business@tribunemedia.net
FRIDAY, JULY 21, 2017
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Minister admits NHI wide open to fraud By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
‘Can only hope’ holes last ‘limited time’
THE Minister of Health yesterday admitted that the National Health Insurance (NHI) scheme’s “non-existent checks and balances” have left taxpayers totally exposed to fraud and other financial abuses. Dr Duane Sands told Tribune Business it was impossible to verify the accuracy of bills submitted by medical providers and other suppliers because key NHI governance components have yet to be established.
No one to inspect, validate provider claims Insurer warns of double dipping ‘free for all’ Disclosing that there was little he could do in the shortterm to remedy this, Dr Sands
said he “can only hope” the scheme’s flaws and holes lasted for “a limited time”. “Let me tell you, Neil, that yes, there have been concerns expressed, and I have concerns,” the Minister replied when Tribune Business raised the problems with him. “If you think about it, the checks and balances that ought to be in place for NHI do not exist. You identified for me the inspectors doing the inspecting. Who is validating or verifying that the services being provided are provided, because there are no See PG B5
THE Bahamas must “recognise we’re not doing enough” to combat cyber criminals, the Chamber of Commerce’s chairman yesterday revealing the threat had given him several “wake-up calls”. Michael Maura, who is also Arawak Port Development Company’s (APD) chief executive, told Tribune Business that the port operator now spends a five-figure sum annually on cyber security after previously falling victim to a ‘ransom ware’ attack. And the June 2017 cyber attack that hit FedEx and Maersk, the world’s largest air courier and shipping company, had further emphasised the danger at an industry and global level. Mr Maura said these incidents, and the Bahamas’ relatively low 129th ranking in the Global Cybersecurity Index (CGI), showed there was “more to be done” at both the private sector and government level to counter an everincreasing problem. Tribune Business yesterday revealed how the Bahamas in the bottom third of the GCI, published by the International Telecommunications Union (ITU), scoring highly on just two
Chamber chief identifies ‘wakeup calls’ Port invests fivefigures annually on cyber security Hopes nation ‘learns’ from low ranking
MICHAEL MAURA out of 25 indicators on which countries were rated. “There’s a saying: ‘Nothing’s so bad that it’s not good for something’,” Mr Maura told Tribune Business. “That said, I hope we learn from this and recognise we’re not doing See PG B4
NAD EYES SOLAR TO SLASH AIRPORT’S $6.5M ENERGY BILL By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Nassau Airport Development (NAD) company is preparing to issue a request for information (RFI) on proposals for a solar PV system, in a bid to reduce the Lynden Pindling International Airport’s (LPIA) annual $6.5 million energy bill. Vernice Walkine, NAD’s president and chief executive, yesterday told the Rotary Club of Nassau Sunrise: “Right now we are finalising an RFI document, which we will be issuing very shortly, inviting interested parties to submit proposals for solar energy.” The RFI will assist NAD in determining the potential energy savings from such a project, and she added: “We have been working closely with the Ministry of Environment for the last,
maybe 18 months, awaiting legislation which would allow us to do this. “We are advised that it is imminent. We are working with URCA as well to understand the degree to which we would be able to generate the amount of energy we need at the airport.” Ms Walkine continued: “Our energy bill is quite significant; it’s typically $6.5 million a year. We would like to be able to produce sufficient energy to run the facilities and to be able to tie into the grid so that we can be able to sell some of that back to BPL.” Back in April, Bahamas Power & Light (BPL) announced the start of renewable energy grid tie-ins for residential customers, with per island limits imposed on the total amount that can be supplied. It has yet to move on something similar for commercial customers.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Registrar General’s demand for hundreds of Bahamian non-profit organisations to produce their annual financial statements was yesterday branded “crazy” and “bizarre”, with some pledging to resist. Paul Moss, a well-known financial services executive and political activist, told Tribune Business he planned to inform the Registrar General’s Department that none of the non-profit organisations he is involved with will comply with its demands. These entities include Bahamians Agitating for a Referendum on the Free Trade Area of the Americas (BARF), and Mr Moss blasted the Registrar General’s failure to include the major political parties among those it wants disclosure from.
NAD MULLS RFP FOR AIRPORT HOTEL Eyes 100-120 room property at LPIA Initial developer elected ‘not to pursue’ Studies showed just 50 rooms sustainable By NATARIO McKENZIE Tribune Business Reporter and NEIL HARTNELL Tribune Business Editor
MINISTER OF HEALTH DR DUANE SANDS
BAHAMAS ‘MUST DO MORE’ Non-profits slam Registrar TO COMBAT CYBER CRIME General’s ‘bizarre’ demands By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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Financial statements sought from hundreds
Activist: Why aren’t political parties included Clifton Coalition already challenging request The four-page list, which was buried in the middle of a daily newspaper’s sports section, includes organisations ranging from the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and Bahamas Financial Services Board (BFSB) to the likes of Rudy King’s King Humanitarian & Global Foundation. Environmental groups such as the Bahamas Reef Environment Educational Foundation See PG B4
LYNDEN Pindling International Airport’s (LPIA) operator yesterday said the development of a 100-120 room hotel could be opened to all-comers via a Request for Proposal (RFP), after the initial developers elected not to “pursue” the project. Vernice Walkine, Nassau Airport Development Company’s (NAD) president and chief executive, told the Rotary Club of Nassau Sunrise that construction of a small hotel at LPIA was one of several projects being explored. “We haven’t concluded a deal on that yet,” she said. “It looks like we will be issuing an RFP on that. When I joined the company in 2010 there was already a developer who had been given a lease. “For all kinds VERNICE WALKINE of reasons the deal has just been protracted. We have had so many expressions of interest from others, and we had put them on hold because we had this developer under lease. That lease and all of its terms have expired now, so we are going to issue an RFP to allow as many interested parties as possible to put a proposal to us.” Ms Walkine said the LPIA airport hotel would be between 100-120 rooms, and targeted at a mid-market price point. “Not a day goes by that we don’t get asked by passengers why we don’t have a hotel,” she added, “because flights get delayed, flights get cancelled and people have to be bussed to resorts. “It’s not intended to be a resort, but it will be really be for the benefit of domestic and See PG B4
PAGE 2, Friday, July 21, 2017
THE TRIBUNE
SETTING THE PLATFORM FOR YOUR LEADERSHIP THE first 90 days is your ‘get ready’ period when, in your journey to success, you have to prove your value and worth. It is a vital time to obtain traction. It is proven that most leaders are selected from within a company’s line staff. These persons are usually great employees who understand the technical aspects of their job, but do not always come equipped with the leadership skills required. In addition to managerial skills, there are some basic laws of supervisory leadership that emerging leaders need in their first three months. Here are some tips provided by Roy Osing to guide you:
Be seen Your office time should be no more than 25-30
per cent of the time you have available. Employee expectations of you are high,but they will have concerns about how well you will fulfill your role. You have to be on stage; you need to make an appearance. You do not have to be perfect and have it all figured out. Just show up, be forthright and honest.
Hold as many employee communication sessions as you are able to
Spend a disproportionate amount of time with the frontline
Go it alone
They are the experts on customer service issues, product defects, broken brand promises and system problems that prevent customers from being delighted with the company. Their feedback should guide you in the priorities you set.
Make it a huge priority. Have a conversation about your leadership plan for the company. Get feedback, listen and take notes. ‘Fingerprint’ the values you hold sacred, and leave no doubt in anyone’s mind about who you are and what you stand for.
You have 90 days in the trenches to reach your own conclusions, not conduct state visits. Leave your entourage with their biases at home. You cannot afford to have them around you. Empower people to tell you like it is without existing management being an influencing factor.
Assuming you understand the company’s current strategic plan (if you did not, it would be unlikely you would be a successful candidate for a leadership position), conduct your own informal audit on how effectively is it executed. Where are the weaknesses? Where is performance lacking? Your leadership score will be determined by how well you get things done, so get data that will point you in the right direction.
Analyse how top-line revenue is trending Revenue is a market indicator of how customers value your products and services. Revenue trends tell whether you are growing or declining in customer relevance. Take the analysis to
GB Chamber of Commerce partners up to clean up dumping areas By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Grand Bahama Chamber of Commerce partnered with businesses, local government and a contractor to clean up three areas that have been used for dumping in east Grand Bahama. Rudy Sawyer, operator of Blue Green Outdoors, a nature-based company offering land and sea tours in the East End, co-ordinated the effort. “East End of Grand Bahama is well known for its rich ecological attributes,” Mr Sawyer said, “and it is unfortunate when this is spoilt by human action, as in this case, indiscriminate dumping.” Alfred Higgs, a contractor from McLean’s Town,
was hired to remove out debris that had been dumped alongside roads in the eastern district, and move it to the designated waste processing site. The Grand Bahama Chamber of Commerce helped co-ordinate funding for the project from four of its members, namely: Pharmachem Technologies; Bradford Marine Bahamas; Bahamian Brewery & Beverages; and Freeport Ship Services. Daniel Bain, the deputy chief councillor and township representative for McLean’s Town; Wilton Thomas, township representative; Marcus Cooper, chief councillor; and Harvey Roberts, administrator for the east, all inspected the area after the job was completed by the contractor.
a detailed level in order to have a firm understanding of opportunities and vulnerabilities. At the end of the 90-day period, announce your intention to formally review the company’s strategic game plan. Base your decision on the feedback you have received from employees and other performance diagnostics you uncovered. Make the review theme a response to what you have learned during the 90 days and the challenges expressed by employees. As a new leader, you will never get your first 90 days back. Make them count. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having
IAN FERGUSON completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com. DONORS and members of the Grand Bahama Chamber of Commerce present a cheque to an east Grand Bahama local government representative to support the clean-up effort. Pictured (L-R): Dan Romence, vice-president, Bradford Marine Bahamas; Jeremy Cafferata, president, Freeport Ship Services; Tracey Coffey, executive assistant, PharmaChem; Don Delahey, general manager, Bahamian Brewery; Marcus Cooper, East End councillor; Donna Laing-Jones, GB Chamber membership committee; and Rudy Sawyer, operator, Blue Green Outdoors.
PILES of garbage, appliances and derelict videos are shown strewn in the wooded areas off the main roads of east Grand Bahama.
AFTER the clean-up in east Grand Bahama, the forest areas were left in their more natural state.
THE TRIBUNE
Friday, July 21, 2017, PAGE 3
MInister: ‘Questionable Labour director sees outsource dispute rise projects tie my hands’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Health yesterday said he is unable to improve healthcare facilities used by thousands of Bahamians because “my hands are tied by projects of questionable value”. Dr Duane Sands told Tribune Business that the contracts entered into by the former Christie administration for new Family Island clinics were consuming funds needed to improve the Princess Margaret Hospital and other New Providence-based facilities. “I’m sitting here reviewing the flow of funds, and unfortunately Cat Island, Rum Cay and San Salvador has become a test case,” he said. “I have thousands of dollars flowing for projects I have a hard time justifying, while I have real needs impacting thousands and tens of thousands of Bahamians I can’t fix because I don’t have the money.” Dr Sands told Tribune Business on Monday that the three Cat Island clinics proposed by the former administration, costing a combined $11 million, will serve between six to nine patients per day based on current healthcare facility usage trends. The Christie government had awarded three clinic construction contracts preelection that were valued at $2.349 million for Old Bight; $2.1 million for Orange Creek Clinic; and $6.6 million for Smith’s Bay. This was in addition to $1.6 million earmarked for Rum Cay, an island with just 70 persons, and $300,000 for San Salvador, taking the full outlay in the constituency of now-Opposition leader, Philip Davis, to just under $14 million. Dr Sands yesterday in-
Out Island clinics suck money from Nassau Undoing contracts a ‘risky scenario’ Sands has to ‘drain the swamp’ dicated that these commitments were threatening to suck much-needed, scarce funds away from badlyneeded upgrades in Nassau where the Government will get ‘a bigger bang for its buck’ by benefiting more Bahamians. Besides Princess Margaret Hospital, the Minister identified the Coconut Grove clinic as a major area of need. “It sees 12,000 patients a year, they do an amazing job and have to do so with a roof that is leaking buckets every day,” he told Tribune Business. “If I did not have my hands tied by projects of questionable value, I can move very quickly to get
that roof fixed. We’re setting about solving those challenges, but it creates some very awkward and risky scenarios.” Dr Sands said he was coming across “continual problems” after taking office, adding: “I can point to a number of things that we in-artfully done, that were inappropriately done.” He identified one of these problems as a group of nurses, who had been working full time for the Ministry of Health since November 2016, but who had not been paid. “It is absolutely outrageous, and we have to get it fixed and not wish it goes away,” Dr Sands added. “You have to go through steps to ensure it is done properly, and that doesn’t happen overnight, much as I’d like it to. I feel their pain.” Adopting language used by US president, Donald Trump, the Minister of Health said he had to “drain the swamp” and do it quickly to get the public healthcare sector back on track.
By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
THE Director of Labour says employee outsourcing by Bahamian companies has provoked a number of disputes, particularly in the financial services and hotel industries. “There have been a number of matters from trade unions that had a small pocket of the outsourcing of services, particularly in the financial services sector,” said Robert Farquharson. “I know of one or two there, and the hotel sector as well. “There have been none formally before me, but they have been brought to my attention and addressed through collective bargaining or consultation with the bargaining agents.” His comments came as he confirmed he is dealing with a dispute between the Bahamas Telecommunications Company (BTC) and some 80 technicians that
ROBERT FARQUHARSON it ‘outsourced’ to become so-called independent contractors. “There is a matter before me dealing with about 80plus persons who are employed at BTC, providing services in the outside plant area. I am presently addressing the matter and because it’s before me I can’t give specifics,” Mr Farquharson said. BTC technicians are claiming that they have waited two years to resolve outstanding issues, which arose after they were handed “involuntary” sepa-
ration packages in 2015, rehired as contract workers and subsequently received no paid vacation days. BTC, though, has described the packages accepted by the technicians as voluntary after it took measures to position itself to “effectively and efficiently provide services to the consumer”. “Among those measures was to reduce operational costs by using a different model to provide installation and repair services to consumers,” it added. “Technicians who provided these services were offered a generous voluntary separation package, and then offered an opportunity to provide those same services as independent contractors at a flat fee. “As an agency shop, these terms were found mutually acceptable to the union. The technicians accepted the generous voluntary packages, and then were offered contracts which they voluntarily signed.”
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COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division
2015 CLE/GEN/01496
IN THE MATTER of an Indenture of Mortgage made the 15th day of July, A.D., 2009 made between Kieshla J. Goodman and Finance Corporation of Bahamas Limited. AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED Plaintiff AND KIESHLA J. GOODMAN To:
Kieshla Goodman
Defendant
TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Main Branch, 323 Bay Street, Nassau, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Originating Summons as renewed filed in this action on the 22nd day of September, A.D., 2015 seeking an Order to direct you to deliver up possession of the Mortgaged Property being Lot Numbered Eight (8) situated on the Eastern Side of Lazaretto Road off Carmichael Road in the Southern District of the Island of New Providence, Bahamas to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 15th day of July, A.D., 2009, and that it has been ordered that the publication of a notice of the entry of the Originating Summons filed on the 22nd day of September, A.D., 2015, Affidavit in support of application filed on the 30th day of December, A.D., 2015, ex parte Summons filed on the 13th day of May, A.D., 2016, Affidavit in support of ex parte Summons filed on the 19th day of July, A.D., 2016 and Order filed on the 22nd day of August, A.D., 2016 in The Tribune Newspaper and The Nassau Guardian Newspaper shall be deemed to be good and sufficient service of the said document upon you. If you desire to defend the said action, you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (1) by handing in the appropriate forms duly completed, at the Registry of the Supreme Court, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or (2) by sending them to that office by post. A copy of the said Originating Summons, ex parte Summons, Affidavit in support of ex parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. Dated the 19th day of July, A.D., 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
PAGE 4, Friday, July 21, 2017
Non-profits slam Registrar General’s ‘bizarre’ demands From pg B1 (BREEF) are also included, as are hundreds of church and religious organisations, plus Hands for Hunger. All have been given 14 days, or two weeks, from July 19 to comply with the Registrar General’s Department. One organisation that appears not to be included, though, is the Coalition to Protect Clifton Bay, otherwise known as Save the Bays, which filed two ongoing Judicial Review actions with the Supreme Court challenging the Registrar General’s Department’s actions. The Registrar General’s now-vastly expanded demands, issued on July 19,
2017, appear to be almost identical to those made of the Coalition to Protect Clifton Bay. The records requested from hundreds of groups include: The organisation’s purpose, objective, and activities; identity of persons who control or direct the activities of the organisation, including senior officers, directors, and trustees; annual financial statements and records that show and explain transactions within and outside the Bahamas, and show that monies have been used in a manner consistent with its objective and activities; and the source of gross annual income of the organisation. However, the Coalition’s action argues that the only
Bahamas ‘must do more’ to combat cyber crime From pg B1 enough, and for more to be done given that we’re ranking so low.” Recalling how his company was targeted by cyber criminals, the Chamber chairman said: “A few years back at APD, we got hit by ransom ware. “Fortunately, it was one of our PCs that was not directly connected to our network. But for us it was a wake-up call; our first incident of ransom ware. You turn the PC on, can’t use it and a message comes
up: ‘Pay up or lose the system’.” He added: “We were able to walk away from that PC, but it got us talking about it, and we continue to work - and I anticipate never having to stop working with an ICT consultant on cyber security. “For example, there’s our e-mail system. You send an e-mail to me, and it goes to Australia before it gets to me. Mail Guard runs through the e-mails to make sure there’s no malware, spyware or other problem before it arrives.”
THE TRIBUNE time the Registrar General can demand financial statements and records is if it believes the non-profit is “assisting terrorism financing”. Mr Moss made the same point yesterday, telling Tribune Business: “It’s so silly. They’re requesting information they should already have, asking you to produce your registration. “And when you read the Act and the regulations, it’s very clear as to when the Registrar can request the financials. They can only request it if they are of the view that non-profits are engaged in terror financing.” He added: “They have all these churches and other entities listed to provide this information, yet have excluded political organisations. It’s just bizarre. It’s absolutely crazy. I don’t know who’s running the
country, but putting that list in the paper is effectively saying these are companies and entities engaging in terror financing. “And how can you exclude the political parties? It seems to me they are the ones who should head the list. They are the ones getting money from unknown sources.” Pledging non-compliance by himself and nonprofits he is involved with, Mr Moss said: “I intend to write to them [the Registrar General’s Department] saying we will not provide them with any financial statements, and call on the political parties to produce their’s.” Fred Smith QC, who is acting for the Coalition in its dispute with the Registrar General, yesterday warned that the latter’s latest demands sent a po-
tentially chilling message to the private sector and investors. He suggested that there was nothing to stop similar demands being made of privately-owned businesses, and accused the Government and its entities of continuing to trample over long-held constitutional and human rights. Mr Smith said the fight against money laundering, terror financing and corruption had often been used as cover to perpetrate such abuses, and he added: “If they can do it to nonprofits, why can’t they do it to every company registered in the Bahamas? “This is the problem that affects business generally in the Bahamas. Businesses, trusts, IBCs, asset protection companies; everyone should feel anxious about the Government being able
to demand information without passing laws in Parliament.” The Callenders & Co attorney continued: “The anxiety I would feel if I owned a business is that tomorrow the Government may pass a law allowing the Registrar to demand my financial statements. “If I’m not a publicly traded company, why should I have to pass any financial information to the Government? This is simply bad for business and bad for democracy. “Business will only prosper in a democratic environment, not in an environment where government acts arbitrarily and without probable cause. That has been the big challenge in the Bahamas: Abuses and excesses of power by the Government.”
Disclosing the increasing investment that data-reliant, Bahamas-based companies are having to make to defend themselves, Mr Maura said: “Last year we [APD] spent $50,000 on software to protect our systems. “This year we will spend $80,000 on cyber system defenses to include a Pentest.” The APD chief executive said this stood for ‘penetration test’, and involved bringing in an IT consultant to conduct a ‘mock’ attack on the port operator’s systems to “identify vulnerabilities” that will better allow it to protect itself. “I will say from a Chamber perspective that I think the business community today mostly recognises you have to take cyber threats very seriously,” Mr Maura said. “It’s not something you can plan for; you have
to anticipate that at some time you will be hit.” He added that companies needed to broaden their anti-cyber crime focus beyond pure hardware and software issues, and also develop business-wide policies governing how every member of staff used IT. On a government level, Mr Maura said the Ministry of National Security would need to work with its counterparts in trade and financial services “to defend our borders against cyber criminals”. He added that, in turn, these ministries and agencies needed to work with the likes of Interpol and international bodies “to anticipate the threat of cyber attacks”. “These cyber attacks can move across borders faster than light,” Mr Maura told Tribune Business, “and the only way to stay in front of
them is if we stay in communication with the outside world.” He added that the private sector’s potential vulnerability to cyber attacks was illustrated by last month’s attack on FedEx and Maersk, which hit the latter’s worldwide carrier operations and units at 17 port terminals. “Both were attacked on the same day,” Mr Maura said. “Because both are logistics companies, it was a wake up call for me. The fact these two logistics powerhouses were hit has us very concerned. “Maersk and FedEx spend over hundreds of millions on ICT, which highlights the sophistication of the threat. When those companies are hit, it should be a wake up call to businesses and the Government that the largest companies in the world
are under threat. So our government needs to take it very seriously.” The GCI placed the Bahamas below ‘economic powerhouses’ such as Gabon, Nauru, Sierra Leone, Liberia and Niger when it came to the commitment, strength and effectiveness of cybersecurity systems, agencies and supporting legislation. The Bahamas’ 129th ranking is also lower than the 121st spot it currently occupies in the World Bank’s ‘ease of doing’ business rankings. On a regional basis, this nation was placed below Jamaica, the leader, who came in at 85th spot, and the likes of Barbados, St Vincent and the Dominican Republic. It did, though, finish ahead of Trinidad & Tobago.
‘four-star’ standard, rather than the typical ‘two-star’ airport hotel, targeting the private aviation market and foreign directors of Bahamas-based companies who fly into LPIA for Board and other meetings. George Allen, one of the principals in the original developer group, told Tribune Business they had elected not to pursue the LPIA ‘airport hotel’ because feasibility studies showed it could sustain only 50 rooms. This was 50 per cent of the inventory eyed by NAD, and Mr Allen said the group had instead looked at developing a mixed-use proposal for the site involving a smaller hotel, offices, retail and restaurant. This, though, failed to match NAD’s demands. Mr Allen, though, did not rule out responding to an RFP should NAD issue
one. “The feasibility was not that good,” he said in explaining why the project was not pursued. “It can barely sustain 50 rooms based on the feasibility we did. We didn’t pursue it. “We were trying out restaurants, offices, shops, and they wanted a larger hotel there. That would have had to go to a chain that was willing to sacrifice and wait 10 years for it [investment returns] to happen.” Mr Allen said NAD was within its rights to invite multiple bids via an RDP, and added: “I wish them the best. We might come back in to answer the RFP. “But it needs another economic to sustain the thrust of it... NAD really wants the hotel there. Perhaps someone will come in willing to take a chance and wait a bit longer.”
NAD mulls RFP for airport hotel From pg B1
RBC Royal Bank (Bahamas) Limited is presently considering applications for:
Finance Control Officer What is the opportunity? Our Finance Unit is looking for a highly motivated individual who is analytical and accounting focused to provide strong support to the Finance Management team. What will you do? • Prepare and submit regulatory reports and respond to queries in a timely manner. • Assist with monthly, quarterly, and annual analysis and explain variances. • Assist in preparing financial statements and reports for management. • Assist with internal and external audits. • Provide strong support to Northern Caribbean Finance management team. What do you need to succeed? • Minimum – Undergraduate degree in Accounting • Five years banking experience in a similar role • Strong interpersonal and communications skills • Strong analytical, problem solving, and organizational skills • Ability to work well under pressure • Proficiency in Microsoft Office suite of products (Outlook, Word, and Excel) Nice to have Eligibility for or a professional designation, CPA, CA, ACCA or eligibility 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 of flexible benefits, and pension options • World-class training programs and career development opportunities • The advantage of working with a dynamic, collaborative, and high-performing team where initiative and hard work are recognized and rewarded • A flexible work/life balance options • Opportunities to do challenging work Interested persons should apply by July 31, 2017 and forward your resume to:tt-ec-bbrecruitmentjobpostings@rbc.com
www.rbcroyalbank.com/caribbean
® / ™ Trademarks of Royal Bank of Canada. Used under licence.
international travellers who need to spend one night. We have had the research done and we see that it could be very viable.” Tribune Business exclusively revealed plans for an airport hotel back in Oc-
ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394
tober 2011. The original developers were said to be the owners of the Atlantic Resort & Spa in Fort Lauderdale, and were looking to construct the hotel on a three-acre site immediately to the south of Windsor Field Road, right between the two entrance and exit roundabouts for LPIA. The project was anticipated to create between 100-150 full-time jobs, and the developers were aiming to construct a facility of
LEGAL NOTICE
NOTICE CORIOLANUS INVESTMENTS LTD. N O T I C E IS HEREBY GIVEN as follows: a) CORIOLANUS INVESTMENTS LTD. 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 20th July, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas. Dated this 21st day of July, A. D. 2017 _________________________________ Octagon Management Limited Liquidator
THE TRIBUNE
Friday, July 21, 2017, PAGE 5
Minister admits NHI wide open to fraud From pg B1 administrators.” The Christie administration’s NHI model had this ‘administration/inspection’ role being provided by private Bahamian insurers and the proposed public insurer, Bahama Care. The latter has yet to be created, and may never be set up, while no health insurance company has agreed to act as a regulated health administrators (RHAs). Besides paying NHI claims, the RHAs are also supposed to verify the accuracy of doctor and patient claims, ensuring payments equate to the services delivered. In their absence, Dr Sands said the NHI Secretariat is currently “playing the role” of administrator a function it is not qualified or equipped to perform. As a result, NHI and, by extension, the Government and Bahamian taxpayer, are potentially exposed to inflated provider claims for treatments never provided to patients - with no possibility to detect, prevent or take action against such behaviour. “The potential for fraud clearly exists. To say fraud is going on, I have no way to say it is or is not,” Dr Sands told Tribune Business. “I can only hope the time of this unregulated disbursement of funds and provision of services is limited. “Can I say categorically and convincingly there is no fraud? The answer is: No. Should there be inspectors, administrators and IT systems in place to ensure the people’s money is spent properly? I would say yes. When you ask me why is it not in place, an executive decision was taken [by the former administration]. “It’s like a plane taking off and there are no life vests on board. The captain said: ‘We’re leaving and everyone had better get in place. Everything will be going well’.... but if there’s a problem. You understand the metaphor.” Tribune Business was
yesterday told by wellplaced sources that the Minnis administration has been “amazed” and “astonished” by the payment demands of some NHI providers, with cheques being written for sums as high as $30,000-$50,000. Dr Sands declined to comment, but this newspaper was told that the absence of NHI “checks and balances” had left the Government powerless to resist paying out what one source described as ‘likely record sums’ for some practitioners. The Minister was contacted after Bahamian insurers privately expressed concerns to Tribune Business that NHI was currently ‘wide open’ to various forms of fraud, including ‘double dipping’ where doctors could claim on both the Government-run scheme and private insurance if patients were enrolled with both. With Bahamian insurers
outside the NHI scheme, and no IT network in place to co-ordinate care and benefits, one insurer described the Government’s healthcare financing model as “a free for all” that threatened to impose an additional burden on the already hardpressed taxpayer. The insurer, speaking on condition of anonymity, told Tribune Business that the Bahamas Insurance Association (BIA) had warned the NHI Secretariat that the absence of an IT system linking all parties could facilitate financial abuse when they met recently. “This was one of the major concerns we raised,” the source said. “Because the NHI Act was not fully brought into force, there’s no co-ordination of benefits, no enforcement tools and no legal provisions that speak to it. “So it’s a free for all. Even if those provisions were brought into force, which they can’t do without the NHI Authority, there’s nothing there to check them. It’s a free for all. The risk of fraud is huge.”
The insurer told Tribune Business that under the NHI Act, persons enrolling in the scheme are supposed to disclose whether they already have private health insurance and provide details of the plan. Those who have private health insurance have to exhaust this before they can access the NHI scheme, but the BIA and its members are questioning whether such information is being in the enrollment process. “The NHI Secretariat is not talking to us, the insurers are not talking to them as to who has insurance,” the source confirmed. “So
there is huge potential for double dipping. “Those who suffer are the Bahamian people. We’re paying for all these services. If there’s double dipping, it’s not sustainable. “And under what section of the Act do you seek to bring persons to account and go after them, when only Parts I and II have been brought into force? The legislative balances are not there for them to do anything. The medical provider contracts are potentially null and void if the persons entering into these contracts did not have the authority to do so.” NHI’s lack of financial
controls is especially alarming given the Bahamas’ ongoing fiscal crisis, led by recurring $300 million-plus annual deficits; a $7 billionplus national debt; and debt-to-GDP ratio that will soon reach the 80 per cent threshold. The Christie administration budgeted $124 million for NHI, but the scheme is currently being funded from the Consolidated Fund because monies were never properly sequestered for it. The Minnis administration has cut the scheme’s budget to $40 million for 2017-2018, with one-quarter of that to finance the NHI Authority’s creation.
WHERE HIT MUSIC LIVES W W W .
1 0 0 J A M Z
. C O M
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ALIV Employment Opportunity ALIV Network Innovator The ALIV Network Innovator is responsible for the overall design, implementation, optimization and project management of turnkey in-building wireless systems. In addition, the successful candidate will be responsible for macro network design, implementation, traffic management, performance analysis and optimization initiatives as required. Other Core Responsibilities • • • • • • • • • • • •
Perform in-building system site surveys; Create and drive project implementation schedule with internal staff and external contractors (if required); Manage internal staff in charge of data collection, preliminary design and implementation; Manage project cost, schedule and scope; Document and report project deliverables; Implement and optimize in-building cellular systems on site if required; Document and handover package of in-building cellular systems as built; Communicate and update deliverables with Chief Technology Officer as well as update the end customer on progress at minimal weekly intervals; Perform macro network optimization based on collected drive data and/or network performance metrics; Perform traffic and capacity analysis on various types of cellular networks Provide training and mentoring to staff; Maintain and standardize test equipment including drive test equipment, antenna analyzers, spectrum analyzer, software tools.
Academic Qualifications & Experience • • • • • •
Minimum five years experience in cellular network planning, optimization, performance, or engineering roles Must have experience in 3G and 4G RF networks Must have a valid driver’s license and clean criminal record Must be willing to travel within North America, Central America, and the Caribbean Must be fluent with Microsoft Office and Microsoft Operating Systems Strong leadership, interpersonal, oral, and written communication, and project/time management skills.
Qualified applicants should submit resumes on or before, July 21, 2017 electronically to the following email address: Careers@bealiv.com with Subject: ALIV Network Innovator.
PAGE 6, Friday, July 21, 2017
THE TRIBUNE
SHIFT TO POLITICAL LEFT SEEN ON HEALTH CARE, POLL SAYS
By RICARDO ALONSOZALDIVAR and LAURIE KELLMAN Associated Press WASHINGTON (AP) — Americans were never too thrilled with “Obamacare” and they definitely disapprove of Republican alternatives in Congress, so what does the public want to do on health care? A new poll suggests the country may be shifting left on this core issue, with 62 percent saying it’s the federal government’s responsibility to make sure that all Americans have health care coverage, while 37 percent say it is not. The survey findings from the Associated PressNORC Center for Public Affairs Research indicate a change in public attitudes over the past few months,
as concerns mounted about GOP legislation estimated to leave tens of millions without coverage. “Nobody should be without insurance,” said Louise Prieto of Fort Lee, New Jersey, a retiree covered by Medicare. She said she’s most concerned about seniors, children and people with pre-existing medical conditions. As recently as March, the AP-NORC poll had found Americans more ambivalent about the federal government’s role, with a slim 52 percent majority saying health coverage is a federal responsibility, and 47 percent saying it is not. The survey didn’t specify how the government might make sure that people have coverage, but a true guarantee entails something like the “Medicare for all” plan
that was a rallying cry for Vermont Sen. Bernie Sanders’ presidential campaign last year. And that would involve hard-to-swallow tax increases. “There is a significant increase in people who support universal coverage,” said Robert Blendon of the Harvard T.H. Chan School of Public Health, who tracks opinion trends on health care. “The impact of the debate over dropping coverage looks like it has moved (more) people to feel that the government is responsible for making sure that people have coverage.” Currently the U.S. has a hybrid system of paying for medical care, with employers, federal and state governments, and individuals sharing responsibility. Government at all levels pays close to half the annual $3
SEN. BERNIE SANDERS, I-Vt., rides an escalator on Capitol Hill in Washington. Americans aren’t too thrilled with ‘Obamacare’ and they definitely don’t like the Republican plans offered in Congress, so what does the public want the government to do about health care? (AP Photo/Jacquelyn Martin, File) trillion cost, and federal tax breaks support employerprovided coverage. Employers cover more than 170 million workers, dependents, and retirees. Medicare, the federal government’s flagship health care program, covers about 56 million retirees and disabled people. Medicaid, a federal-state Medicaid
partnership, covers more than 70 million low-income people, from newborns, to severely disabled people, to many elderly nursing home residents. About 28 million people remain without coverage although former President Barack Obama’s health care law has brought the uninsured rate to a historic low of about 9 percent.
The latest AP-NORC poll found a familiar partisan split: more than 8 in 10 Democrats said health care is a federal responsibility, compared with 3 in 10 Republicans. Political independents were more closely divided, with 54 percent saying coverage is a federal responsibility and 44 percent saying it is not.
PRESIDENT-elect Donald Trump greets workers during a visit to the Carrier Corp. factory in Indianapolis. More than 300 Carrier Corp. workers were being laid off Thursday, July 20, 2017, from the company’s Indianapolis factory as part of an outsourcing of jobs to Mexico that drew criticism last year from then-presidential candidate Donald Trump. (AP Photo/Evan Vucci, File)
Layoffs begin at Carrier plant that drew Trump’s criticism INDIANAPOLIS (AP) — More than 300 Carrier Corp. workers were being laid off Thursday from the company’s Indianapolis factory as part of an out-
MARKET REPORT THURSDAY, 20 JULY 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,866.46 | CHG -1.31 | %CHG -0.07 | YTD -71.75 | YTD% -3.70 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 2.41 0.13 6.50 8.60 6.00 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00
52WK LOW 3.65 17.43 8.19 3.50 1.47 0.12 3.80 8.35 5.83 10.05 10.00 2.18 1.50 5.80 8.75 8.56 8.00 6.35 11.93 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
1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 2.07 3.95 1.96 170.77 146.34 1.49 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 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 4.26 17.43 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.48 10.01 2.59 1.55 6.00 9.75 8.10 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 100.00 100.00 100.00 108.56 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.26 17.43 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.45 10.01 2.56 1.55 6.00 9.75 8.10 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 -0.03 0.00 -0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
108.53 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.03 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
14,250
500 3,000
VOLUME
NAV 2.07 3.95 1.96 170.77 146.34 1.49 1.64 1.58 1.07 6.92 8.03 6.15 10.52 11.46 10.01
EPS$ 0.444 0.932 -0.510 0.383 -0.340 0.000 -0.760 0.587 0.190 0.540 0.570 0.102 0.455 0.753 0.763 0.330 0.830 0.600 0.697 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000
P/E 9.6 18.7 N/M 9.4 N/M N/M -5.3 14.7 31.6 19.4 17.6 25.1 3.4 8.0 12.8 24.5 11.7 11.5 17.9 0.0
YIELD 1.88% 5.74% 0.00% 5.83% 0.00% 0.00% 0.00% 3.49% 3.67% 3.44% 5.69% 2.34% 3.87% 4.83% 4.62% 0.00% 3.49% 2.03% 4.96% 0.00%
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
0.0 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% 1.92% 4.53% 0.82% 2.80% 0.95% 2.49% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017
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 - 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
sourcing of jobs to Mexico that drew criticism last year from then-presidential candidate Donald Trump. The nearly 340 workers clocked out after their final shifts at Carrier’s gas furnace factory. Another wave of 290 workers will be let go by Dec. 22 under a timetable the company announced in late May. Carrier announced in February 2016 that it would close the Indianapolis plant and cut about 1,400 production jobs in a move expected to save $65 million annually by moving furnace production to Mexico. Trump repeatedly criticized Carrier’s Mexico outsourcing plan. Weeks after Trump won the election, Carrier announced an agreement brokered by the president-elect to spare about 800 jobs in Indianapolis, where the company has pledged to keep nearly 1,100 jobs. But some 600 jobs are still being eliminated by the
outsourcing. Although Trump and Vice President Mike Pence, the former Indiana governor, have been credited with saving Carrier’s Indianapolis factory, employees don’t have a sense of much job security, said Robert James, president of United Steel Workers Local 1999, which represents plant workers. “They just don’t have any faith in this plant staying in Indianapolis,” he told The Indianapolis Star. “There’s just too much uncertainty.” The Indiana Economic Development Board in March approved an incentive package that includes directing $7 million in state tax breaks and grants over 10 years to the company. As part of that deal, Carrier is investing $16 million for automation at the Indianapolis plant. The company’s CEO has said that will ultimately mean fewer jobs at the factory.
NOTICE
NOTICE is hereby given that MATENO SINEUS of P.O. Box N-9405, Bacardi Road, Nassau, N.P., The 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 21st Day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.
NOTICE
NOTICE is hereby given that JUDITHE METELLUS of Rupert Dean Lane, Nassau, N.P., The 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 21st Day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.
NOTICE
NOTICE is hereby given that PATRICK FRANCOIS of #41 Lobster Ave. off Blue Hill Rd, 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 14th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Friday, July 21, 2017, PAGE 7
IMF APPROVES CONDITIONAL $1.8 BILLION LOAN TO GREECE By PAUL WISEMAN Associated Press WASHINGTON (AP) — The International Monetary Fund’s board on Thursday approved a $1.8 billion loan to Greece — but will only release the money if the country gets debt relief from its European creditors. The IMF has praised Greece for taking steps to reduce its budget deficits, including expanding its tax base and cutting spending on pensions. But the lending agency is pressuring Greece’s eurozone lenders to provide enough relief to
ensure the battered country can pay its bills. If an agreement on debt relief is reached, the IMF will join the eurozone lenders in an ongoing bailout. IMF managing director Christine Lagarde she expects “a plan to restore debt sustainability to be agreed soon between Greece and its European partners.” Euro rules forbid an outright reduction of Greece’s public debt. But creditors can reduce interest rates or give the country more time to pay its public debt, which in Greece’s case is equal to a staggering 180 percent of
economic output, second in the world behind Japan. The IMF loan likely complicates the Greek government’s plans to issue bonds. The terms of the IMF loan would forbid Greece from increasing its debts. Greece lost market access to the bond market due to high interest rates in 2010 and briefly returned with a 2014 bond issue, only to seek a third successive bailout the following year. The current rescue program, funded by other eurozone nations and monitored with help from the IMF, ends in one year.
Vacancy Client Accountant & Assistant Compliance Officer A well established small financial services company offering investment fund administration and corporate services is seeking to employ a Client Accountant & Assistant Compliance Officer. The successful candidate will be engaged in preparing accounts for a substantial portfolio of corporate and other clients and will be involved in various compliance-related duties, including implementation of the Common Reporting Standard. Interested applicants are required to possess the following attributes and skills: - Good working knowledge of bookkeeping and accounting and ability to produce trial balance and management accounts; - A degree in a relevant discipline; - Proficiency in Word, Excel and Quickbooks; - Experience in the financial services industry; - Ability to work with little supervision and to work on own initiative.
A MAN walks in front of the Gate of the ancient Roman agora with the ancient Acropolis hill seen in the background in Plaka district of Athens yesterda. Greece says it is still waiting for the “right moment” to re-enter the bond market, playing down expectations of an issue by the end of the week. (AP Photo/Petros Giannakouris)
COMMONWEALTH OF THE BAHAMAS
2017
IN THE SUPREME COURT
GEN/eq/292
EQUITY SIDE ALL THAT piece parcel or tract of land containing One Hundred (100) acres originally granted by the Crown to Joseph Roberts on the 21st day of August A.D., 1871 and recorded in the Department of Lands at High Bank Bay on the Island of Abaco, one of the Islands of the Commonwealth of The Bahamas. Bounded on the North by land surveyed to John B. Moore at N102º -31’-25” North one hundred and two degrees thirty one minutes twenty-five seconds for a distance of (2604.49’) two thousand, six hundred and four and forty-nine hundreds of a foot, and bounded on the East by a sandy beach the high-water mark of the Atlantic Ocean at N171º -00’00” one hundred and seventy-one degrees zero minutes zero second for a distance of (1797.87’) one thousand, seven hundred and ninety-seven hundreds of a foot and bounded on the South by a road 20 feet wide separating it from land surveyed to Messrs. Sawyer and Menendez N282º -31’-25’ two hundred and eighty-two degrees thirty-one minutes, twenty-five seconds for a distance of (2604.49’) two thousand, six hundred and four and forty-nine hundreds of a foot and bounded on the West by the Ernest Dean Highway at 351º-00’-00” three hundred and fifty-one degrees zero minutes zero seconds for a distance of (1797.87’) one thousand, seven hundred and ninety-seven and eight-seven hundreds of a foot. AND
Interested qualified candidates may submit their resume via email to
redcornconsultants@gmail.com
IN THE MATTER of the Quieting Titles Act, 1959
Deadline for submissions 4th August, 2017
AND IN THE MATTER of the Petition of The Grand Children of James Henry Roberts Holdings Company Ltd. NOTICE ALL THAT piece parcel or tract of land containing One Hundred (100) acres originally granted by the Crown to Joseph Roberts on the 21st day of August A.D., 1871 and recorded in the Department of Lands at High Bank Bay on the Island of Abaco, one of the Islands of the Commonwealth of The Bahamas. Bounded on the North by land surveyed to John B. Moore at N102º -31’-25” North one hundred and two degrees thirty one minutes twenty-five seconds for a distance of (2604.49’) two thousand, six hundred and four and forty-nine hundreds of a foot, and bounded on the East by a sandy beach the high-water mark of the Atlantic Ocean at N171º -00’00” one hundred and seventy-one degrees zero minutes zero second for a distance of (1797.87’) one thousand, seven hundred and ninety-seven hundreds of a foot and bounded on the South by a road 20 feet wide separating it from land surveyed to Messrs. Sawyer and Menendez N282º -31’-25’ two hundred and eighty-two degrees thirty-one minutes, twenty-five seconds for a distance of (2604.49’) two thousand, six hundred and four and forty-nine hundreds of a foot and bounded on the West by the Ernest Dean Highway at 351º-00’-00” three hundred and fifty-one degrees zero minutes zero seconds for a distance of (1797.87’) one thousand, seven hundred and ninety-seven and eight-seven hundreds of a foot. The Grand Children of James Henry Roberts Holdings Company Ltd. claims to be the owners of the unencumbered fee simple estate in possession of the said land and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959 to have its title of the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the Petition and the Plans of the said land may be inspected during normal office hours in the following places: 1. 2. 3.
The Registry of the Supreme Court, George Street in the City of Nassau, Bahamas; The Chambers of R. A. Farquharson & Co., Salem House, #14 Parliament Street Nassau, Bahamas. The office of the Commissioner/ Administrator at Marsh Harbour and Sandy Point, Abaco, Bahamas.
NOTICE is hereby given that any person having dower or right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the 31st day of July, A.D., 2017 file in the Supreme Court and serve on the Petitioner or the undersigned a Statement of his claim in the prescribed form verified by an Affidavit to be filed therewith. Failure or any such person to filed and serve a Statement of his Claim on or before the 31st day of July, A.D., 2017 will operate as a bar to such claim. Dated the 19th day of May, A.D., 2017 R. A. FARQUHARSON & Co. CHAMBERS SALEM HOUSE #14PARLIAMENT STREET NASSAU, BAHAMAS Attorneys for the Petitioner
PAGE 8, Friday, July 21, 2017
THE TRIBUNE
GOP LEADERS PLAN TUESDAY HEALTH VOTE, IT’S AN UPHILL CLIMB By ALAN FRAM Associated Press
WASHINGTON (AP) — Republican leaders pushed toward a Senate vote next Tuesday on resurrecting their nearly flat-lined health care bill. Their uphill drive was further complicated by the ailing GOP Sen. John McCain’s potential absence and a dreary report envisioning that the number of uninsured Americans would soar. The White House and GOP leaders fished Thursday for ways to win over recalcitrant senators, including an administration proposal to let states use Medicaid funds to help people buy their own private health insurance. But there were no indications they’d ensured the votes needed to even start debating the party’s legislative keystone, a bill scuttling and supplanting President Barack Obama’s health care law. “Dealing with this issue is what’s right for the country,” said Majority Leader Mitch McConnell, R-Ky. He added, “It was certainly never going to be easy, but we’ve come a long way and I look forward to continuing our work together to finally bring relief.” As leaders tested revisions that
SEN. BILL CASSIDY, R-La., speaks to members of the media on Capitol Hill,yesterday. (AP Photo/Andrew Harnik) might attract GOP votes, others began comparing the process with the trade-offs they scorned seven years ago as top Democrats pushed Obama’s overhaul. “It’s almost becoming a bidding process — let’s throw $50 billion here, let’s throw $100 billion there,” said Sen. Bob Corker, R-Tenn. “It’s making me uncomfortable right now. It’s beginning to feel a lot like how Obamacare came together.”
In a blow, the Congressional Budget Office said McConnell’s latest bill would produce 22 million additional uninsured people by 2026 and drive up premiums for many older Americans. Congress’ nonpartisan fiscal analyst also said it would boost typical deductibles — the money people must pay before insurers cover costs — for single people to $13,000 that year, well above the $5,000 they’d be expected to pay
under Obama’s statute. “Many people with low income would not purchase any plan even if it had very low premiums” because of that exorbitant deductible, the budget office said. That dire outlook resembled one the office released last month on McConnell’s initial bill, which the leader had to withdraw as Republicans rebelled against it. Thursday’s report seemed unlikely to do much better to help win over balking moderate Republicans upset over millions of voters losing coverage and cuts in Medicaid, the health insurance program for the poor. These included Sens. Lisa Murkowski of Alaska, Susan Collins of Maine, Ohio’s Rob Portman and West Virginian Shelley Moore Capito. The GOP’s fissures have changed little for months. Conservatives like Sens. Mike Lee of Utah and Texas’ Ted Cruz want to loosen Obama’s requirements that insurers cover numerous services and cap customers’ costs, and some want to cut spending for Medicaid and other programs. Conservative Rand Paul, R-Ky., is most interested in simply repealing the 2010 law. Moderates want to ease the spending reductions and leave consumer protections in place.
“There’s a handful of folks who clearly have significant reservations” about backing the bill, said Sen. Pat Toomey, R-Pa. “But they haven’t said no. They haven’t said yes either.” Sen. John Barrasso, R-Wyo., a member of the Senate leadership, said a vote was expected Tuesday afternoon. But senators suggested that might change with the possible long-term absence of McCain, the 80-year-old Arizonan who announced Wednesday he is battling an aggressive brain cancer and was home undergoing treatment. Nursing a slender 52-48 majority and adamant Democratic opposition, McConnell has been unable to muster the 50 GOP votes he’d need to approve his party’s health care overhaul. Vice President Mike Pence would cast the tiebreaking vote. Without McCain, the bill would fall if just two Republicans vote against it, and more than that have said they’re ready to do so. Looking for leverage, McConnell and his lieutenants were arguing that Republicans should back the initial procedural vote to begin debate. Should it pass, they reasoned, senators could force votes on any amendments they chose to propose.
US STOCKS WAVER AS EARNINGS AND CENTRAL BANKS DOMINATE By MARLEY JAY Associated Press
NEW YORK (AP) — U.S. stock indexes essentially hit the snooze bar Thursday as investors were relieved the European Central Bank didn’t announce any changes to its stimulus policies. Europe’s central bank maintained its current policies and ECB President Mario Draghi said the bank hasn’t even set a date for considering changes. Investors were startled a month ago when he spoke about scaling back the bank’s billions of dollars in monthly bond purchases. On an up-and-down day of trading, second-quarter results moved other stocks: health care companies including Abbott Labora-
tories climbed and paint, trucking and railroad companies fell. Sears announced an online appliance sales pact with Amazon.com, and appliance makers and home improvement stores dropped. But overall the market hardly budged. While stocks have been setting record highs for most of 2017, including Wednesday, the market is having its quietest year in decades. “There’s the belief that the Fed and the ECB are backstopping markets” and would step in if something bad happened, said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management. “If you throw a bunch of money at a problem, typically risk moves
lower and people feel more confidence.” The Standard & Poor’s 500 index slipped at the finish and lost 0.38 points to 2,473.45. The Dow Jones industrial average fell 28.97 points, or 0.1 percent, to 21,611.78. The Nasdaq composite rose 4.96 points, or 0.1 percent, to a record high of 6,390. The Russell 2000 index of smaller companies gained 0.58 points to 1,442.35, also a record. The S&P 500 has only had four moves of 1 percent or greater this year. In a typical year that happens more than 50 times. Abbott Laboratories, which makes infant formula, drugs and medical devices, gained $1.42, or 2.9 percent, to $50.85 after reporting results that were better than expected.
Health care products giant Johnson & Johnson rose $1.36, or 1 percent, to $136.57 and drugmaker AbbVie, which split from Abbott in 2013, added $1.24, or 1.7 percent, to $74.01. Paint and coatings maker PPG Industries fell after it reported weaker-thanexpected sales. PPG said higher raw materials costs hurt its results, and so did unfavorable foreign currency exchange rates. Its shares gave up $6.88, or 6.1 percent, to $106.72. Competitor SherwinWilliams had a weak second quarter. It also pointed to rising costs as well as lower exterior paint sales. The stock lost $8.94, or 2.5 percent, to $350.78. Sears said it will begin selling Kenmore applianc-
SPECIALIST PETER MAZZA, left, and trader Gordon Charlop work on the floor of the New York Stock Exchange yesterday. U.S stocks are wavering between small gains and losses in early trading on Wall Street. (AP Photo/Richard Drew) es on Amazon.com, including smart appliances that can be synced with Amazon’s voice assistant Alexa. The owner of the Sears and Kmart chains has closed large numbers of stores in recent years and said in
March that it might not be able to stay in business. Its stock jumped 92 cents, or 10.6 percent, to $9.60. Even with Thursday’s climb, Sears stock is down 36 percent over the last year.
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