07222016 business

FRIDAY, JULY 22, 2016

business@tribunemedia.net

Sarkis pushes for full Baha Mar liquidation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Sarkis Izmirlian yesterday again sought to present himself as the ‘champion’ of Baha Mar’s unsecured Bahamian creditors, as he moved to push the $3.5 billion development into full liquidation.

The original Baha Mar developer’s Granite Ventures vehicle, in papers filed with the Supreme Court, is seeking to replace the National Insurance Board (NIB) as the entity seeking the project’s winding-up/ full liquidation.

And it is also pressing the court for an “expedited hearing” of the windingup petition, filed by several government entities on July 7 last year, as part of its strategy to move Baha Mar from provisional to full liquidation.

The rationale for Mr Izmirlian’s move is detailed in yesterday’s affidavit from Whitney Thier, Baha Mar’s ex-general counsel, who alleged that the project’s current provisional liquidation “offers little to no hope” that unsecured creditors will ever recover monies owed to them.

She claimed that the joint provisional liquidation team of Bahamian accountant, Ed Rahming, and the UK duo of Alastair Beveridge

Wants to replace NIB as full wind-up ‘petitioner’

Munroe to investigate GBPA licensee concerns To seek meeting with minister of investments

Says unsecured creditors have ‘little to no hope’

Concern that industrial park incentives ‘unfair’

Wants to ‘break deadlock’ of receivers, JPLs and Nicholas Cropper, had done nothing to protect or “benefit” Baha Mar’s unsecured creditors since their appointment by the Supreme Court on September 4 last year.

Pointing out that the joint provisional liquidators had refused to support Mr Izmirlian’s bid to purchase the rights to Baha Mar’s $192 million legal claim against the project’s main Chinese contractor, Ms Thier said the trio had not received sufficient funding to ensure they effectively performed their role.

This had placed sole control of Baha Mar’s fate into the hands of its secured creditor, the China Export-Import Bank, and its court-approved Deloitte & Touche receiver/managers See pg b4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Baha Mar construction site

QC blasts Sarkis for ‘obstruction’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A well-known QC last night accused Sarkis Izmirlian of mounting “a last ditch effort to obstruct” the potential resolution of the $3.5 billion Baha Mar impasse.

Wayne Munroe QC, who represents the Gaming Board and other government entities in the Baha Mar matter, said the project’s original developer was “grasping at straws” with his latest legal manoeuvres.

He was speaking after Mr Izmirlian filed a Supreme Court summons that seeks permission to both “accelerate” moves to place Baha Mar into full liquidation,

Munroe says latest legal move ‘grasping at straws’ And ‘last ditch effort’ to disrupt Baha Mar sale Accuses developer of ‘selfishness’ and to replace the National Insurance Board (NIB) as the windingup petitioner with his Granite Ventures vehicle.

See pg b5

Sarkis fears Baha Mar ‘undervalued’ in sale

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Representatives for Sarkis Izmirlian yesterday expressed concern that Baha Mar’s receivers were under such pressure that they might “undervalue” the project in any sale, and “abandon” potential assets.

Whitney Thier, secretary for Mr Izmirlian’s Granite Ventures vehicle, alleged in a July 21, 2016, affidavit that media and government pressure, and the

threatened downgrade to the Bahamas’ sovereign credit rating, might impair the Deloitte & Touche team’s judgment.

“Granite is concerned that the continued public pressure to open the Baha Mar resort that this [media] publicity itself creates, as well as the social and economic impact of a resulting credit rating downgrade, will increase the likelihood of the receiver-managers disposing at an undervalue or simply abandoning the assets of Baha Mar,” Ms Thier alleged.

Bahamian airline mulls staying open

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A Bahamian airline executive said yesterday that, in company with local auto dealers, he is at the point of assessing whether to stay in business or not, having already scaled back operations and reducing staff by 17 per cent.

Captain Randy Butler, the Sky Bahamas principal, told Tribune Business: “We have had to reduce our employment by 17 per cent, and we have had to reduce our operations.

“It’s the same thing with the car dealers. It’s a very difficult economic environment, and you have this informal sector with hackers operating at the airport, which Civil Aviation isn’t doing anything about.”

Captain Butler added: “We are still at the point of thinking whether we are going to stay in this business for not. The Government has passed the Civil Aviation Bill and the Airport Authority Amendment, and it looks like it’s going to be a lot of fees. We don’t know what those are going to be like.

“The Government has been buying more airplanes for Bahamasair and focusing on the domestic market.

That has impacted us a bit.

We continue to work with the Government because we believe there is a way forward.”

See pg b4

Sky forced to scale back, cut employment 17%

Randy Butler

$4.05 $3.98 $4.06

$3.98

QC hired for ‘FLIP’ probe

Such assets, she added, included the $192 million claim brought against the parent of Baha Mar’s contractor, China State Construction Engineering Corporation (CSCEC), to enforce its 2011 work completion guarantee.

And Ms Thier further claimed: “Specifically, a concern is the compromising by the receiver/managers of the Baha Mar [$192 million] claim so as to expedite the restart of construction necessary for the opening.”

See pg b5

Worried receivers may ‘abandon’ potential assets And likely to ‘compromise’ $192m China claim Believe liquidators can act as ‘check’

Concerned Grand Bahama Port Authority (GBPA) licensees have hired a well-known QC to research potential legal remedies over the controversial Freeport Light Industrial Park (FLIP).

Wayne Munroe QC confirmed yesterday to Tribune Business that he had been engaged to study the “fairness” of the joint venture arrangement between the GBPA and FLIP’s developer, Gold Rock Corporation.

He disclosed that his research will seek to determine whether Gold Rock CorWayne Munroe poration and its owner, the Florida-based Del Zotto family, have the necessary permits and approvals to carry out the project.

And Mr Munroe also revealed that he will seek to meet with Khaalis Rolle, minister of state for investments, over his clients’ FLIP concerns when he returns to the Bahamas.

“I’ve been approached by some of the licensees of the Port, because the Port have advanced the FLIP,” the QC told Tribune Business.

“While the concept may not be objectionable, in terms of the industrial park, it is how it is being advanced. I’m not sure, for want of a better word, about the legitimacy of that.”

The Freeport-based retailer/wholesaler, Dolly Madison, is understood to be among the GBPA licensees who have hired Mr Munroe.

See pg b6

PAGE 2, Friday, July 22, 2016

THE TRIBUNE

Harbour Island resort targets Nassau guests

Romora Bay Resort & Marina’s infinity pool, overlooking the marina and harbour at sunset.

A Harbour Island resort is encouraging Bahamians to vacation closer to home this summer by offering a 50 per cent discount to guests who can show proof of a Nassau address.

Joe Dargavage, Romora Bay Resort and Marina’s general manager, said: “People from all over the world dream of walking the pink sand beaches of Harbour Island, swimming in the shimmering blue waters, dining at some of the finest restaurants in this hemisphere.

“Foreign visitors book up to a year in advance.

They travel hundreds or even thousands of miles to experience the mixture of old world charm with high speed Internet, photographing beautifullyrestored historic cottages dating from the late 1700s, waving to passer-sby from the classy electric golf carts that serve as the main form of transportation.”

Yet he argued that Nassau residents frequently overlook the ‘island getaway’ destination in their own back yard.

“I firmly believe that Nas-

sau is the greatest untapped market for the Family Islands of the Bahamas, and especially for Harbour Island because getting here is easy, and getting around once you are here is even easier,” said Mr Dargavage.

He pointed to what he described as “one of the rare examples of hasslefree travel, a two-and-ahalf-hour ferry ride aboard the BoHengy, or a 15-minute flight to the North Eleuthera airport, a oneminute taxi and quick water ferry ride to the island”.

The Nassauvian Special was introduced on July 8, and lasts until December 1.

Mr Dargavage said he has already seen traction.

“We’ve had several calls and many bookings already,” he added. “In fact, last weekend one family had to reschedule because they planned to fly and all the flights were full.

“We host people from Asia, Africa, Europe and as far away as Iceland, and now we want to make it easier than ever for Bahamians to enjoy the gem in their own back yard.”

Located just off the

northern tip of Eleuthera a few miles from the fishing village of Spanish Wells, Harbour Island is only three miles long, about half a mile wide, and has a population of less than 2,000.

“There is a real mystique about Harbour Island,” said Mr Dargavage, who also serves as vice-president of the Bahamas Association of Marina Operators.

“We are so accustomed to celebrities that people on the island pay little attention.”

Romora Bay provides 60 marina slips catering to yachts up to 190 feet, 18 newly renovated rooms, an infinity pool, and Sunsets Restaurant & Bar. Mr Dargavage added: “We just want those special people this year to be from Nassau, to show them what life can be like without the traffic, without the stress, just with the beauty of the islands of the Bahamas and the hospitality of Bahamian people. And there is no passport needed.”

New mobile operator names HR director

The Bahamas’ second mobile operator, NewCo2015 Ltd, has continued to build its management team by naming Patrice Thompson as human resources director.

Franklyn Butler, NewCo’s chairman, said: “The most essential ingredient for success in any venture is its people.

“I’ve said previously that the right talent must be in place within NewCo and therefore, we must ensure the right human resources professional is driving this area forward for us.

“Human resources is a critical path, and requires a proven senior executive to lead us through. I am delighted to announce that, with immediate effect, See pg b6

THE TRIBUNE

Friday, July 22, 2016, PAGE 3

Bran: IMF shows Govt ‘talking foolishness’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Democratic National Alliance’s (DNA) leader yesterday said the International Monetary Fund (IMF) had confirmed the Government was “talking foolishness as usual” over its economic and financial projections.

Branville McCartney told Tribune Business that the Fund’s recent Article IV report on the Bahamian economy had shown the Christie administration’s forecasts were “completely off”.

“It goes to show that what they’ve been saying over the last four Budget cycles, they’ve not been on point for any of them in terms of their projections, not one,” the DNA leader said of the Government.

The Fund, in its Article IV report on the Bahamas, said the fiscal deficit for the recentlyclosed 2015-2016 fiscal year was set to come in at a sum equivalent to 3 per cent of gross domestic product.

Given that such a figure would be around $240-$250 million, this means that the GFS deficit for the 12 months to end-June 2016 is likely to be around $240-

$250 million, not the $150 million projected by the Government.

The IMF also forecast that the Bahamas’ direct debt-to-GDP ratio will not peak until 2017, contrasting with Prime Minister Perry Christie’s assertion that this occurred in the last fiscal year.

And the report also warned that the Bahamian economy was performing $200 million below its true potential, while the $2.2 billion in unfunded public pension liabilities could materialise into a fiscal risk.

Mr McCartney said the IMF report was “quite damning again” of the Government, and added to the negative impressions given by the likes of Moody’s, the US Investment Climate Statement, and further crime warnings.

“All of this does not bode well for the Bahamas,” he added.

“The only thing the PLP can give is empty promises, the same thing they’ve been doing for the past five years, all to the detriment of the Bahamian people.

“One of the concerns I have is that we still don’t know where this money is going from VAT. There seems to have been an increase in the monies collected,

but the debt continues to grow.

“VAT is performing above projections... the question is what has happened to the VAT monies,” Mr McCartney added, “given that they said, prior to its introduction, that first and foremost it would be used to reduce our debt.”

While the Government has said VAT revenues are being deposited to its Consolidated Fund, Mr MCartney argued that this was “completely contrary to what they told us” prior to the tax’s implementation.

“The Government needs to cut its spending, because we’re not seeing a return as a country for what they’re spending,” the DNA leader told Tribune Business.

“The Government, over the last few Budget cycles, have told the Bahamian people things are looking good, investment is coming and better days are ahead. That has not turned out to be the case.

“This time is no exception, and the IMF has brought that to the fore. What the Government has said about where we are is unrealistic and ambitious. In other words, it cannot happen, and they’re talking foolishness as usual.”

Chamber plans new Cuba trade mission

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is planning a second trade mission to Cuba following the success of this week’s trip.

Edison Sumner, its chief executive, said the Cuba mission was part of the Chamber’s goal to tap into emerging markets and expand trade opportunities for the private sector.

He told Tribune Business that the three-day mission to Cuba, featuring an eight-member Bahamian delegation, included discussions with government officials and members of the business community there on trade and investment opportunities.

“We talked about looking at investments, not only in Havana but in other parts of the country as well,” he said. “We also promoted the fact that the Bahamas is much larger than just New Providence.

“Our approach going in was for the business persons to explore business opportunities, but in our talks

Edison Sumner with government officials we also talked about reciprocal arrangements where we can do cross-border reading.”

Mr Sumner addd that the trade mission followed a Memorandum of Understanding (MoU) signed by both the BCCEC and the Cuban Chamber of Commerce in 2015.

“That agreement speaks to the fact that we will be seeking to expand our trade opportunities, and looking at new ways to support each other’s economies, particularly the small and mediumsized enterprises in both countries,” he said.

“Cuba still has its challenges, but they are showing signs of progress in doing business and in their investment policy. We thought the trip was very successful, and we are looking to go back in the fall when we will look to participate in the international trade fair in Havana.”

Mr Sumner said the Chamber already has its sights set on its next trade mission - to South Florida.

“I’m going to be in Canada in the fall talking about the same thing,” he added.

“We are going to have further discussions with Mexico, through the Mexican Chamber of Commerce and the local Honorary Consul of Mexico in the Bahamas, to organise a trade mission into Mexico.

“It’s really all about tapping into the stronger, emerging markets. Those markets that are seeking to expand their investment opportunities, and attract investment into their countries, as well as reciprocal trade arrangements. We don’t expect all these things to materialise overnight, but the journey of a thousand miles begins with one step.”

Branville McCartney

VACANCY ANNOUNCEMENT:

COASTAL ZONE MANAGEMENT/DISASTER RISK MANAGEMENT CONTRACTUAL The Bahamas consists of more than 700 low lying islands and cays extending over an area of 5000 sq. km. and encompassing a variety of coastal and marine ecosystems, mangroves, extensive beaches and coral reefs. The coastal zone is a critical asset for the national economy. It harbors much of the islands’ critical infrastructure in the tourism and fisheries sectors, including industrial complexes, ports, fish processing plants and tourism resorts and associated services; as well as 80% of the island’s residential population. Coastal ecosystems themselves provide goods and services that are also vital to these sectors, including for example the provision of nursery habitat for fish stocks, buffering public infrastructure and coastal populations from coastal erosion and flooding, and supporting tourism and recreation. Natural disasters pose a recurring and substantial threat to the well-being of the country’s coastal and marine assets and tourism plant, and thus to the country’s economy. Bahamas on average is affected by a hurricane once every three years and three of the Bahamas islands (Andros, Abaco and Grand Bahama) are ranked among the top 10 in terms of effects from tropical systems of all cities, islands and countries in the North Atlantic Basin. Coastal erosion present additional threats; and the densely populated coastal zone is also prone to flooding. There is also increasing evidence that increased intensity and frequency of storms associated with climate change and sea level rise is affecting the health of the country’s coastal and marine biodiversity including reef degradation and coral bleaching due to increased temperatures and physical damage and loss of reefs. As most coastal development, tourism, industry, and residential sites occur at elevations of one to four meters above sea level, and more than 90% of all fresh water resources lie within 1.5 meters of the surface, significant property damage, potential loss of life, and long-term damage to coastal biodiversity is predicted (ICF, Bahamas National Report). Other impacts include greater inundation of low-lying coastal lands, loss of beaches, inland migration of coastal wetlands (notably mangroves) and increased groundwater contamination due to saltwater intrusion.

Key Functions The tasks include and are not limited to the following: • Support to the Bank’s Environment, Rural Development and Disaster

Risk Management Division and the Country Office Bahamas in the execution of approved TCs in The Bahamas and the Caribbean Region • Increasing capacity within the Government of The Bahamas to incorporate ecosystem services into coastal planning and evaluation • Evaluating the impact of hazard-resilient coastal infrastructure • Comparing best practices in ICZM in SIDS/SDS • Disseminating lessons learned • Assist in the project preparation and supervision of ICZM

and DRM-related operations (BH-T1029/BH-T1038, BHT1040) in The Bahamas, including (i) supporting the preparation

of TC approval documents (e.g., San Salvador); (ii) contracting of individual contractuals and consulting firms; (iii) coordination and monitoring of activities of firms and individual contractuals and with executing agencies;

(iv) technical review of project documents; and (iv) the updating of Bank monitoring systems; • Assist in the preparation of technical studies; • Develop presentation material and reports and deliver presentations as requested; • Assist in the organizing of meetings, workshops and conferences, including those aimed at building the

community of practice in risk-resilient ICZM in The Bahamas and regionally.

• Support other ICZM-related operations in the region

(RG-T2489, RG-T2675/RG-T2702).

Requirements • Academic Degree/ Level& Years of Professional Work Experience: Master’s degree in coastal zone management, coastal engineering

and/or natural resource management, with at least five years of postgraduate relevant experience in analytical research and technical

input for projects and programs in coastal zone management/disaster risk management, or the equivalent combination of education and experience. Experience in the Caribbean is necessary.

• Languages: English written and spoken fluently.

• Areas of Expertise: Integrated Coastal Zone Management (ICZM), climate change adaptation, disaster risk management.

• Skills: Dynamic individual with capacity to be proactive, work under minimal supervision; strong analytical, planning, organizing and executing skills; attention to detail; ability to work with multicultural and

multidisciplinary teams; ability to adjust to multiple demands; ability to write technical reports; and excellent communications skills in English For more information about this position and to apply, please refer to the following link before July 25th, 2016: https://iadbcareers.taleo.net/ careersection/external/jobdetail.ftl?job=1600003293&lang=en&sns_id=email

PAGE 4, Friday, July 22, 2016

Sarkis pushes for full Baha Mar liquidation From pg B1 on October 30, 2015.

Ms Thier alleged that as ‘agents’ for the China Export-Import Bank, the receivers had “made expressly clear their lack of interest” in whether Baha Mar’s unsecured creditors would recover any, some or all of the monies owed to them.

Hence the move by Mr Izmirlian and Granite Ventures to “break the deadlock” by replacing NIB as the petitioner, and “accelerating” the Supreme Court’s hearing of the winding-up petition before the scheduled September 30, 2016, date.

If successful, they are proposing that two Ernst & Young accountants, Bahamas-based Igal Wizman,

and Roy Bailey from Bermuda, be appointed as the Baha Mar project’s full liquidators.

Ms Thier alleged that their appointment “would offer increased protection” to Baha Mar’s unsecured creditors, as the Ernst & Young duo would expand the project’s “asset pool” through pursuing existing and potential claims against its Chinese partners.

And besides acting as a “check” on the power of the receivers, she added that the Ernst & Young duo would be more attuned to the needs of unsecured creditors because they had no connection to the Government or NIB. “Granite remains deeply concerned about the continuing failures to realise

LEGAL NOTICE

NOTICE

BITICH INVESTMENTS LTD. (In Voluntary Liquidation)

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 (Chapter 309) notice is hereby given that the above-named company is in voluntary dissolution, commencing 20th. July 2016. Articles of Dissolution have been duly registered with the Registrar General’s Department. Jill McKenzie, Brittany Investment Company Limited, 3rd. Floor, Maritime House, Frederick Street, P.O. Box N-9346, Nassau, Bahamas is the Liquidator.

All persons having claims against the above named company are required on or before the 20th. August 2016 to send all their names, addresses and particulars of their debts and claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.

Dated this 21st. day of July 2016.

Jill McKenzie Brittany Investment Company Limited.

Liquidator

Legal Notice

or even investigate certain valuable assets in the estate of Baha Mar, including the Baha Mar claim and other valuable claims, for the potential benefit of its unsecured creditors,” Ms Thier alleged.

She added that the Supreme Court’s recent rejection of Mr Izmirlian’s bid to acquire the rights to Baha Mar’s $192 million damages claim against its contractor’s parent “reflects the almost complete lack of current protection for Baha Mar’s unsecured creditors”.

They number several thousand, and include the 123 Bahamian contractors owed a collective $74 million, plus numerous suppliers and vendors, and the 2,000 local employees who were made redundant from the property last all.

Documents filed with the Delaware bankruptcy court last year alleged that 3,523 of Baha Mar’s 5,172 creditors were Bahamas-based, with trade creditors owed a collective $123 million.

Ms Thier, though, alleged that the joint provisional liquidators, who were

charged with protecting the unsecured creditors’ interests, had “taken no steps at all to benefit” them.

She pointed to Justice Ian Winder’s recent ruling in the $192 million claim, where he found that only the joint provisional liquidators had an “interest in the equity of redemption of the receivership assets” - meaning they are holding the unsecured creditors’ interests on trust.

As for the Deloitte & Touche receivers, Ms Thier said their recent court filings “make expressly clear their lack of interest in Baha Mar’s unsecured creditors”.

Their May 20, 2016, court submissions, alleged state that they “owe no duties to unsecured creditors like Granite, and therefore they cannot be obligated to answer for the manner in which they seek to manage the property at this stage”.

All this, Ms Thier alleged, meant that no one had “investigated and pursued” the $192 million legal claim against China State Construction Engineering Corporation (CSCEC), which

Bahamian airline mulls staying open From pg B1 Captain Butler said Sky Bahamas has been forced to cut back on its Bimini to Fort Lauderdale routes.

“We reduced the schedule on those,” he added.

“We are now doing them twice a week when they were four to five days a week. It’s just not feasible.

“We are required to do double the amount of things to go into the US that is not required of foreign carriers to come here, such as just

requiring these carriers to have a bond in place. We have to put a bond in place to fly to the US. These carriers also get subsidiies from the Government.

“We try to focus on the Out Islands - Exuma, Abaco and even Freeport. The summer is holding its own.

August is when it peaks.

During the summer we reserve five days for not flying in each hurricane period.

We hope we never have to use them.”

Legal Notice

NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

THE TRIBUNE arguably represents one of the best recovery sources for unsecured creditors.

The $192 million claim seeks to enforce CSCEC’s May 12, 2011, guarantee that China Construction America (CCA), its subsidiary, would perform all necessary obligations under the terms of its Baha Mar construction contract.

Ms Thier, though, alleged that there were other potential claims that could be advanced against both CCA and CSCEC, plus the China Export-Import Bank.

She added that the receivers, as agents of the latter, were unlikely to pursue any of these potential recovery sources, especially given that any legal action against CCA would undermine talks to restart Baha Mar’s construction. And, as stateowned entities controlled by the Beijing government, neither CCA not the China Export-Import Bank will be inclined to pursue action against the other.

Ms Thier said the winding-up petition’s history had been one of “delay upon further delay”, with neither NIB nor any government creditor showing any inclination to put Baha Mar into full liquidation.

After initially being filed on July 17, 2015, the winding-up petition was first adjourned following the appointment of the provisional liquidators to November 2, 2015. Further adjournments to February and May 2016, and now to end-September 2016, followed.

“From this sequence, it obviously follows that more than a year has passed since the effort to wind-up Baha Mar was initiated,” Ms Thier alleged.

“To put this in context, the Order appointing the joint provisional liquidators envisaged a hearing of

the petition as long ago as November 2, 2015. Given the delays to-date, Granite would expect further requests on behalf of NIB for adjournment of the petition.”

She continued: “The pending winding-up petition offers little to no hope for unsecured creditors in its current form with [NIB] as petitioner, and the current joint provisional liquidators proposed as the liquidators...

“If and when the court is finally asked to determine the petition, appointment of the joint provisional liquidators as full liquidators is not something that Granite expects to be of assistance, at least to the unsecured creditors.

“No substantive steps at least none known to the court - have been taken by the joint provisional liquidators.”

Ms Thier alleged that replacing NIB as the ‘winding-up petitioner’ with Granite Ventures, and moving Baha Mar to full liquidation, “is the obvious way for breaking through the current deadlock”.

She argued that, as an unsecured creditor of Baha Mar, which was owed more than $2 million, Granite Ventures had standing to bring such a petition.

“The Baha Mar project is not only of critical importance to the economy of the Bahamas, it is also of critical importance to the many unsecured creditors (including Granite) who continue to be owed substantial sums

by Baha Mar,” Ms Thier alleged.

“As the situation currently stands, such unsecured creditors have no protection and cannot look to anyone - either the joint provisional liquidators or the receiver to act in their interests.”

LEGAL NOTICE

NOTICE

GLOBAL ASSET FUND LTD.

LEADON SERVICES LIMITED

Murphy Suriname Company Ltd.

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), GLOBAL ASSET FUND LTD., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 13th day of July, 2016.

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), LEADON SERVICES LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 13th day of July, 2016.

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 13th day of July, 2016.

ROCKWELL LTD., of #25 Mason Complex, Stoney Ground, The Valley, Anguilla.

Liquidator

Delano Aranha Liquidator of Murphy Suriname Company Ltd.

CHAN Che Wai of 11/F., Dawning House, 145 Connaught Road Central, Hong Kong Liquidator

LEGAL NOTICE

Legal Notice

NOTICE

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

Murphy Central Dohuk Oil Co., Ltd.

DIXON EQUITIES LTD. Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), DIXON EQUITIES LTD., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 13th day of July, 2016.

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 13th day of July, 2016.

OSCAR MONTALDO Plaza Cagancha 1145 Piso 6 Liquidator

Delano Aranha Liquidator of Murphy Central Dohuk Oil Co., Ltd.

Legal Notice

Legal Notice

Legal Notice

NOTICE

NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

CORPORATE ADVISORY LTD

OMERTAL LIMITED

V.E.S.E. CORPORATION

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), CORPORATE ADVISORY LTD, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 13th day of July, 2016.

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), OMERTAL LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 24th day of May, 2016.

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), V.E.S.E. CORPORATION, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 15th day of July, 2016.

ANA INES MONTALDO Plaza Cagancha 1145 Piso 6 Liquidator

ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

Mr. Alfred Victor Brewster Baie Lazare Mahe Seychelles Liquidator

THE TRIBUNE

Friday, July 22, 2016, PAGE 5

QC blasts Sarkis for ‘obstruction’ From pg B1 Mr Izmirlian said he was again acting in the best interests of Baha Mar’s 3,000plus unsecured Bahamian creditors, including contractors, vendors and staff, but Mr Munroe implied that other motives were behind the move.

He suggested that Baha Mar’s original developer was trying to make life difficult for the project’s Deloitte & Touche receivers, and attempting to block the selection of a preferred bidder to buy the $3.5 billion development.

Describing Mr Izmirlian’s latest gambit as a legal ‘long shot’, Mr Munroe told Tribune Business: “It’s grasping at straws.

“It’s a last ditch effort.

They are no doubt of the view that the property is close to being sold, and they are just trying to be obstructive.

Mr Munroe said that with all interested parties required to submit bids to Baha Mar’s receivers

by May 10, the Deloitte & Touche team of local managing partner, Raymond Winder, and two Hong Kong-based accountants, would likely be close to completing their evaluations of the offers.

And, recalling Prime Minister Perry Christie’s comments this week that he anticipated a Baha Mar resolution shortly, Mr Munroe added: “I expect they’re at the point of choosing somebody and working out the terms.”

Tribune Business sources close to Baha Mar devel-

opments last week said the receivers were leaning towards one of the two shortlisted bidders as the preferred offer.

The two remaining bid groups are thought to include Macau gambling magnate, Stanley Ho, on one side, and Mr Izmirlian’s fellow Lyford Cay-based billionaire, Joe Lewis, and his Tavistock Group, the Albany developers, on the other.

Mr Munroe, meanwhile, dismissed Mr Izmirlian’s claim that his latest Supreme Court move was intended to benefit all creditors, branding it as “selfishness”.

“It’s selfishness that put themselves in this position, and he’s not thinking about what’s in the best interests of creditors,” the QC added.

“There are many technical reasons it’s [the new action] a non-starter in my view, and many substantive reasons it wouldn’t get anywhere.”

Outlining those reasons, Mr Munroe said Mr Izmirlian knew he had allowed the China ExportImport Bank to take all of Baha Mar’s assets as security for its $2.45 billion financing, meaning there was nothing “that doesn’t belong to the bank” or its receivers.

He then challenged Granite Ventures’ assertion that it was an unsecured Baha Mar creditor, pointing that this stemmed from providing the project with operational financing during its stay in Chapter 11 bankruptcy protection.

Sarkis fears Baha Mar ‘undervalued’ in sale From pg B1 The receivers, who act for Baha Mar’s secured creditor, the China Export-Import Bank, are unlikely to take action against CSCEC and its China Construction America (CCA) subsidiary, given that it would undermine talks between all sides aimed at completing Baha Mar’ physical construction.

And given that all the Chinese entities have the same owner, the Beijing government, they are unlikely to take legal action against each other.

Mr Izmirlian’s and Granite Ventures’ latest legal manoeuvre is seeking Supreme Court permission for the latter to replace the National Insurance Board (NIB) as the entity petitioning to wind-up Baha Mar. They also want to “accelerate” Baha Mar’s move into full liquidation, from its current provisional liquidation status, with the appointment of two Ernst & Young accountants as liquidators.

And, tied to this, Mr Izmirlian and Granite Ventures also want to bring forward the next windingup petition hearing that is scheduled for September 30, 2016, arguing that this is likely to be adjourned yet again.

Explaining why full liquidation “would offer increased protection to Baha Mar’s unsecured creditors”, Ms Thier alleged: “First, liquidators would be in a far better position that the receiver/managers to increase Baha Mar’s pool of assets by investigating and pursuing the claims available to it.”

Ms Thier said Deloitte & Touche had “given no indication” they would pursue the legal claims against Baha Mar’s Chinese partners, and added: “This may be a consequence of sensitivities arising from the basis of their appointment - as appointees of China Export-Import Bank acting on China Export-Import Bank’s behalf.

“Liquidators would be subject to no such sensitivities, and could scrutinise fully the various assumptions of debt by Baha Mar.” Ms Thier added that full liquidators would act as “a check” on the receivers’ activities, and said: “They may, for example, be minded to ensure that the receiver/managers take steps to obtain the best possible price for any assets sold or compromised.”

Granite Ventures, in a statement issued yesterday, said the provisional liquidation had been “inappropri-

ately prolonged”, and failed to provide any transparency or standing for unsecured Bahamian creditors as to what was happening to resolve their claims.

It argued, on Mr Izmirlian’s behalf, that the process had only served Chinese interests, and added: “The Government of the Bahamas, acting in concert with these Chinese entities as it courts economic benefits from China, first pushed Baha Mar into the provisional liquidation process, and subsequently has resisted alternative approaches that would have placed Baha Mar on a sound financial footing.

“The result is that all parties who have had an economic interest in Baha Mar have been subject to the alltoo-secret agenda of China Export-Import Bank and CSCEC, the only parties to seemingly have protection under Baha Mar’s provisional liquidation.”

Granite Ventures continued: “Precious time has been wasted, and the asset of Baha Mar can only have dissipated, a captive of the provisional liquidation and the machinations of China Export-Import Bank.

“In the inordinately long provisional liquidation, a time period well beyond what provisional liquidations are meant to cover,unsecured creditors, including hundreds of Bahamian companies, remain

Mr Munroe, though, questioned whether the Government - via the National Economic Council (NEC) and the Central Bank - gave permission for Granite Ventures, as a foreign-owned and domiciled entity, to make that foreign currency loan.

If it did not, he suggested the whole basis for Granite Ventures’ claim was undermined, as it was a “nonsanctioned” loan.

Mr Izmirlian’s latest legal move appears to be a variation on Granite Ventures’ previous bid to acquire the rights to Baha Mar’s $192 million claim against its contractor’s parent, which was rejected by the Supreme Court.

He is once again presenting himself as the ‘champion’ of Bahamian creditors’ interests, arguing that neither the receivers, not the joint provisional liquidators, have the inclination or wherewithal to do so.

In particular, Mr Izmirlian is arguing that Deloitte & Touche, as the China Export-Import Bank’s court-approved agents, will act predominantly in Chinese interests as opposed to those of the Bahamian creditors.

And the joint provisional liquidators, Bahamian accountant Ed Rahming, and the UK duo of Alastair Beveridge and Nicholas Cropper, have not been empowered with the funding necessary for them to properly fulfill their role.

Several observers have suggested that if the Christie administration wants to see more rapid progress on a Baha Mar resolution, it should finance the joint provisional liquidators, and provide them with the required funding.

Tribune Business sources, meanwhile, have disclosed that the only reason the joint provisional liquidation has remained in place is to protect the China Export-Import Bank and its receivers from any lawsuits filed by unsecured creditors.

In effect, by extending the joint provisional liquidation indefinitely, the Government and its agencies are buying time for the Chinese and Deloitte & Touche to determine, and resolve, Baha Mar’s fate without any major legal impediments.

The timing of Mr Izmirlian’s new manoeuvre is also probably not coincidental, given the recent $192 million claim rejection, and the fact it is now just over one year since the National Insurance Board (NIB) and other government agencies petitioned to wind-up Baha Mar. Should he and Granite Ventures succeed, the appointment of two Ernst & Young accountants would at least wrest partial control of Baha Mar’s fate from the Chinese and their receivers.

But, in adding a layer of oversight to Deloitte & Touche’s activities, it may also disrupt any Baha Mar sales process and selection of a preferred bidder, further delaying a resolution.

At the very least, Mr Izmirlian’s latest move may ‘force the pace’ with the receivers, pushing them to identify and name a preferred bidder, and conclude negotiations with that party, more rapidly.

Mr Winder and the receivers’ attorneys, Lennox Paton, did not respond to calls and messages seeking comment last night. Nor did Mr Rahming.

unpaid and with no visibility into either the likelihood or the timing of any repayment of debts owed.”

Mr Izmirlian’s company also slammed the “complete ineffectiveness and indifference” of the joint provisional liquidators, Bahamian accountant Ed Rahming, and the UK duo of Alastair Beveridge and Nicholas Cropper, in protecting unsecured creditors and pursuing potential recoveries for their benefit.

“The joint provisional liquidators have been given little authority and no funding, resigning them to figurehead positions rather than enabling the best resolution of the current situation,” Granite Ventures added.

“Under the Granite filing, we are proposing the appointment of permanent liquidators, who would have a seat at the table to ensure that the value of the Baha Mar assets is maximised.”

NOTICE The Utilities Regulation and Competition Authority (URCA) invites interested entities to submit proposals for the provision of audit services. The term of the audit engagement is for three (3) years – reporting on the financial statements for the years ending 31 December 2016, 2017 and 2018.

The deadline for submission is August 8, 2016. A copy of the Request for Proposal (RFP) may be downloaded from URCA’s website at www.urcabahamas.bs/

PAGE 6, Friday, July 22, 2016

QC hired for ‘FLIP’ probe From pg B1 Tribune Business previously revealed how GBPA licensees fear FLIP will create “an uneven playing field” for Bahamian-owned businesses, and give Gold Rock an unfair competitive advantage over rival Free-

port retailers.

A list of concerns drawn up by the Grand Bahama Chamber of Commerce, which was seen by this newspaper, said FLIP threatened to “create an extraordinary (and inequitable) competitive situation”, given the bonuses and incentives offered

MACHINERY & ENERGY LIMITED

Parts Warehouse Clerk and Counter Sales Person Machinery & Energy Limited, Parts Department, is looking for candidates to work in its Parts Warehouse and a Counter Salesperson. Candidates should have an academic high school diploma; Successful candidates will be trained to work in the Parts Department Warehouse, assisting with Inventory Control, rebuilding hoses, and Customer Service. Experiences in Warehousing and Customer Service would be an asset.

to Gold Rock for on-time completion of the industrial park.

And, while the GBPA will be the landowner and the regulator, Gold Rock is FLIP’s developer and contractor.

“Part of the research is to see what approvals they have to do what the Port represents they will do,” Mr Munroe said of Gold Rock, adding that one of the concerns was whether Bahamian contractors would be excluded from work at FLIP. “Even if they do have these approvals, it seems unfair in an economically depressed place like Freeport to give that business to a foreign concern, when you have licensees of the Port with the requisite skills.”

Mr Munroe said his clients were also concerned that FLIP and its tenants, and Gold Rock, would receive preferential incentives and treatment compared to their own businesses.

“The ‘one-stop shop’ concept gives the impression that people setting up residence there [FLIP] will be treated preferentially compared to someone coming to another licensee’s premises,” he added.

“The other troubling part is talk of lower utility rates [for FLIP tenants] . Ultimately, those paying full rates will be subsidising those people. That could create circumstances where I’m subsidising my competitor’s utility bills, and that can’t be fair.”

Mr Munroe continued: “It’s a matter of researching that and whether that can be legitimately done....

“The people that came to me said the concept being proposed, in its manner of execution, did not appear to be fair. When Bahamians feel something is unfair, they seek out counsel. They want me to look at it, and see if the manner of execution can be done fairly. Is there anything that can be done legitimately to stop it, period, or stop it being done in a manner that is unfair.”

Mr Munroe said his research into the issue was unlikely to take long, and added: “The Bahamas government needs to be concerned if approvals have been given.”

The GBPA’s Bahamianowned licensees are especially worried that the incentives and benefits flowing from the FLIP deal will aid

New mobile operator names HR director From pg B2 Patrice Thompson will lead the human resources team as director.”

He added: “She brings a wealth of people-centric experience gained over many years, both at home in the Bahamas and abroad, across the leisure, tourism and financial services industries. A consummate

Send complete resume with education and work experience to M & E Limited, P. O. Box N-3238, Nassau, Bahamas, Attention Human Resources Department, or email: me@me-ltd.com

professional, I have every confidence Patrice will drive the human resources function as we journey together to make the Bahamas’ newest cellular network a reality.”

Mrs Thompson said: “The people I have met within the NewCo operation are absolutely dedicated to the successful delivery

NOTICE

NOTICE is hereby given that LOVE CARNISE JEAN of ACKLINS STREET, ANDROS AVE, P.O. BOX GT2876, NASSAU, BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd DAY of JULY, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Only persons with the necessary requirements will be contacted.

MARKET REPORT THURSDAY, 21 JULY 2016

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

BISX ALL SHARE INDEX: CLOSE 1,962.77 | CHG -3.80 | %CHG -0.19 | YTD 138.82 | YTD% 7.61 BISX LISTED & TRADED SECURITIES 52WK HI 3.65 17.43 9.09 3.50 4.70 0.18 8.34 8.35 6.10 10.60 15.50 2.72 1.60 5.80 8.75 11.00 7.90 6.90 12.25 11.00

52WK LOW 2.21 17.43 9.09 3.14 4.70 0.12 5.85 7.25 5.50 6.85 14.48 2.25 1.27 5.51 6.00 9.85 6.01 5.55 11.75 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 105.50 100.00 100.00 100.00 105.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

LAST CLOSE 3.65 15.85 9.09 3.50 5.22 0.12 6.50 8.35 5.84 10.58 14.49 2.74 1.41 5.80 8.75 10.96 7.90 6.36 11.93 10.00

CLOSE 3.65 15.85 9.09 3.50 5.22 0.12 6.50 8.35 5.84 10.50 14.49 2.70 1.41 5.80 8.75 10.93 7.90 6.36 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.08 0.00 -0.04 0.00 0.00 0.00 -0.03 0.00 0.00 0.00 0.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

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

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330

115.23 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 500

1,000

6,805

VOLUME

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000

P/E 12.0 11.7 8.4 15.9 N/M N/M 35.1 15.2 11.5 19.4 27.4 28.7 8.5 11.4 14.3 11.4 12.2 9.0 15.8 0.0

YIELD 2.47% 6.31% 0.00% 4.57% 0.00% 0.00% 2.88% 3.11% 3.42% 3.43% 4.21% 2.22% 2.84% 4.14% 3.14% 0.00% 3.54% 1.89% 5.36% 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%

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

THE TRIBUNE Gold Rock and its owners, the Florida-based Del Zotto family, in their ambitions to dominate Freeport’s hardware retailing market.

This newspaper revealed last month how Gold Rock is constructing a 130,000 square foot store under construction at the 300-acre FLIP park, which it will develop as part of its joint venture with the GBPA. Apart from the potential “inequity” created by the FLIP deal, Tribune Business was told that Freeportbased rivals are questioning whether the new Gold Rock mega store is “feasible”, given that its primary market is just 50,000-60,000 strong.

With numerous Bahamian-owned retailers already in this space, the fear is that the market is not big enough for all, and the Del Zottos with businesses in four US states - will exploit their financial muscle and the natural competitive advantages enjoyed by foreigners to squeeze existing Bahamian businesses out of the hardware/retail sector.

Henry St George, the GBPA’s vice-president, unveiled FLIP at the Grand Bahama Business Outlook earlier this year.

FLIP’s 300-acre site, which runs directly west along the highway from Grand Bahama International Airport’s domestic terminal, was selected because Gold Rock’s existing businesses can serve as ‘anchor’ tenants.

Mr St George explained that the FLIP project was designed to smooth the entry of international businesses to Freeport, adding that there had already been interest from potential tenants.

FLIP tenants will be provided with sites ranging from three to 11 acres, with a “customisable turnkey business headquarters” then built for them by Gold Rock.

Mr St George said there would be a $7.5 million investment in FLIP’s infrastructure, with phase one vertical investments totalling $18 million.

“The site has been divided into four phases, and the transaction has been structured so that the development of 75 per cent of Phase 1 has huge economic benefits to the developer if it is completed within the targeted three-year window,” he added, in reference to Gold Rock.

of this business. There is incredible energy, expertise, vitality, experience and focus to get the job done.

“In my role, I will provide the guidance, structure and operational framework to ensure this continues and grows as we identify, select, recruit and develop the very best people.

“Along with my colleagues on the senior management team, I share a commitment for the development of Bahamian talent. Our focus as a team,

along with my leadership within the human resources area, is to ensure wherever possible we deliver on this commitment.”

Mrs Thompson started as an operations leader at Atlantis, managing marketing, sales, and customer experience. She then switched to human resources as an executive director of talent and sourcing, where she attracted and retained senior level talent for one of the leading resorts in the Bahamas.

NOTICE

NOTICE is hereby given that HENRY FRANCIS of Balfour Ave., 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 15th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that NEKAYLA SHERRELL AISHA PRATT of Celery Drive, Yellow Elder, P.O.Box N-9328, 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 15th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that HERMIN MERVIA DUSSIE OF SERENITY GARDENS, NASSAU, BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd DAY of JULY, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JACQUELINE DORESTANT of WELLTON STREET, NASSAU, BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd DAY of JULY, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MUTUAL FUNDS 52WK HI 1.99 3.89 1.91 167.58 138.35 1.44 1.67 1.55 1.06 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.38 1.53 1.47 1.03 6.11 6.93 5.55 10.37 8.65

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 Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund

NAV 1.99 3.89 1.91 167.58 136.68 1.44 1.67 1.55 1.06 6.67 8.01 5.81 10.66 8.65

YTD% 12 MTH% 2.09% 4.15% 3.06% 6.67% 1.39% 3.06% 3.41% 5.18% 2.95% -0.58% 1.89% 3.91% 2.32% 8.70% 1.68% 5.28% 2.77% 1.26% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%

NAV Date 30-Jun-2016 30-Jun-2016 24-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-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 - 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

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

. C O M

@100JAMZ242 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

THE TRIBUNE

Friday, July 22, 2016, PAGE 7

US unemployment applications dip to 253,000 last week WASHINGTON (AP) — The number of Americans seeking unemployment benefits declined slightly last week, falling to the lowest point in 13 weeks.

The Labor Department said Thursday that weekly benefit applications dipped by 1,000 to 253,000, the lowest level since it stood at 248,000 for the week of April 16. The weekly claims applications had been at 254,000 for the previous

two weeks.

Weekly claims, which are a proxy for layoffs, have been below 300,000 for 72 consecutive weeks, the longest stretch since 1973.

Despite this prolonged low level, there had been worries that employment growth was slowing after weak reports in April and May. However, the anemic increase of 11,000 jobs in May was followed by a gain of 287,000 in June, easing fears that the country's job

machine might be sputtering.

The less volatile fourweek average declined to 257,750, down from 259,000 the previous week.

“Claims continue to signal strength, even if the last few readings have been exaggerated on the low side by seasonal adjustment issues,” said Jim O'Sullivan, chief U.S. economist at High Frequency Economics. He said the level of benefit applications in recent

a man fills out a job application at a job fair, in Miami Lakes, Fla. Yesterday, the Labor Department reports on the number of people who applied for unemployment benefits the week before. (AP Photo)

European stocks down as ECB leaves interest rates on hold TOKYO (AP) — European stocks were down slightly on Thursday, despite gains in Asian, after the European Central Bank left its interest rates on hold as it monitors the impact of Britain’s vote to leave the European Union.

KEEPING SCORE: France’s CAC 40 was down 0.4 percent at 4,362 while Germany’s DAX was 0.1 percent lower at 10,133.

Britain’s FTSE 100 fell 0.5 percent to 6,698. U.S. shares were also set to drift slightly lower with Dow and S&P 500 futures both down 0.1 percent.

EUROPE POSTBREXIT: Investors are watching for a news conference by the European Central Bank president, Mario Draghi, to see what he might do to shore up regional growth. The bank earlier left its key rates on hold at record lows at its

first meeting since the U.K. vote. Draghi could indicate a willingness to extend the duration of the ECB’s bond-buying stimulus program.

ANALYST QUOTE: “Mario Draghi’s speech is hotly anticipated by investors as they look for clues and guidance on what measures the central bank will take post Brexit to navigate through uncertainty,” said Alex Wijaya, senior sales trader at CMC Markets.

ASIA’S DAY: Japan’s benchmark Nikkei 225 added 0.8 percent to finish at 16,810.22. South Korea’s Kospi slipped nearly 0.2 percent to 2,012.22. Hong Kong’s Hang Seng edged up 0.6 percent to 22,004.63.

The Shanghai Composite rose 0.4 percent to 3,039.01.

JAPAN STIMULUS: Japanese media reported the government may be

considering a 20 trillion yen ($186 billion) fiscal stimulus package. That sent Japan’s benchmark and the U.S. dollar higher against the yen. A cheap yen is a plus for Japan’s giant exporters.

U.S. COMPANIES: Technology stocks finished higher on Wall Street, following an encouraging report from Microsoft that said momentum in its cloud-computing business helped it to return to a profit in its fiscal fourth quarter.

ENERGY: The price of U.S. crude oil rose 20 cents to $44.85 per barrel. Brent crude, the international benchmark, fell 29 cents to $46.88 a barrel.

CURRENCIES: The euro rose slightly to $1.1018 from $1.1015, while the dollar rose to 106.15 yen from 106.01 yen.

weeks was evidence that there has been no significant slowdown in employment growth this summer.

Ian Shepherdson, chief economist at Pantheon Macro, said that the continuing low level of benefit applications was good news but was not likely to remain at such low levels. He said

the current weekly readings were being distorted by auto plant shutdowns for the annual model year change-overs.

Even with the strong June increase in jobs, the trend in job gains has been slowing from the sizzling pace set last year. That development had been expected given that the economic expansion has now entered its eighth year.

Economists are encouraged that layoffs have not been increasing. They view that as evidence that businesses are confident that the economy will continue

growing at a solid pace in the face of unexpected bumps such as the June 23 vote in Britain to leave the European Union. That development sent temporary shockwaves through global financial markets.

The U.S. economy has turned in anemic growth rates for the past two quarters, expanding at a modest pace of just 1.1 percent, as measured by the gross domestic product, in the January-March quarter.

Analysts believe GDP accelerated to growth above 2 percent in the just-completed April-June quarter.

PAGE 8, Friday, July 22, 2016

THE TRIBUNE

Stocks pull back, halting a record-setting win streak NEW YORK (AP) — Stocks fell Thursday after a mixed set of earnings reports put at least a temporary halt to the market’s record-setting run. Airlines had some of the sharpest drops on worries that falling fares will hurt their profits.

The Dow Jones industrial average sank, breaking a nine-day winning streak, its longest in three years. It lost 77.80 points, or 0.4 percent, to 18,517.23.

The Standard & Poor’s 500 index fell 7.85, or 0.4 percent, to 2,165.17. The Dow and S&P 500 have been setting a series of alltime highs this week. The Nasdaq composite sank 16.03, or 0.3 percent, to 5,073.90.

“It’s surprising how strong the market has been,” said Rich Weiss, senior portfolio manager at American Century Investments. Not only are companies in the midst of reporting another quarter of weaker earnings, U.S. economic growth is still only modest, and it’s even weaker elsewhere in the world.

“The only logical explanation is that it’s a horse race and that, relative to the

the American flag and Wall Street sign outside the New York Stock Exchange. European stocks were down slightly yesterday, despite gains in Asia, after the European Central Bank left its interest rates on hold as it monitors the impact of Britain’s vote to leave the European Union. (AP Photo) other horses, the U.S. equity market is looking more attractive” than foreign stocks, bonds and other investments, Weiss said.

Stock markets overseas were mixed after the European Central Bank left interest rates at record lows

but also said that it could add stimulus as it assesses the impact of the United Kingdom’s recent vote to leave the European Union.

The yield on the 10-year Treasury yield fell to 1.55 percent from 1.58 percent late Wednesday.

Southwest Airlines was the worst-performing stock in the S&P 500 and fell $4.71, or 11.2 percent, to $37.32. It reported weaker earnings growth than analysts expected and said a key revenue trend will turn down in the current quarter.

That helped drag down

stocks across the airline industry. Delta Air Lines, United Continental Holdings and American Airlines Group all lost 2.7 percent or more.

Intel sank $1.42, or 4 percent, to $34.27 after reporting slower revenue growth for the latest quarter than analysts expected.

Electric-car maker Tesla lost $7.86, or 3.4 percent, to $220.50 after investors weren’t impressed with CEO Elon Musk’s “master plan” for the company, which was posted on Tesla’s website late Wednesday.

Tesla is under scrutiny after one of its cars driving in Autopilot mode crashed in May, killing the driver.

Energy stocks fell with the price of oil. U.S. crude sank $1 to settle at $44.75 per barrel. Brent fell 97 cents to $46.20 a barrel in London. Wholesale gasoline fell 1 cent to $1.36 a gallon, heating oil fell 3 cents to $1.37 a gallon and natural gas rose 3 cents to $2.69 per 1,000 cubic feet.

The best-performing stock in the S&P 500 was eBay, which jumped $2.94, or 10.9 percent, to $29.93 after reporting stronger-than-

expected results for the latest quarter.

Utility stocks also largely held up, rising 0.6 percent.

They and other dividendpaying stocks have been at the forefront of the stock market’s rise this year, as investors searched for steadier returns and anything that produces income given how low bond yields are.

Utilities are up 20.2 percent so far this year, versus a 5.9 percent gain for the S&P 500. Some analysts see that as a worrying sign and want to see improvement in areas of the market that are more closely tied to the health of the economy, such as financials or companies that sell non-essential goods and services to consumers, before becoming more optimistic.

Gold rose $11.70 ounce to $1,331 an ounce, silver rose 20 cents to $19.82 an ounce and copper rose less than a cent to $2.26 a pound.

France’s CAC 40 index fell 0.1 percent, Britain’s FTSE 100 fell 0.4 percent, and Germany’s DAX index rose 0.1 percent. Japan’s Nikkei 225 added 0.8 percent, and South Korea’s Kospi slipped 0.2 percent.

ECB ready to help eurozone further if Brexit hurts

President of the European Central Bank Mario Draghi, left, is on his way to a press conference in Frankfurt, Germany, yesterday, after a meeting of the governing council. At right vice president Vitor Constancio. (AP Photo)

Calling All High

SCHOOL STUDENTS

Every year in August THE TRIBUNE publishes a popular Back to School supplement as a guide to the following academic year.

In the supplement we feature the profiles of high school students across the Bahamas and Family Islands.

We want profiles from as many schools and students as possible to make this guide essential and informative.

Profiles must include 1. Name 2. Age 3. School 4. Grade 5. Parent name or names 6. Goals and aspirations, prizes won and honours awarded

7. Name of college they will be attending (if attending) Plus a suitable photograph in .jpeg format (graduation or any other image).

How to submit profiles Email to back2school@ tribunemedia.net with ‘Back To School’ in the subject field and photos in .jpeg format.

By post to Back To School, The Tribune, Shirley Street & Deveaux Streets, PO Box N-3207, Nassau.

By hand to The Tribune office The deadline for the profiles is July 29, 2016 and there is no cost involved. For any questions please contact Tribune Features at 5022373 or 502-2387 or 502-2411.

FRANKFURT, Germany (AP) — The European Central Bank says it’s ready to give the eurozone a further dose of stimulus if Britain’s vote to leave the European Union starts to weigh on the region’s economy.

But its president, Mario Draghi, stressed Thursday that the bank would need more time to monitor the situation and refrained from any clearer indications of what would force its hand.

Britain’s unprecedented vote to leave the EU could hurt trade in the region and weigh on business confidence as it could take years to establish new trade relations. While it’s still early to tell what the full effect of the vote will be, many businesses in Europe are expressing concern.

At its first meeting since the June 23 vote, the ECB decided to leave its key interest rates on hold at record lows. But at a subsequent news conference, Draghi said the central bank had the “readiness, willingness, ability” to help the eurozone economy.

“Over the coming

months, when we have more information, including new staff projections, we will be in a better position to reassess the underlying macroeconomic conditions,” he said.

Analysts say the ECB could opt later this year - in the fall or winter - to extend its bond-buying stimulus program past its expiry date of March 2017. Under the program, the ECB currently buys 80 billion euros ($88 billion) in bonds a month. That pumps newly created money into the banking system in the hope it will increase lending and raise inflation to levels more consistent with steady growth.

That program is ongoing and was stepped up as recently as March, meaning the ECB has not yet had a chance to see the full impact of the stimulus.

Beyond the bond-buying, the central bank has lowered its benchmark interest rate for lending to banks to zero. And it has imposed a negative rate on deposits left with it by commercial banks of 0.4 percent, a penalty intended to push them to lend the money.

Europe is enjoying a modest economic recovery but inflation of 0.1 percent is abnormally low and unemployment is falling too slowly to make people in countries such as Spain and Greece feel good about the economy.

Analyst Carsten Brzeski at ING-Diba wrote in a research note that Draghi “did not give any hint on possible ECB next steps...

More action in September is possible, though not a done deal yet.”

Draghi spoke cautiously also on the discussion swirling around Italy’s troubled banks. Prime Minister Matteo Renzi has raised the possibility of using government money to bail them out, which risks a clash with new EU rules limiting the extent to which troubled banks can dip into taxpayers’ pockets.

Draghi said it was up to the EU’s executive Commission to apply the rules.

He urged action by markets and governments on cleaning up the bad loans burdening the finances of some banks, and allowed that a government backstop could play a role.