESPERATELY’ NEEDED

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

GRAND Bahama “desperately” needs an internationally-recognised buyer and hotel brands to acquire the Grand Lucayan and Memories properties,the island’s Chamber of Commerce president said yesterday.

Mick Holding told Tribune Business: “We are still struggling in many ways from Hurricane Matthew, and in two particular areas.

One of them is the industrial sector. For example, the Freeport Container Port is only operating at about 40 per cent of its pre-hurricane capacity due to the damage

caused by Hurricane Matthew, and it may well be another year or two to get back to where they were.

“That is obviously having a knock-on impact on jobs.

Similarly, two of the major hotels, Grand Lucayan and Memories, have not reopened and that’s probably taken some two-thirds of our hotel capacity off line.”

Former Prime Minister, Perry Christie, in April said a Letter of Intent (LOI) for the sale and reopening of the Grand Lucayan Resort has been signed, presumably between current owner, Hutchison Whampoa, and the prospective purchaser.

Tribune Business had previously revealed the Wynn Group, a Canadianbased real estate developer,

as the property’s potential purchaser. It has proposed expanding the casino under the Hard Rock brand, as well as constructing two new condo hotel towers at the Grand Lucayan property.

However, sources familiar with developments have recently expressed disquiet to this newspaper over the seemingly slow pace at which the deal is progressing. No sales agreement is thought to have been signed by the parties, and there have been suggestions that Wynn Group is still searching for the necessary acquisition financing.

The 409-acre Grand Lucayan property consists of three hotels, with a com-

bined total room capacity of 1,271, but two are closed due to extensive damage caused by Hurricane Matthew last October.

An unsettled insurance claim continues to delay restoration of the 500room Breaker’s Cay Hotel, and the 522-room Memories Beach Resort that was previously leased to Sunwing, which later pulled out in February over failed negotiations with Hutchison Whampoa regarding the restoration.

“There was a lot of talk since the beginning of the year over potential buyers, but nothing has yet come to fruition,” Mr Holding said. “It is commonly thought that we need an internationally-renowned

brand to buy the resort so it can be marketed internationally, and people can associate with a brand.

“I think that has been one of the problems affecting the occupancy levels in the Grand Lucayan complex. We desperately need a buyer and a brand so there is an identity there. I think that while there are longer term issues we can address and attract more business into Grand Bahama, a major boost would be the sale of those hotels.”

MICK HOLDING

Exuma: Communication is ‘just not cutting it’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

COMMUNICATION woes remain among the top challenges plaguing Exuma, the island’s Chamber of Commerce president said yesterday, adding that the issue needs urgent attention if the private sector and investment are to grow.

Pedro Rolle, speaking to Tribune Business on the sidelines of the National Conclave of Chambers of Commerce, said the Bahamas’ ‘ease of doing busi-

ness’ challenges are “multiplied” in the Family Islands when compared to Nassau.

“Our biggest challenge remains the communication issue; the telephone, but primarily the Internet service,” he said. “Business in Exuma really needs to improve for us to grow and progress as a business community, and realise the investment potential.

“It’s just not cutting it, and it’s frustrating to residents and visitors alike.

That, I would say, is my number one complaint.”

Tribune Business reported last September on Exuma business community frus-

tration over the loss of revenue due to cancellations, and an inability to process credit card payments.

Mr Rolle said it was still “too cumbersome” to do business on the Family Islands, with many government functions still requiring approval from Nassau.

“It’s still too cumbersome to do basic things like the process to get a Business License and all those other things in terms of compliance. It is too Nassau-centric,” Mr Rolle said.

“The ease of doing business, I think, is multiplied in the Family Islands. It’s bad in Nassau, but it is

worse in the Family Islands.”

Mr Rolle suggested that Family Islands such as Exuma should be promoted internationally. “I believe that the Out Island Promotion Board does a wonderful job,” he added.

“It has a wonderful platform but I believe that greater attention needs to be placed on establishing something like an Exuma Promotion Board, which is connected to the Out Island Promotion Board. I think we ought to be given some kind of leeway to have that kind of platform in place on a local level.”

DPM: We must be competitive with no protectionism

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE private sector was yesterday challenged to become more competitive in an open market economy, although the Deputy Prime Minister conceded that the Government is sensitive to giving Bahamian manufacturers some protection.

K Peter Turnquest, while closing out the National Conclave of Chambers of Commerce, told the business community that while the Government was not about protectionism, it realised it has to provide some safeguards to the manufacturing industry while trying to remain competitive in an open market economy.

“While we are not about protectionism, we are sensitive to the fact that we still

have to provide some advantage to the local manufacturing industry as we help them during this transition period, and as we try to achieve our goal of being competitive in an open market concept to the rest of the world,” said Mr Turnquest.

He added: “We have to figure out how we are going to be competitive without all these in-built protections be-

cause the world is not stopping progress while we catch up.”We are going to have to figure out how we operate in a free market and become more efficient, just as we as a government have to figure out how to become more efficient in this environment.”

Mr Turnquest said the Government will have to look at establishing a Competitiveness Council,

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“We realise that we have to provide some protection to the local manufacturing industry while trying to be competitive in the open market concept,” he reiterated.

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Oil explorer’s extra $3.25m ‘encouraging for Bahamas’ From pg B1 in the Bahamas from the London market.”

BPC’s 2016 annual report, published yesterday, acknowledged potential shareholder concerns over the protracted search for a well-drilling partner that has yet to conclude.

Bill Schrader, BPC’s chairman, blamed the delays partly on the former Christie administration taking almost four years to bring the Petroleum Act and associated regulations, which will govern the company’s activities, into being.

Following the June 2015 renewal of BPC’s licenses, Mr Schrader told shareholders that the company anticipated the new regulatory regime would have enjoyed “imminent passage”

on to the statute book.

“However, it then took a further 13 months until July 2016 for the Bahamian Ministry of Environment and Housing to finally sign into force the updated Petroleum Regulations,” Mr Schrader wrote.

“The full enactment of the new Petroleum Act and associated regulations process thus ultimately took nearly four years, during which time the regulatory landscape for the industry going forward could not be clearly portrayed to potential investors, thus providing a considerable overhang to any [joint venture partner] discussions.”

Mr Schrader said the regulatory regime delays further impacted BPC by dragging it into a period of low

THE TRIBUNE global oil prices. With profits and returns negatively impacted by this, oil sector players pulled back on their exploration activities - including potential joint venture partnerships with the likes of BPC. “In the same period of time (that is, while the Government was considering the final form of the new petroleum legislation and associated regulation), the price of crude oil fell sharply, and general oil industry sentiment weakened considerably,”Mr Schrader said. “Of specific impact to the company, industry capacity for frontier exploration investment risk (both above ground and below ground) contracted, and access to investment capital dried up.

“Notwithstanding this period of significant industry disruption, discussions with potential investors, as previously reported, contin-

ued uninterrupted, and are ongoing at the time of writing of this report. Indeed, BPC is confident of being able to conclude a farm-out, and several parties are presently engaged in late-stage commercial negotiations.

“This continuing interest reflects, we believe, the high technical quality, global scale and advantaged location [the Bahamas] of the company’s assets. However, the factors mentioned above have meant we have been unable as yet to progress those discussions to a finally concluded farm-out.

It is no doubt disappointing to shareholders that these discussions have not yet produced a result, as it is to the Board.”

Mr Potter echoed Mr Schrader’s sentiments to Tribune Business yesterday, saying: “The characteristics of the project, being the exclusivity in the Bahamas and the small scale, means

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Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 24th day of May A.D., 2017.

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it’s still attractive notwithstanding the global drop in oil prices.

“Notwithstanding the backdrop of low oil prices, we’ve still been talking to companies throughout this period. We’re certainly optimistic.”

BPC’s task is to now secure a farm-in partner for that first exploratory well before its license extension expires in April 2018, otherwise it will likely have to seek a further extension from the Minnis administration.

Mr Potter said there had already been “a number of contacts with the new government”, and BPC was “looking forward to exchanges with the new administration” once it was settled in and the Budget debate completed.

The BOC chief executive, in his message to shareholders, said several potential partners had “completed extensive technical evaluations, and [are] presently engaged in late stage commercial negotiations”. However, he acknowledged that the company had expected to have tied down an agreement by now.

Mr Potter said part of the £2.6 million fund-raising, some £1.5 million, needed to be approved by BPC’s shareholders at a July 14, 2017, extraordinary general meeting (EGM).

He added: “With the funds received from this

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placement, the company’s funding will allow additional time to complete the farm-in process on the best terms possible.

“Indeed, a stronger balance sheet makes for an improved negotiating position, as we are able to demonstrate the ability to maintain discussions with multiple parties for an extended period, should that prove necessary.”

Mr Potter continued: “The majority of the funds raised via the placing - approximately 70 per cent will go towards the various costs of holding the company and its licenses in good order pending a successful farm-in. This includes license payments, in-country operations, local professional staff and other essential expenses.

“It is worth noting that less than 8 per cent of the funds raised are allocated to executive and Board remuneration, with the Board and myself continuing to defer and commute the bulk of our compensation until, and only until, a successful farm-in or other financing sufficient for the drilling of an initial well is concluded.”

Mr Schrader concluded: “Despite the frustratingly slow progress in the core task of securing a farm-in partner, BPC’s project continues to be of interest to oil majors and large independents alike.

“Given the sheer scale of the project’s potential prize, coupled with technical ease of well execution and proximity to the world’s largest hydrocarbon market, and now with the benefit of our licenses extended, new legislation in place, and generally improving industry sentiment, we remain confident that we will eventually succeed in our objective.”

NOTICE International Business Companies Act No. 45 of 2000 SANTA FÈ GLOBAL ADVISORS FUND LIMITED (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No. 45 of 2000, the Dissolution of SANTA FÈ GLOBAL ADVISORS FUND LIMITED (IBC №. 159183 B) has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 19th day of May, 2017.

Fernando Luis Cardoso Bueno Liquidator

NOTICE

NOTICE

NOTICE

PEARSONVILLE LTD.

NEWMAN INVEST LTD.

EMERITE LIMITED

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Pearsonville Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 25th day of May A.D., 2017.

Dated the 14th day of June A.D., 2017.

NOTICE is hereby given as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) Newman Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(a) EMERITE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(b) The dissolution of the said company commenced on the 15th June, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

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

Dated this 14th day of June, A.D., 2017

(c) The Liquidator of the said company is Dizame Consulting S.A., Pasea Estate, Tortola, British Virgin Islands Dated this 16th day of June, A. D. 2017

Beatus Limited Liquidator

Beatus Limited Liquidator

_________________________________ Dizame Consulting S.A. Liquidator

NOTICE

NOTICE

NOTICE

ZHONG HUA DA DI LIMITED

HEALING LIGHT LIMITED

PLATA COMPANY LIMITED

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) ZHONG HUA DA DI LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) HEALING LIGHT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

a) PLATA COMPANY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 15th June, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 15th June, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

b) The dissolution of the said company commenced on the 13th June, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 16th day of June, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 16th day of June, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 16th day of June, A. D. 2017 _________________________________ Octagon Management Limited Liquidator

THE TRIBUNE

Friday, June 16, 2017, PAGE 5

No VAT in Govt’s vacation rental deal with Airbnb From pg B1 last week, said the MoU would only become a full agreement once the new ‘vacation rental’ tax was implemented.

Describing Airbnb as “the largest and fastestgrowing vacation rental website”, he told Tribune Business: “We at the Ministry of Tourism felt it was prudent to enter into a relationship to govern the terms by which people could rent their vacation homes in the Bahamas via their website.

“Airbnb will ensure that whoever lists their homes is in compliance with local rules and regulations, and collect any government taxes and fees associated with that rental, and remit that directly to the Public Treasury.”

Through the MoU, the Bahamas is following other Caribbean nations, such as Antigua and Barbuda and Bermuda, in enlisting Airbnb’s help to regulate the vacation rental and ensure it pays its ‘fair share’ in taxes to help with infrastructure upkeep.

The Government is thought to currently be missing out on significant tax revenues related to vacation rentals, given that payments to landlords are frequently made outside the Bahamas via the Internet, never touching this nation.

“There’s a lot of foreign second home owners in the Bahamas deciding to put their homes up for rental, and money is remitted directly to them outside the Bahamas,” the Minister of Tourism said. “You’ve got to tackle them through the website.”

Mr D’Aguilar, though, revealed that Airbnb “will not collect VAT” due to difficulties in determining whether landlord earnings breached the $100,000 registration threshold. As a result, he suggested the Government would have to introduce some kind of occupancy/room tax for the vacation rental sector in next year’s Budget.

“We don’t want to double tax someone, so we will probably give them the option of either paying VAT or the room tax,” he told Tribune Business. “It’s got to be the greater of the two.

Mr D’Aguilar, though, emphasised that the Government did not want to over-regulate vacation rentals, given the sector’s importance in fostering Bahamian entrepreneurship and spreading tourism-related income beyond the hotel industry.

“Airbnb and the products they offer are good for a number of reasons,” he added. “First of all, it attracts a different type of tourist from those types that go to hotels - certainly more so for New Providence.

“It also drives dollars that would typically not enter a particular neighbourhood into those areas by allowing visitors to go outside typical resort/hotel destinations.

“There’s a need for some oversight, but not a large amount. I don’t think they need too much oversight, and we definitely don’t want to do too much oversight.”

Mr D’Aguilar said Airbnb will also share its marketing information with the Ministry of Tourism.

“What they’re going to do is share their information

FINE FOOD BUSINESS INTERNATIONAL INC. Company No. 1630810 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that FINE FOOD BUSINESS INTERNATIONAL INC. is in voluntary liquidation. The voluntary liquidation commenced on 2nd June, 2017 and Querube C. De Nuñez of MMG Tower, Ave. Paseo del Mar, Costa del Este, Panama City, Panama, has been appointed as the Sole Liquidator.

Dated this 6th day of June, 2017 Sgd. Querube C. De Nuñez Voluntary Liquidator NOTICE RC HILLS INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, RC HILLS INC. is in dissolution as of June 8, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ NOTICE CRENDON TRADE S.A. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CRENDON TRADE S.A. is in dissolution as of June 8, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

with us; all the people that rent, and give us statistics on the destination: How many people come, where they stay. They have incredible marketing information.”

The Government’s plans to regulate vacation rentals were also highlighted by the Prime Minister in an address to the Bahamas Hotel and Tourism Association (BHTA) yesterday.

“Vacation rental homes are today operating outside the regulated environment in our country,” Dr Hubert Minnis said. “Such products will have to be registered with the Ministry of Tourism and appropriate taxation will be applied to level the playing field and ensure they contribute to the public purse.

“Through registration we can ensure they meet international standards for service and quality.”

That, and Mr D’Aguilar’s comments, will likely be ‘music to the ears’ of Bahamian hotel industry executives, who have long demanded that the growing vacation rentals market be placed on a taxation and regulatory ‘level playing field’ with their properties.

The issue was raised at the BHTA’s February 2017 meeting, with its senior vice-president, Dean Spychalla, arguing that Harbour Island’s vacation rental industry was generating more income than the island’s hotels.

The meeting notes, obtained by Tribune Business, state: “Dean Spychalla reported that on Harbour Island, the revenue from the privately-owned homes ex-

ceeded that of all the hotels on Harbour Island.

“However, no monies are being collected by the Government for that revenue.

In addition, these private homes take up seats on airlines flying to the island that the hotels need. Unless we can collect revenues and expand the infrastructure to get more flights in it is detrimental to the hotels.”

Mr Spychalla, though, acknowledged that restaurants and other businesses were benefiting from the private vacation rental market.

However, the Bahamas will have to be careful to strike the right balance, and not over-regulate the vacation rental market.

An Oxford Economics study for the Organisation for Responsible Governance (ORG) found that vacation rentals had the potential to increase Bahamian tourism industry ownership and develop Family Island economies.

Oxford Economics’ study, which analysed the impact of a 50 per cent increase upon current vacation rental activity, found this would grow stopover tourists by 8,350 annually, and generate $13 million in additional visitor spending.

Excluding 50 per cent of that $13 million from its analysis, as that represented lease costs, the ORG study said: “The full economic impact - direct, indirect, and induced - of additional

CALL 502-2394 TO ADVERTISE IN THE TRIBUNE TODAY!

NOTICE Lorient International Business Corp In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Lorient International Business Corp is in dissolution as of June 13, 2017 CANDEO OVERSEAS SA of the British Virgin Islands is the Liquidator.

LIQUIDATOR ______________________

spending by these new tourists is estimated at $9.8 million of additional GDP and 225 new jobs.

“The sectors most affected are community, social and personal services, which receives 35 per cent of the GDP impact and 50 per cent of the jobs impact, and hotels and restaurants, which receive 23 per cent of the GDP and 18 per cent of the jobs impact.”

Data obtained by Oxford Economics showed that the Bahamas had 1,878 properties registered with Airbnb, of which 908 - just under half - were deemed to be active.

Highlighting the vacation rental market’s growth and economic potential for the Bahamas, the ORG re-

port showed these numbers were between eight to three times’ higher than comparable Airbnb data for Bermuda, the Cayman Islands and Turks & Caicos.

The Bahamas’ mean occupancy rate was lower than Bermuda’s and Cayman’s, at 38 per cent and 22 per cent, respectively, but higher than Turks & Caicos’s 16 per cent.

When it came to yield, the Bahamas’ mean Airbnb nightly rate of $306 was higher than Bermuda and Cayman’s, but lower than Turks & Caicos’s. This nation’s guest ratings were also in line with its regional rivals.

FIDELITY BANK (BAHAMAS) LIMITED

NOTICE TO SHAREHOLDERS The Board of Directors of Fidelity Bank (Bahamas) Limited is pleased to notify all shareholders that a dividend of $0.25 per ordinary share has been declared to be paid on June 30, 2017 to all shareholders of record as of June 23, 2017.

NOTICE LOCKYER VENTURES INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, LOCKYER VENTURES INC. is in dissolution as of June 9, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

PAGE 6, Friday, June 16, 2017

Govt alarmed over web shop draw, product rise From pg B1 Minnis administration had to consider whether this was sufficient to balance the sector’s potential social impact.

With taxes based on an 11 per cent gross revenue levy, he estimated that web shops were collectively generating around $135 million in annual revenue.

While agreeing that

“gaming is here to stay, no doubt about it”, the Minister said the Bahamas had to ensure that it became “a favourite past time, as opposed to a way of life”, for all it citizens.

The Government’s other tourism plans were unveiled yesterday by the Prime Minister, who said it planned to split Grand Ba-

PM: ‘Fully capitalise’ on heritage, cultural tourism From pg B1 these tourism niches, given the country’s history and traditions in music, art, food, dance and crafts.

Dr Minnis’s call is nothing new, as the Bahamas has long been urged to infuse more local culture and history into its tourism product as a means to increase visitor spending and expand the market.

However, this nation has been relatively slow on the uptake, and has continued to rely on mega, all-inclusive resorts as the centrepiece of its tourism product, together with the old appeal of sun, sand and sea.

Some, though, have already heeded the Prime Minister’s call. Atlantis is currently moving to inject a more authentic ‘Bahamian experience’ into its product via local food and beverage offerings. Tribune Business understands a Bahamian ice cream outlet is opening in the Royal Towers, with leading Arawak Cay and Potter’s Cay restaurant operators set to move into Paradise Island’s Marina Village.

Outlining his administration’s priorities and vision, Dr Minnis said “heritage experiences” were key to increasing cruise passenger spending.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Dr. Godfrey A. Springer of #19 Poitier Ave., Boyd Subdivision, P.O. Box N-9716, New Providence, Bahamas father of Richelle Alexis Demeritte intend to change my daughter’s name to RICHELLE ALEXIS SPRINGER. If there are any objections to this change of name

by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

THE TRIBUNE hama ‘in three’ and market/ promote each segment to a different niche.

Dr Hubert Minnis said the Freeport/Lucaya area would be marketed as a sporting/wellness/maritime tourism destination, while east and west Grand Bahama would be focused on eco-tourism and a “dynamic cultural village” respectively.

“Reviving Grand Bahama is pivotal to our realising our national economic objectives,” the Prime

Minister said. “Our goal is to make Grand Bahama a renowned duty-free shopping centre for residents and millions of visitors from south Florida and around the world.”

Promising to revive downtown Nassau and Bay Street, but giving few details, Dr Minnis pledged to refurbish the cruise passenger welcome centre at Festival Place and deliver on the harbourfront promenade/ walkway talked about by the Christie administration.

He said this would run from Woodes Rodgers Wharf eastwards to Armstrong Street, and include commercial and recreational space that would facilitate retail and restaurant opportunities for Bahamians.

As for the Family Islands, Dr Minnis said the Government would use Crown Land grants to assist economic development, as well as provide technical and marketing support. He also called for Bahamians to establish inter-island air hubs in the Family Islands, and

promised investments to upgrade transportation and water supply infrastructure.

The Prime Minister also called for a reduction in the Bahamas’ food import bill through the increased supply of local produce to the hotel and restaurant industry.

This, he added, would enable BAMSI to focus on producing “select quality products” for both export and domestic use. The Government also plans to privatise the produce exchange.

“We are nowhere near monetising the number of cruise ship passengers coming to the Bahamas,” he said, pledging that the Government was “committed to completing the Museum of the Bahamas” as an attraction for both residents and tourists.

“Cruise passengers throughout the world visit museums,” Dr Minnis added. “Imagine if New Providence can provide more of these experiences. Imagine if a maritime museum was located at the Lowell J Mortimer Maritime Institute, with a virtual reality experience and models of vessels, such as sloops and a scaleddown version of a pirate ship. I understand the Institute is interested in creating such a museum.”

The Prime Minister said the Government planned to follow the UK’s lead, and brand heritage and historical

sites in the Bahamas with the ‘Aqua Plaque’ - a signage similar to the UK’s ‘Blue Plaque’.

Dr Minnis explained that the latter was attached to buildings to show their link to famous, historical persons and events. “I suggest that we develop the Aqua Plaque that can be used as a heritage marker in the Bahamas,” he added.

The Prime Minister then revealed that a “prototype” for the Aqua Plaque had already been developed by Bahamian designer, Carla Whittingham, to designate significant and historic sites in this nation, and their connection to prominent Bahamians.

“I am hereby directing the Ministry of Youth, Sports and Culture and the Ministry of Tourism to collaborate in making this a reality as soon as possible,” he added.

Recalling how previous

FNM governments had created the Arawak Cay Fish Fry and new Straw Market, Dr Minnis promised that his administration will build “a native food market” OverThe-Hill as a way to showcase the Bahamas’ authentic culinary offerings.

“Many cities, countries brag about their native food,” Dr Minnis said.

“Many you as old as I, and older, remember the Fish Market on Market Street......” He added that the proposed project would generate entrepreneurial opportunities for Bahamians, highlight Bahamian art and serve as “a major economic empowerment and revitalisation project” by bringing tourist and resident spending Over-the-Hill.

The Prime Minister, in an address that outlined the ‘broad brush’ goals rather than execution plans, implies that tourism diversification was easier to reach than diversifying the wider Bahamian economy.

“We are confronted with the challenge of growing an economy that has been stagnant for several years,” he conceded. “We are in a climate of unprecedented competition in the global and regional marketplace.

“A common lament is our economy is not diversified enough. While diversification is needed, there is extraordinary diversification that can still be gained in tourism.

“A leading hotelier in the Bahamas was at a conference in Jamaica where there was a concern about the opening of Cuba, and what it means for the region. His reply was: ‘Wait till the Bahamas really opens up, and see what that will mean for tourism in the Bahamas’,” Dr Minnis said.

“His point was that tourism has considerable untapped potential potential.”

Stressing that tourism acted as the launching platform to create other industries, Dr Minnis said the Baha Mar saga had taught the Bahamas “a great lesson” about relying solely on foreign direct investment (FDI) and one project to grow the tourism economy.

This linked directly to the Government’s desire to increase Bahamian tourism industry ownership and unlock local entrepreneurship, the Prime Minister focusing on airline services and computer software as niches ripe for domestic involvement.

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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Latonya Sturrup Agenor of Obediah Ave., New Providence, Bahamas mother of Darius Lamont Sturrup intend to change my son’s name to DARIUS LAMOUNT AGENOR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that MONETTE LUBIN of McKinney Drive, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th Day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

RUNNING OVER INVESTMENTS LTD.

RUNNING OVER INVESTMENTS LTD.

(In Voluntary Liquidation) NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of RUNNING OVER INVESTMENTS LTD. is hereby called to be held at the office of the Liquidator, 51 Frederick Street, Nassau, Bahamas on the 19th day of July, 2017 at 12:00 o’clock in the afternoon.

The object and purpose of the said meeting is to have the liquidator, BF Company Limited, give an account of the manner in which the winding-up of RUNNING OVER INVESTMENTS LTD. has been conducted and to hear any explanation that may be given by the said Liquidator.

(In Voluntary Liquidation) Pursuant to the appointment of the undersigned as a Liquidator of the above mentioned Company, NOTICE IS HEREBY GIVEN that all persons having any outstanding claims against RUNNING OVER INVESTMENTS LTD. should send particulars thereof to the undersigned at P. O. Box N-4853, 51 Frederick Street, Nassau on or before the 7th day of July, 2017.

BF COMPANY LIMITED Liquidator

BF COMPANY LIMITED

RUNNING OVER INVESTMENTS LTD. (In Voluntary Liquidation)

RUNNING OVER INVESTMENTS LTD. (In Voluntary Liquidation)

DATED the 13TH day of June, 2017

NOTICE

NOTICE

Liquidator

NOTICE

JLC HOLDINGS LTD. (In Voluntary Liquidation) In accordance with Section 228 of The Companies Act, NOTICE is hereby given that at an Extraordinary General Meeting of the Company held on the 13th day of June, 2017 the following Resolutions were passed: 1. That JLC HOLDINGS LTD. be voluntarily wound up.

2. That BF Company Limited be appointed Liquidator for the purpose of winding up the affairs of JLC HOLDINGS LTD.

BF COMPANY LIMITED Liquidator

JLC HOLDINGS LTD. (In Voluntary Liquidation) DATED the 13th day of June, 2017

NOTICE

JLC HOLDINGS LTD.

JLC HOLDINGS LTD.

(In Voluntary Liquidation)

(In Voluntary Liquidation)

(In Voluntary Liquidation)

In accordance with Section 228 of The Companies Act, NOTICE is hereby given that at an Extraordinary General Meeting of the Company held on the 13th day of June, 2017 the following Resolutions were passed:

Pursuant to the appointment of the undersigned as a Liquidator of the above mentioned Company, NOTICE IS HEREBY GIVEN that all persons having any outstanding claims against JLC HOLDINGS LTD. should send particulars thereof to the undersigned at P.O.Box N-4853, 51 Frederick Street, Nassau on or before the 7th day of July, 2017.

NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of JLC HOLDINGS LTD. is hereby called to be held at the office of the Liquidator, 51 Frederick Street, Nassau, Bahamas on the 19th day of July, 2017 at 12:00 o’clock in the afternoon.

RUNNING OVER INVESTMENTS LTD.

1. That RUNNING OVER INVESTMENTS LTD. be voluntarily wound up.

2. That BF Company Limited be appointed Liquidator for the purpose of winding up the affairs of RUNNING OVER INVESTMENTS LTD.

BF COMPANY LIMITED Liquidator

RUNNING OVER INVESTMENTS LTD. (In Voluntary Liquidation) DATED the 13th day of June, 2017

BF COMPANY LIMITED

The object and purpose of the said meeting is to have the liquidator, BF Company Limited, give an account of the manner in which the winding-up of JLC HOLDINGS LTD. has been conducted and to hear any explanation that may be given by the said Liquidator.

JLC HOLDINGS LTD. (In Voluntary Liquidation)

BF COMPANY LIMITED

Liquidator

DATED the 13th day of June, 2017

Liquidator

JLC HOLDINGS LTD. (In Voluntary Liquidation)

THE TRIBUNE

Friday, June 16, 2017, PAGE 7

Sebas’s property group in ‘extraordinary growth’ From pg B1 via a rent-to own scheme.

The sales data reflects the struggles of BMG and its affiliates, and Venetian West buyers, to obtain mortgage financing from commercial banks - a reluctance partly due to perceived connections to Mr Bastian’s Island Luck business and web shop money.

However, the web shop sector was then in the final throes of its legalisation process, a factor that likely eased some commercial bank fees.

“We are thankful to the banks for finally mortgage underwriting our properties,” Mr Bastian wrote. “This has allowed us to liquidate many of our lease-to-own receivables, thereby allowing us to self-

fund many of our investments.

“Our commercial real estate portfolio grew by $19 million or 14 per cent yearover-year, while our residential real estate portfolio grew by $6.6 million or 23 per cent over the same period.”

Island Luck’s web shop profits have likely enabled Mr Bastian to enter other sectors of the Bahamian economy, for apart from BMG his companies also include Investar Securities, the investment and brokerage house, plus an insurance agency.

He earlier this week confirmed that Island Luck still planned an initial public offering (IPO) of shares to the Bahamian public, with the operator’s completed

RULING ON DAKOTA ACCESS PIPELINE SURPRISES OIL INDUSTRY

By BLAKE NICHOLSON Associated Press

BISMARCK, N.D. (AP) — A judge’s ruling that might open the door for at least a temporary shutdown of the disputed Dakota Access pipeline surprised the industry that hailed the project as a “game changer” for North Dakota oil.

But shippers said Thursday that they aren’t concerned that there will be any long-term disruption to service on the $3.8 billion pipeline that on June 1 began moving crude from the Bakken oil patch to a distribution point in Illinois, from which it’s shipped to the Gulf Coast and potentially high-paying markets abroad.

“It’s business as usual today,” said Ron Ness, president of the North Dakota Petroleum Council, which represents nearly 500 energy companies including Texas-based Energy Trans-

fer Partners, which built Dakota Access.

U.S. District Judge James Boasberg ruled Wednesday that the Army Corps of Engineers “largely complied” with environmental law when approving the pipeline but didn’t adequately consider some matters important to the Standing Rock Sioux. The tribe draws its water from Lake Oahe and is opposed to the pipeline crossing beneath the Missouri River reservoir in North Dakota.

“Obviously, we don’t know how all that plays out,” Ness said. “But clearly the pipeline is running.

It’s a critical element of the nation’s energy infrastructure.”

The pipeline — whose completion was pushed through earlier this year by the Trump administration — has the capacity to move half of North Dakota’s daily oil production. Ness just a few weeks ago called it a

NOTICE

NOTICE is hereby given that SHEILA NESTOR of Oleander Ave., P.O. Box N-10519, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th Day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

‘unqualified’ audit enabling it to make the necessary submissions to the Securities Commission as early as next week.

Other highlights of BMG’s 2015 financial statements included: * Despite not having a formal overdraft facility, BMG’s account at the financially-stricken Bank of the Bahamas was still overdrawn by a gross $176,029, or net $149,225.

“At the reporting date, although the company was overdrawn on the books by $176,029, it did not have an overdraft facility with Bank of the Bahamas,” read the financial statements, audited by the Baker Tilly Gomez accounting firm. * BMG had obtained a $5 million construction loan from Bank of the Bahamas on March 11, 2015, to assist with the Venetian West condominium complex’s construction. The interest rate attached to the loan

was 6.75 per cent.

The construction loan appears to have been part of a wider package involving Mr Bastian’s own finances, as it also included “two corporate credit card facilities totalling $250,000 to assist with corporate and personal expenses of the chairman of the Board of Directors [Mr Bastian]”.

The interest rates on the cards were 7.75 per cent, which a financial services contact to Tribune Business described as “amazing”. Most credit card rates in the Bahamas are upwards of 16 per cent, they said, with the lowest available likely being 12 per cent.

The Bank of the Bahamas credit facilities were secured by a $5 million personal guarantee from Mr Bastian, and his “assignment” of a $250,000 deposit to cover the credit cards.

BMG also assigned its interest in one of its commercial properties, the Aventu-

ra Plaza, to the bank.

The construction loan and its full proceeds were eventually transferred to Quantas Investments, the BMG affiliate responsible for Venetian West. * All BMG’s three investment/commercial properties were leased to the Government under the former Christie administration.

All three of the Aventura Plaza, the Bellagio Plaza and the Bel-Air Plaza were leased for the same 10-year terms.

Aventura Plaza was leased at a rental rate of $68,802 per month, and the Bellagio Plaza at $24,973 per month. BMG even spent $296,640 redesigning the Aventura Plaza according to the Government’s specifications.

“We concluded lease agreements with the Government of the Bahamas for three of our commercial buildings, all of which are under 10-year contracts,”

BMG confirmed. “There are other commercial properties under management in New Providence and Freeport, Grand Bahama and Paradise Island. Our rental run rate is $1.125 million per annum.”

Paul Major, who recently resigned as BMG’s president and managing director, wrote in the annual report: “We manage seven corporate entities with over $83 million in assets under management....

Growing assets and income by more than 16 times is no small feat by any stretch of the imagination.

“BMG generated profits of $1.5 million, which represented a growth of 267 per cent. Quantas Investment Group generated a profit of $2 million representing 1,092 per cent growth, and Vandoff which is the construction vehicle of our conglomerate broke even because it is essentially a cost centre at this stage.”

“game-changer that opens up everything.”

But the Standing Rock Sioux and other tribes are fighting the project in federal court in Washington, D.C., and they’ve hailed Boasberg’s ruling as a victory.

Boasberg said the Corps didn’t adequately consider how an oil spill under Lake Oahe might affect tribal fishing and hunting rights, or whether it might disproportionately affect the tribal community. He will rule later on whether the pipeline should be shut down while the Corps reconsiders those matters, though he acknowledged such a move “would carry serious consequences that a court should not lightly impose.”

ETP in a Thursday statement to The Associated Press said, “Dakota Access believes the record supports the fact that the Corps properly evaluated both issues, and that the record will enable the Corps to substantiate and reaffirm its prior determinations.”

“Pipeline operations can and will continue as this limited remand process unfolds,” the company said.

Corps spokeswoman Catalina Carrasco said the agency was still review-

ing Boasberg’s decision and couldn’t immediately comment on a potential timeline for the additional review, or on whether a possible outcome might be

requiring that the pipeline at Lake Oahe be dug up and moved.

Standing Rock attorney Jan Hasselman said Boasberg’s decision “resets the

clock to where we were last fall,” when the tribe was pushing for a more thorough environmental study and consideration of alternate routes.

BANCO SANTANDER BAHAMAS INTERNATIONAL LIMITED has an immediate vacancy for a

Private Banking Marketing Officer –Senior Banker Applicants must hold the following: -

Bachelor/Master’s degree in Finance, Economics, Business or related degree.

A minimum of 10 years’ experience in private banking

Applicants should also be capable of the following: 1 2 3 4 5 6

Totally fluent in English and Spanish Develop and manage a portfolio of private banking clients by analyzing the banking and investment needs of corporate and high-net worth individuals and offering financial and investment alternatives.

Maintain existing client relationships by monitoring the financial condition of assigned accounts, executing client instructions, and keeping clients updated as to the changing conditions of financial markets.

Frequent travel to assigned countries to enhance current client relationships and develop new business by meeting with representatives and clients.

Supervise a Private Banking Assistant.

Ensure that all private banking activities are in compliance with internal policies and procedures and external regulatory requirements.

Applications in writing with details of education and experience should be addressed to the Human Resources Manager, P.O. Box N-1682, Nassau, Bahamas not later than June 26, 2017.

MARKET REPORT THURSDAY, 15 JUNE 2017

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

BISX ALL SHARE INDEX: CLOSE 1,867.15 | CHG 0.00 | %CHG 0.00 | YTD -71.06 | YTD% -3.67 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.56 8.60 6.10 10.60 14.49 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.40 17.43 8.19 3.50 1.64 0.12 3.80 8.35 5.70 10.05 10.02 2.18 1.31 5.80 7.55 8.56 7.30 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

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.49 1.67 1.58 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 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.22 15.85 9.09 3.60 1.64 0.12 4.05 8.60 6.00 10.50 10.02 2.51 1.56 6.00 9.75 9.00 9.75 6.90 12.50 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 100.00 100.00 100.00 109.21 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.64 0.12 4.05 8.60 6.00 10.50 10.02 2.52 1.56 6.00 9.75 9.00 9.75 6.90 12.50 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 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.13 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.08 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

100

VOLUME

NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.444 0.932 -0.510 0.383 -1.117 0.000 -0.406 0.587 0.550 0.540 0.570 0.102 0.197 0.753 0.762 0.330 0.820 0.600 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.400 0.000 0.330 0.140 0.620 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 9.5 17.0 N/M 9.4 N/M N/M -10.0 14.7 10.9 19.4 17.6 24.7 7.9 8.0 12.8 27.3 11.9 11.5 17.9 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% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 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 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-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% 5.69% 2.38% 3.85% 4.83% 4.10% 0.00% 3.38% 2.03% 4.96% 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 8, Friday, June 16, 2017

THE TRIBUNE

SKIDDING TECH AND RETAIL COMPANIES TAKE US STOCKS LOWER

By MARLEY JAY Associated Press NEW YORK (AP) — U.S. stocks fell Thursday as technology firms and small companies skidded. Investors bought high-dividend stocks, which pulled the market away from steeper

losses.

Stocks dropped in early trading as investors reacted to rising interest rates in the U.S. while the Bank of England came unexpectedly close to raising U.K. interest rates for the first time in 10 years. Smaller, more domestically-oriented com-

panies fell as investors wondered if the expanding special counsel investigation in Washington will affect President Donald Trump’s proposed agenda of cuts in taxes and regulations.

“Investors are getting a bit antsy waiting for these pro-growth policies,” said

Karyn Cavanaugh of Voya Investment Strategies.

Elsewhere, technology companies continued their recent slump, while shoe retailer Nike and toy maker Mattel both fell. But industrial companies rose on new signs U.S. manufacturing has steadied, and utilities

and real estate companies did well.

The Standard & Poor’s 500 index lost 5.46 points, or 0.2 percent, to 2,432.46.

It fell as much as 19 points in the morning. The Dow Jones industrial average dipped 14.66 points, or 0.1 percent, to 21,359.90 after it closed at a record high Wednesday. The Nasdaq composite dropped 29.39 points, or 0.5 percent, to 6,165.50. The Russell 2000 index of small-company stocks fell 7.49 points, or 0.5 percent, to 1,410.08.

Technology companies, which have done far better than the rest of the market this year, continued to slide. Apple gave up 87 cents to $144.29 and Alphabet, Google’s parent company, sank $7.75 to $960.18.

Symantec shed 68 cents, or 2.3 percent, to $28.41. The stocks have been slipping since Friday and the Nasdaq is on track for its second consecutive weekly loss.

Nike declined $1.76, or 3.2 percent, to $52.90 after the company said it will eliminate 1,400 jobs, or about 2 percent of its staff positions, and reduce the number of sneaker styles it sells by about a quarter.

Amazon dipped $12.30, or 1.3 percent, to $964.17.

Grocery chain Kroger took its biggest one-day loss since 1999. The company cut its annual profit outlook as it deals with growing competition from discount chain Aldi and from Lidl, a German chain opening its first locations in the U.S. Kroger’s stock plunged $5.72, or 18.9 percent, to $24.56. Competitor Supervalu fell 30 cents, or 7.4 percent, to $3.76.

Mattel said wants to restructure its business to help bring new products to market faster. It will also reduce its dividend payments, although it didn’t say how much. The stock fell $1.48, or 6.7 percent, to $20.67.

The Washington Post reported late Wednesday that the special counsel investigating Russian influence in the presidential campaign is now examining whether President Trump tried to obstruct justice. Allegations of obstruction arose last month when he fired FBI Director James Comey.

Trump has touted an agenda aimed at getting the economy to grow faster.

That could help smaller companies because they are more domestically focused and thus more dependent on economic growth. Those stocks made dramatic gains

TRADER Patrick Casey works on the floor of the New York Stock Exchange yesterday. Another drop in technology stocks is dragging U.S. indexes lower in early trading on Wall Street. (AP Photo/Richard Drew)

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