08222017 business

business@tribunemedia.net

TUESDAY, AUGUST 22, 2017

$4.00

$4.29

$4.31

Gov’t plans threaten to ‘kill’ vacation rentals

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A PROMINENT vacation rental home owner yesterday warned that the Government’s plans to tax and regulate the sector threaten “to kill it”.

Bruce Raine, International Private Banking Systems’ (IPBS) principal, told Tribune Business that unless carefully handled the Minnis administration could undermine a growing, vibrant market that was attracting a new type of tourist to this nation and helping to develop Bahamian entrepreneurs.

* Host: VAT already on booking fees * Focus on foreigners ‘hocus pocus’ * Fears loss of ‘price conscious’ visitors

An Airbnb ‘host’, Mr Raine revealed that the company was already levelling Value-Added Tax (VAT) on the Government’s behalf on ‘booking fees’, even though this activity was taking place via its website in the Republic of Ireland.

Dionisio D’Aguilar, minister of tourism, previously pledged that VAT would not be levied on the sector’s rental income due to difficulties in determining whether landlords had passed the $100,000 registration threshold.

He suggested that an alternative taxation method will have to be found, and Mr Raine yesterday expressed concern that its imposition would drive “price conscious” renters away from the Bahamas to other destinations.

“I’ve been in it since June last year; I’ve done a year or more,” he explained of his relationship with Airbnb. “In that business

GOV’T URGED: MANDATE 50% FREEPORT SELL-OFF FOR BREAKS RENEWAL

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A WELL-KNOWN QC yesterday urged the Government to require that Hutchison Whampoa and the Port Group of Companies sell 50 per cent of Freeport’s profit-making assets in return for renewal of their tax breaks.

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that the Minnis administration should use its promised repeal of the Grand Bahama (Port Area) Investment Incentives Act 2016 to reverse what he

* QC: Negotiate Port, Hutchison sell-off * Bahamianisation ‘turned inside out’ * Use Incentive Act repeal for leverage termed “Bahamianisation turned inside out”.

Pointing out that only foreigners currently own Freeport’s key economic infrastructure and profitmaking assets, Mr Smith said the Government had an opportunity to require SEE PAGE B4

REALTOR URGES VACATION RENTAL TAX INCENTIVES THE Government was yesterday urged to provide tax incentives to the vacation rental sector, a well-known realtor warning against “extensively burdening” homeowners.

Mario Carey, chairman of Better Homes and Gardens MCR Bahamas Group, said Airbnb’s and other vacation rentals should be entitled to certain tax breaks because they effectively act as hotels.

“If Airbnb’s get real property tax exemption, it would encourage more people to use part of their homes or invest in improvements, and CHAIRMAN of Better Homes and Gardens MCR Bahamas SEE PAGE B2 Group Mario Carey.

you interact with the guest several times over e-mail and that sort of thing before you say ‘yes, come over’ or ‘no, we can’t take you’.

“What comes across increasingly is that these people, not that they are cheap, but they are price conscious. There is a limit beyond which they cannot go. By taxing it, they’re going to kill it. It’s a global thing, and there are so many places people can go.”

Mr Raine said Airbnb’s database enabled it to advise him on the likely rental rates that will attract more buyers. Acknowledging that the vacation rental site had already SEE PAGE B3 PAMELA HILL was terminated from Bahamas Power and Light.

BPL’S MANAGER RELATIONSHIP IN NEAR DISREPAIR

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light’s (BPL) relationship with its management company had almost completely broken down last night, with the latter yet to name a new chief executive to replace the terminated Pamela Hill.

Darnell Osborne, BPL’s chairman, told Tribune Business that PowerSecure was expected to name a replacement for Ms Hill before “the close of the business day”, but had failed to do so.

She denied that the Government and BPL Board’s relationship with PowerSecure was in meltdown, but acknowledged that its future depended on how the US utility operator responds to their demands.

* New CEO not named by deadline * Board demands $1.9m fraud repayment * PowerSecure ‘highly offended’ by claimed breaches These, as set out by Ms Osborne yesterday, require PowerSecure to fully reimburse BPL for the $1.9 million lost as a result of the much-publicised fraudulent cheque scheme. And the Board has also ordered the US operator to “cure all deficiencies and/or breaches” under its contract within a 30-day period that expires in mid-September.

SEE PAGE B2

$4.18 FINCO SUFFERS $10.9 MILLION ‘REVERSAL’ INTO LOSSES * $122m bad loans ‘significant increase’ * Loan loss provisions double to $7.66m * Half-year profits down 42%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FINCO suffered a $10.9 million year-over-year ‘reversal’ to generate a small loss during the three months to end-April 2017, as delinquent loans “increased significantly” to $122 million.

Royal Bank of Canada’s (RBC) BISX-listed mortgage lending arm blamed its 2017 second quarter performance, with the ‘bottom line’ slumping from a $10.667 million profit the year before into a $260,592 loss, on its non-performing portfolio.

“The bank continues to face challenges with credit origination,” FINCO said in a report to its 25 per cent Bahamian minority shareholders. “Non-performing loans, at $122 million, had increased significantly and remained at a very high level during the quarter.”

FINCO’s non-performing mortgage portfolio has grown slightly from the $119 million ‘bad loan’ pile on its books at year-end 2016, illustrating the continuing credit challenges facing all Bahamas-based commercial lenders - and not just Bank of the Bahamas.

The mortgage lender blamed that year’s 15.5 per cent increase in non-performing loans, up from $103 million at the beginning of the year, on the impact of Hurricane Matthew.

SEE PAGE B3

PAGE 2, Tuesday, August 22, 2017

THE TRIBUNE

BPL’S MANAGER RELATIONSHIP IN NEAR DISREPAIR FROM PAGE 1B

Tribune Business sources yesterday said PowerSecure was “highly offended” by both the Board’s demands and seeming high-handed attitude towards it.

They described BPL’s management partner as having “lawyered up”, and seriously considering whether to exit a five-year operating agreement that provides a maximum $25 million payout.

PowerSecure was said to be especially dumbfounded that the Government and Board were seeking to hold it financially accountable for the vendor fraud scheme when it was the management company that had requested the Ernst & Young forensic audit, having detected that something was amiss.

And they also revealed that PowerSecure is questioning the legality of Ms Hill’s termination, believing that its Management Services Agreement (MSA) gives the BPL Board the ability to request a change - but not to fire - the chief executive.

This newspaper’s contacts queried whether the Minnis administration has considered what would happen if PowerSecure does indeed leave the Bahamas, as BPL would have no management/ executive team to replace it and the stricken utility monopoly.

Ms Osborne, though, last night said the BPL Board was awaiting PowerSecure’s response to efforts to hold it accountable.

“We’re dealing with holding PowerSecure’s feet to the fire in terms of the contract they signed, and curing the breaches,” she told Tribune Business.

“They have several deficiencies and breaches.”

Disclosing that the BPL Board was waiting for PowerSecure to name Ms Hill’s replacement, Ms Osborne added: “They were supposed to do so by the close of business today. We’re awaiting FROM PAGE 1B the more interest there is in this sector of the economy, the more we grow the number of Bahamians who are owners and entrepreneurs,” said Mr Carey.

“Banks and government should fully embrace the concept and, at some point, I believe that hotels will start to make design changes to compete with vacation home rentals. Hotels offer advantages that Airbnb’s do not, including restaurants, entertainment, shopping, spas and other resort amenities.

“If they were to expand to include larger privacy areas, individual play areas, kitchenettes, I believe you would see a whole new industry emerge. I truly believe we have barely touched the potential of

FORMER BPL CEO Pamela Hill. their response, and will take the necessary steps afterwards.”

Asked to describe the Board’s troubled relationship with PowerSecure, Ms Osborne told Tribune Business: “I would not refer to it as rocky, but that is entirely up to them.”

She declined to detail the nature of PowerSecure’s “deficiencies and breaches”, but confirmed that BPL’s management partner has until mid-September to rectify them to the Board’s satisfaction after its attorney issued a letter last week.

“There are quite a few listed breaches,” Ms Osborne said.

“They’re not anything surprising.

They’re all in the Management Services Agreement. We’re acting based on the agreement we met in place.

“The listed breaches and deficiencies shouldn’t be a surprise to no one, especially PowerSecure, as this is what they agreed to with the former government and Board.

It’s up to them to remedy them. At this stage, we’re acting as fiduciaries, holding them [PowerSecure] to account.”

The major concern for Bahamian businesses and households is whether BPL’s ‘turbulence at the top’ will further disrupt operations at the Bahamas’ already-challenged utility monopoly, and potentially lead to less reliability (more power outages) and increased energy costs.

Mrs Osborne yesterday moved to calm such fears, saying: “Rest assured this Board is working very hard on behalf of the Bahamian people. We just need their support that trusts the actions of the Board.

We have a very capable team of two engineers, two accountants and a lawyer.”

PowerSecure, not surprisingly, has a completely different perspective on the situation. Tribune Business sources suggested it was questioning the legality of Ms Hill’s termination, believing its management contract only allows the Board to recommend to it that the chief executive be replaced - not to fire him/her outright.

“PowerSecure is lawyered up and fully intends to respond,” one contact, intimately familiar with developments, said on condition

of anonymity. “They are taking this very seriously. They are highly offended over the way this has been handled.”

The US-based utility, now part of Southern Company, was said to be especially incensed by the Board’s demand that it refund the $1.9 million fraud loss given that it was itself, and the now-terminated Ms Hill personally, who called for the forensic audit that uncovered the scheme.

“It was part of them doing their job,” the source said. “They had their own questions, and called in the audit.”

Astrid Bodie, the Bahamas Electrical Workers Union (BEWU) general secretary, yesterday questioned why the BPL Board was demanding the $1.9 million from PowerSecure rather than hold those responsible accountable.

“Union officers met with the Board this morning, and the Board informed them they intended to go after PowerSecure for $1.9 million that went missing under their watch in the accounts department,” she told Tribune Business.

“The union wants to know how they can go after PowerSecure when they had no direct control over that money that went missing, and how can you not hold the managers accountable?”

Ms Bodie said all payment requests had to be accompanied by between five to 10 supporting documents before cheques were written, and authorisations given.

“We’re very sorry they terminated Ms Hill because she had a very good working relationship with the union,” she added. “She was very fair in the workplace, and a big breath of fresh air for the union when she came.”

Suggesting that the BPL Board’s public criticisms and demands could have fractured the relationship with PowerSecure beyond repair, another source queried whether Ms Hill’s termination was an attempt to force the management company out, too.

However, PowerSecure was said to be conscious that an immediate withdrawal from its management contract could be interpreted as a sign it was at fault - and that the Board’s alleged “breaches and deficiencies” claim is correct - when it firmly believes this is not the case.

“They could go the way of exiting, but there is reputational risk, and they want to be clear why they left - that it was not a question of performance,” the source said.

“They feel they could be blamed for what has and has not happened under the PLP. They’ve been put in a tough spot.”

The former Christie administration rejected PowerSecure’s request for an increase in BPL’s base tariff rate, which would have boosted cash flow and ended its practice of selling electricity ‘below cost’ - freeing up funds for muchneeded maintenance.

And the previous government’s failure to refinance the Bahamas Electricity Corporation’s (BEC) $650 million-plus in legacy debts and environmental liabilities via the promised Rate Reduction Bond (RRB) has also left PowerSecure and BPL’s hands tied financially.

Tribune Business also understands that PowerSecure believes it should have been awarded more than the $1.1 million ‘bonus’ it received for its first year, following the signing of its management contract in March 2016.

The company’s case is that it hit so-called ‘key performance indicators’, such as reliability, something that will likely be greeted with derision by many Bahamians. And it also feels it has not received proper compensation for upgrading Harbour Island’s generation assets.

“It’s an unfortunate turn of events,” one source told Tribune Business, speaking on condition of anonymity.

“But what’s next? If PowerSecure leave, they [BPL] don’t have a leadership team in there.

“They don’t have the expertise in-house.”

REALTOR URGES VACATION RENTAL TAX INCENTIVES the Airbnb and short-term vacation rental phenomenon that costs us absolutely nothing to pursue.”

Mr Carey added: “We need to officially recognise this facet because it is a growing and important part of our tourism product, but we cannot burden the homeowner extensively.

I believe a one-time health inspection or annual health inspection would be fine; a license, and payment of the fee at the front end directly to Airbnb, would be a reasonable proposition. The Ministry of Tourism already cleared up much of the confusion and we are moving in the right direction.”

Mr Carey said the Bahamas had barely scratched its

potential in the short-term home rental market.

“Airbnb is revolutionising the travel market, enabling visitors to live in a home or apartment where they can experience local life.

“Airbnb’s popularity among families is especially strong. They may be able to enjoy a pool, a back yard where children can play, a patio for friends to come over for a barbeque,” said Mr Carey.

“While it is a great business for the homeowner and a great experience for the visitor, short-term home rentals like listings on Airbnb should also be viewed as a trigger for economic growth.

“The potential is unlimited with the trickle down effects, and now that the Ministry of Tourism has signed an agreement with Airbnb the uncertainty about taxation, collection and referrals is resolved.

“That is definitely a step in the right direction that opens many more doors without burdening the homeowner with over-regulation.”

Online booking portals such as Airbnb and HomeAway create new ways for visitors to experience destinations, and are accounting for a larger share of the visitor market. Airbnb now accounts for some 80 million guest arrivals in 191 countries, with $3.5 billion

in earnings projected by the year 2020.

The Bahamas currently has between 1,200 and 2,000 Airbnb rentals. Homeowners list their properties on the website, and Airbnb posts availability with photos and comments about the property from those who have stayed there previously. The homeowner cannot remove or alter negative comments, should there be any, without good reason - a feature that adds to the site’s credibility.

Mr Carey said the vacation rental market should boost construction, banking and Bahamian investment.

“Banks should be able to rely on Airbnb revenue, which can be verified, so

they can lend to a homeowner who wants to expand or improve their property or build a second home to take advantage of the market,” he added.

“That means new business for banks or other lenders.

“Meantime, the homeowner is engaging a contractor so that adds jobs to the economy. And that homeowner is growing their income stream.

“This model has worked extremely well in the Family Islands. In Abaco, it was the model long before Airbnb was even created, and there is a whole rung of the economic ladder that thrives on short-term home rentals.”

THE TRIBUNE

Tuesday, August 22, 2017, PAGE 3

GBPA battles indiscriminate dumping, rundown buildings THE Grand Bahama Port Authority (GBPA) yesterday said it was moving to upgrade Freeport’s appearance by combating illegal dumping and dilapidated buildings.

Ian Rolle, the GBPA’s president, said: “The acts of those who contribute to the downtrodden appearance of the city, intentional or not, are forcing us to intensify our efforts to counteract their actions. Since Hurricane Matthew we have been carrying out structural inspections of a number of buildings throughout the city with a view of working with the owners to repair where necessary and/or demolish in severe cases.

FROM PAGE ONE promised to co-operate with the Government via their recently-signed Memorandum of Understanding (MoU), he added: “It’s going to be to everyone’s detriment in my view.

“It’s not that the people don’t contribute.

“They pay departure taxes, rent cars, go to the grocery store and walk all over the place.

“They’re not cheap; not like the cruise ship passengers. When people leave my home, there’s usually food still in the fridge and it’s organic. They buy high-end food.”

“In instances where we have gotten no response or actions on the part of the owner, we have commenced our legal process to demolish the buildings that are earmarked for demolition.

We feel this will also present the opportunity for new investment and redevelopment; to achieve the rich, aesthetically pleasing, well-planned city we have known Freeport to be.”

The significant damage caused by Hurricane Matthew has exacerbated the problem, forcing the GBPA to hire sub-contractors for the clean-up effort. It added that certain areas appeared to be more prone to illegal dumping.

“We would really like the co-operation of building owners to take the necessary steps, not only with structural repairs but also with exterior physical improvements to these buildings and the properties where these structures sit, to create a better overall appearance”.

Nakira Wilchcombe Nakira Wilchcombe, the GBPA’s director of building and development services, together with Lucaya Services Company (LUSCO) president, Graham Torode, said every resident plays a role in keeping Grand Bahama.

Ms Wilchcombe said: “Partnership between city residents,

the business community and the GBPA alike is critical in ensuring that our surroundings are kept clean.

“Much effort has also been made - and is continuing to be made - to work with the owners of dilapidated structures to execute

the necessary repairs and, where repairs are impractical, to take down such buildings.

“We would really like the cooperation of building owners to take the necessary steps, not only with structural repairs but also with exterior physical improvements to these buildings and the properties where these structures sit, to create a better overall appearance”.

The GBPA is working with Sanitation Services to improve the timeliness of garbage collection response. It urged persons to use the Pine Ridge Landfill, rather than engage in indiscriminate dumping around Freeport to dispose of garbage.

Gov’t plans threaten to ‘kill’ vacation rentals Mr Raine expressed concern that the Bahamas felt it could follow the likes of the US in imposing taxes on Airbnb and other vacation rentals, yet had failed to realise those nations do not have to contend with high electricity costs and inadequate public transportation.

“It’s no good saying tax it because it’s there,” he told Tribune Business. “It won’t be there.”

Mr Raine said perceptions that most vacation rental hosts were foreign second homeowners was not

FINCO SUFFERS $10.9 MILLION ‘REVERSAL’ INTO LOSSES FROM PAGE ONE

The non-performing loan rise also impacted FINCO’s top-line, with second quarter interest income down yearover-year by 11.8 per cent at $14.414 million compared to $16.344 million in the same period during 2016.

As a consequence, net interest income fell by 18.2 per cent to $10.418 million compared to $12.74 million the year before, while total income was off by 18.4 per cent at $10.978 million as opposed to $13.447 million.

However, FINCO’s total net and comprehensive income was plunged into a minor loss by the $7.085 million in loss loss provisions its deteriorating loan portfolio was required to take.

Explaining the impact for the half-year, FINCO told shareholders: “The bank’s net profit for the six months ended April 30, 2017, was $9.1 million, which represents a decrease of 42 per cent or $6.7 million when compared to the corresponding period for 2016. This decrease is attributed mainly to lower interest income and an increase in loan loss provisions.’

For the 2017 first half, interest income was down by 8.1 per cent compared to the prior year period, standing at $29.519 million compared to $32.125 million.

Net interest income came in 7.8 per cent down yearover-year, standing at $22.546 million compared to $24.441 million in 2016, while total income was down by a similar margin at $23.692 million as opposed to $25.767 million.

As with the second quarter results, the 101.4 per cent year-over-year increase in loan loss provisions, which more than doubled from $3.8 million to $7.655 million, drove the decline in FINCO’s results.

The continuing difficulties in finding qualified borrowers saw FINCO’s credit portfolio decline by almost $16 million in the six months to end-April, closing the half-year at $766.636 million.

correct, as most of those he encountered when trying to find accommodation for visitors he was unable to take were Bahamians.

“The thing that irritates me so much is they talk about foreigners, but the Airbnb hosts in the Bahamas - and I run into many of them - those are Bahamians who are entrepreneurs,” he added.

“They are getting into a new business. They are doing a good job. Why penalise them? For the Government to say it’s foreigners, that’s hocus pocus.

These Bahamians don’t ask anything from the Government. They take it on, do the work, and now you’re going to penalise them.

You’re going to throw it all

away. It’s awful. It’s really bad.”

The vacation rental market has increasingly been viewed as an opportunity to better diversify the Bahamian tourist market, and attract a different type of longer-stay visitor wishing to stay in non-hotel accommodation.

Seen as holding great promise for Family Island development, the sector also provides avenues to develop Bahamian entrepreneurship and diversify tourist spending directly into businesses and communities away from the main hotel/casino strips.

Mr Raine said his own calculations suggested that vacation renters spent $7-$10 million per year directly with their hosts, and a similar sum with food stores, rental car companies and excursion operators “the whole nine yards”.

He added that the income received by rental hosts and others was injected back into the economy, increasing the velocity with which money circulated and helping to generate other jobs and economic activity.

The hotel industry, though, and others have

called for the creation of a ‘level playing field’ between themselves and the vacation rental industry when it comes to regulation and taxation, arguing that the latter need to contribute to infrastructure maintenance and other areas.

Mr Raine, though, questioned whether other vacation rental websites, such as Vacation Rental by Owner and Bahama Rentals, would be as co-operative as Airbnb in dealing with the Government.

Suggesting that this would penalise “only one segment of the market”, he said Airbnb was already levying 7.5 per cent VAT on the Government’s behalf on website booking fees.

While this amounted to just $2 on a $30 fee, Mr Raine questioned the legality of the Government’s actions.

“I don’t think the legislation supports them taking that fee,” he told Tribune Business.

“They charge this in the Republic of Ireland, and have given them a TIN (Taxpayer Identification Number), but that is supposed to specify a location.

How can VAT be charged in Ireland? They’re charging me for something they’re doing in Ireland using their website.

“I know they need money, but that is really off the chart. I think they need to leave that alone.”

POSITION AVAILABLE Establish Bakery Needs an experienced Bread Baker please send resumes to: neebaker17@gmail.com

PAGE 4, Tuesday, August 22, 2017

THE TRIBUNE

ASIAN SHARES MIXED AHEAD OF KOREAN DRILLS, BANKER MEETING

By KELVIN CHAN, AP Business Writer HONG KONG (AP) — Asian stocks were mixed Monday as investors monitored joint military drills between U.S. and South Korean forces and awaited a key meeting of central bankers later this week.

KEEPING SCORE: Japan’s benchmark Nikkei 225 index lost 0.4 percent to 19,384.64 and South Korea’s Kospi dipped 0.2 percent to 2,354.28. Hong Kong’s Hang Seng rose 0.4 percent to 27,159.33 and the Shanghai Composite Index edged up 0.1 percent to 3,272.20. Australia’s S&P/ASX 200 shed 0.4 percent to 5,724.20.

MOUNTAIN MEETING: Central bank officials from around the world will be gathering for an annual three-day conference at a mountain resort in Jackson Hole, Wyoming, starting Thursday. Investors will be scrutinising remarks from the policymakers due to speak, including Fed chief Janet Yellen and European Central Bank head Mario Draghi, for any hints on the future direction of interest rates and economic stimulus programs, which will have implications for global stock markets.

MARKET VIEW: “All eyes turn to Wyoming this week, where central bank heads and academics come together to swap ideas, and this time, in all probability, to ask, ‘Where on earth is the inflation we all expected, and what do we do with rates?’” said ING Economist Rob Carnell.

WAR GAMES: U.S. and South Korean forces are starting annual joint military exercises that could further rile North Korea. These war games have the potential to stoke geopolitical tensions

A WOMAN walks by an electronic stock board of a securities firm in Tokyo, Monday. Asian stocks were mixed Monday as investors monitored joint military drills between U.S. and South Korean forces and awaited a key meeting of central bankers later this week. (AP Photo/Koji Sasahara) and market jitters more than usual, given recent threats by both Trump and Pyongyang.

BYE TO BANNON: U.S. President Donald Trump’s administration endured another shakeup over the weekend when divisive strategist Steve Bannon was shown the door. Now that Bannon, who had called in an interview for an “economic war” with China, is gone, investors may feel it’s a bit more likely the administration can achieve at least some of its pro-business agenda.

WALL STREET: Major U.S. benchmarks turned negative in the final minutes of trading on Friday, falling to their lowest levels since early July. The S&P 500 lost 0.2 percent to close at 2,425.55. The Dow Jones industrial average fell 0.3 percent to 21,674.51. The Nasdaq composite shed 0.1 percent to 6,216.53.

FROM PAGE ONE that 50 per cent equity stakes be sold off to the Grand Bahama Port Authority’s (GBPA) licensees and property owners.

He argued that this would give all licensees a vested interest in the city’s success, and help ensure that monies were retained in Freeport to develop infrastructure and promote its development.

“I urge the Government to negotiate opportunities for Freeport residents and licensees to benefit from the profits derived by the Port Group and Hutchison’s operations in Freeport in exchange for giving them tax exemptions upon the repeal of the Grand Bahama Investment Incentives Act,” Mr Smith told Tribune Business.

“It was always envisaged under the Hawksbill Creek Agreement that the Port Group of Companies would own and operate utilities,

GOV’T URGED: MANDATE 50% FREEPORT SELL-OFF FOR BREAKS RENEWAL promote and develop Freeport, and regulate the Port area.

“In fact, the Hawksbill Creek Agreement provided for what was called a transfer agreement to a local authority, which would be owned by licensees and residents of Freeport, thus giving them control over their future and destiny.”

The clause Mr Smith referred to requires fourfifths of GBPA licensees to consent to the transfer of its quasi-governmental and regulatory powers to a newly-created local authority, which they would own and control.

However, the GBPA has effectively become a regulatory shell, with the Callenders & Co attorney the GBPA’s former in-house attorney - conceding that “successive governments” had permitted its owners, the Hayward and St George families, to ‘strip’ it of key assets and transfer them to Port Group Ltd. Subsequently, Port Group Ltd sold off stakes in its “income and profitable” assets, such as Sanitation Services and Grand Bahama Utilities.

The majority - Grand Bahama Development Company, Freeport Harbour Company and Grand Bahama International Airport Company - were sold to Hutchison Whampoa, which gained a 50 per cent equity stake and management control.

“The Port Authority is simply now a regulatory government function,” Mr Smith told Tribune Business. “Port Group Ltd, that is the Hayward and St George families, continues to derive huge profits in partnership with Hutchison, and yet Freeport’s

infrastructure is collapsing and degrading into a ghetto.

“The Port Authority will say it’s because it doesn’t have the income.

But there was a time when all the income from service charges, license fees, the water company, harbour and airport were all combined in one pot that was used to build infrastructure, promote and develop Freeport, maintain it and keep the magic of this city.”

To reverse this situation, Mr Smith suggested: “The Government should now insist that within at least two years that GB Utilities, DevCo, the Harbour Company, Airport Company and Sanitation Services should offer at least 50 per cent of their shares to Freeport licensees and property owners.”

He argued that these two groups, together with the GBPA and Hutchison, would have “a mutual and vested interest in ensuring everyone’s success, instead of just allowing Hutchison and Port Group Ltd to make profits off the top of all activities and put nothing back into Freeport’s infrastructure, maintenance and development”.

Mr Smith told Tribune Business his proposal was “not as outlandish” as it seems, as Hutchison and the companies it has split into are listed on the Hong Kong Stock Exchange. And the GBPA, in its initial guise as Intercontinental Diversified Corporation (IDC) decades ago, was listed on the New York Stock Exchange with shareholders that included the Government of the Bahamas.

However, the Callenders & Co partner pointed out that IDC’s New York

listing occurred when many of Freeport’s licensees and properties were foreign-owned. Now, with Bahamians in the majority, they were being prevented by exchange control regulations and the absence of any local listings on BISX from investing in their city’s productive, profit-making assets.

“It is ironic that Bahamians who are licensees and property owners are being deprived of participating in the success of Freeport’s,” Mr Smith told Tribune Business. “It’s perverse. It’s Bahamianisation turned inside out. Only foreigners can profit from Freeport’s success, not licensees and landowners.”

Only ICD Utilities, the BISX-listed entity that owns 50 per cent of Grand Bahama Power Company, allows Bahamian investors to participate in Freeport’s key infrastructure assets.

Yet Bahamians own less than 20 per cent of GB Power Company, with the majority controlled by Canadian utility, Emera.

“I urge the new Government, in negotiations with Port Group and Hutchison, to ensure that two things happen,” Mr Smith told Tribune Business. “One, that licensees and landowners have a say in Freeport’s future through ownership in these companies.

“Secondly, that they have the economic opportunity to profit from Freeport’s future. A repositioning and re-negotiation of the Grand Bahama Investment Incentives Act should be an opportunity for everybody to benefit who has a vested interest in Freeport’s future, not just Hutchison and Port Group Ltd.”

THE TRIBUNE

Tuesday, August 22, 2017, PAGE 5

TOTAL EXPANDS IN NORTH SEA WITH PURCHASE OF MAERSK OIL

By PAN PYLAS, Associated Press

LONDON (AP) — French oil company Total agreed Monday to buy the oil & gas division of Danish conglomerate AP MollerMaersk for $7.45 billion, in a deal that will see it become the No. 2 operator in the North Sea. Total said its purchase of Maersk Oil will shore up its position in the offshore and challenging waters of northwest Europe, which is the seventh-largest oil and gas producing region in the world. Industry consultants Wood Mackenzie said it’s the biggest North Seaweighted deal since 2006.

Under the terms of the deal, Total said it will uphold Maersk Oil’s development schedules and investments in a series of projects, and that Denmark will become the regional hub for all its operations in Denmark, Norway and the Netherlands.

“This transaction is immediately accretive to both cash flow and earnings per share and delivers further growth over coming years,” said Total chairman and CEO Patrick Pouyanne. “It is in line with our announced strategy to take advantage of the current market conditions and of our stronger balance sheet to add new resources at attractive conditions.”

As part of the deal, Maersk will get $4.95 billion worth of Total shares, which is equivalent to around 3.8 percent of Total’s share capital. The French company, which will also assume some $2.5 billion worth of Maersk Oil debt, said the deal underpins its dividend profile.

The deal was welcomed in the markets, with both companies enjoying support on a day when European markets were noticeably lower. Shares in AP Moller-Maersk closed up 2.9 percent at 13,170 Danish kroner on the Copenhagen Stock Exchange, while Total’s share price in Paris ended 0.3 percent higher at 42.78 euros.

Valentina Kretzschmar, a director at industry consultants Wood Mackenzie, said that for Total the deal is “first and foremost about consolidation in the North Sea” and that it improves its near-term growth outlook, providing the company with an immediate 6 percent production increase.

“Total is acquiring a deep specialist in unlocking complex reservoirs and boosting recovery factors through enhanced oil recovery techniques,” Kretzschmar said.

For Maersk, the considerations are different. The sale of Maersk Oil is part of the company’s restructuring strategy, which will see it focus on its core transport and logistics arms. Lower oil prices over the past few years, which have heaped pressure on energy companies’ earnings, also played a role in the plan to divest its oil arm.

Although oil prices have recovered of late to trade around $50 a barrel, they are still around half the level they were just three years ago. The fall has cut into oil companies’ margins by reducing the returns on what were once considered financially viable drilling propositions. That’s particularly true for relatively expensive areas such as the North Sea, where deepwater drilling is required.

That’s been particularly difficult for smaller and less diversified companies, such as Maersk Oil, a development that contributed to Maersk’s decision to refocus its business activities.

Maersk has been the main operator in the Danish sector of the North Sea for half a century, helping the country to be self-sufficient in oil and gas.

“In determining the best future ownership structure for Maersk Oil, it has been imperative for us that the capabilities and assets created in Maersk Oil continue to be developed, and that long-term investments are upheld, especially in the Danish part of the North Sea,” said Soren Skou, AP Moller-Maersk’s CEO. The deal, which is subject to relevant regulatory approvals, is expected to be completed during the first quarter of 2018.

WALMART EXPANDS GROCERY SERVICE WITH UBER TO TWO MORE MARKETS THE BUILDING that houses the headquarters of Uber, in San Francisco. On Monday Walmart announced it is expanding its grocery delivery service with ride-hailing service Uber to two more markets: Dallas and Orlando, Fla. The world’s largest retailer launched a pilot grocery service with Uber in 2016 in Phoenix and then Tampa, Fla., earlier in 2017. (AP)

By ANNE D’INNOCENZIO, AP Retail Writer NEW YORK (AP) — Walmart is expanding its grocery delivery service with ride-hailing service Uber to two more markets — Dallas and Orlando, Florida.

The world’s largest retailer had launched a pilot grocery service with Uber Technologies Inc. last year in Phoenix and then Tampa, Florida,

earlier this year. The delivery charge is $9.95 The move, announced Monday, marks the latest steps that Walmart is taking to offer more options for online grocery

shoppers amid increasing competition from online leader Amazon. com. The stakes are getting higher with Amazon’s announcement in June to buy Whole Foods Market.

On Wednesday, stockholders of Whole Foods are expected to approve Amazon’s $13.7 billion takeover bid.

The Bentonville, Arkansas-based discounter

operates its own grocery delivery system in San Jose, California, and Denver.

It also has curbside grocery pick up service for online shoppers at more than 900 of its stores.

“We’re working hard to find a way to get you fresh, quality groceries all while keeping a little more time on your calendar,” wrote Mike Turner, vice president of Walmart’s e-commerce operations, in a corporate blog post.

COMMONWEALTH OF THE BAHAMAS

2015

IN THE SUPREME COURT

CLE/GEN/1997

Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 2nd day of July, A.D., 2009 between Ray A. Harris 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 AND Defendant

Plaintiff

RAY A. HARRIS

To: Ray Harris 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, Palmdale Branch, Palmdale Shopping Plaza, Madeira 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 30th day of December, A.D., 2015 seeking an Order to direct you to deliver up possession of the Mortgaged Property situated in the Subdivision called and known as “South Beach Estates” in the Southern District of the Islands of New Providence having the Numbered Twenty-six (26) in Block Numbered Twenty-nine (29) in the said South Beach Estates Subdivision, 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 2nd 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 30th day of December, A.D., 2015, Affidavit in support of application filed on the 27th day of May, A.D., 2016, Ex Parte Summons filed on the 13th day of May, A.D., 2016, Affidavit in support of Ex Parte Summons filed on the 8th day of August, A.D., 2016 and Order filed on the 4th day of May, A.D., 2017 in The Tribune Newspaper and the Nassau Guardian Newspaper shall be deemed to be good and sufficient service of the said document upon you.

The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton of the Supreme Court at The Judicial Complex, East Street, Nassau, New Providence, Bahamas on Wednesday, the 11th day of October, A.D., 2017 at 9:15 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just.

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 18th day of August, A.D., 2017

HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

PAGE 6, Tuesday, August 22, 2017

THE TRIBUNE

US STOCK INDEXES INCH HIGHER AFTER BACK-TO-BACK DOWN WEEKS

By STAN CHOE, AP Business Writer NEW YORK (AP) — U.S. stocks inched higher Monday, as the Standard & Poor’s 500 index steadied following back-to-back losses the last two weeks.

This week may be a calmer one for the stock market, after an uncharacteristically bumpy stretch shook what had been an incredibly smooth ride higher for stocks this year. Few market-moving events are on the calendar this week, and the highlight will likely arrive when central bankers from around the world gather in Wyoming as the weekend approaches.

The S&P 500 rose 2.82 points, or 0.1 percent, to 2,428.37 after it and other indexes flipped between small gains and losses throughout the day. The Dow Jones industrial average gained 29.24, or 0.1 percent, to 21,703.75, and the Nasdaq composite slipped 3.40 points, or 0.1 percent, to 6,213.13.

The modest moves were a return to form for the market. It’s had just four days this year where the S&P 500 has dropped by more than 1 percent, which is well below the typical number in recent decades. But half those instances occurred in the last two weeks, stoked by worries about discord in Washington and the potential for war abroad.

“One of the reasons the market has held in and performed well recently — although it’s wobbled a bit in the last two weeks — has been earnings,” said Ernie Cecilia, chief investment officer at Bryn Mawr Trust. “Without the earnings that we saw, it would have been a much more difficult period of time for the market.”

Companies are mostly done reporting their results for the spring quarter, and their growth in profits was stronger than analysts expected.

Not only that, businesses also reported higher revenues. That’s encouraging given the struggles many

A WALL Street sign on the side of building near the New York Stock Exchange. Global stock markets traded in narrow ranges Monday, as investors awaited a key meeting of central bankers later this week and continued to monitor developments on the Korean peninsula. (AP Photo/Mark Lennihan, File)

companies have had in recent years to grow amid the still-sluggish global

“One of the reasons the market has held in and performed well recently — although it’s wobbled a bit in the last two weeks — has been earnings. Without the earnings that we saw, it would have been a much more difficult period of time for the market.”

Ernie Cecilia, chief investment officer at Bryn Mawr Trust economy.

Cecilia said he sees few potential drivers that could move markets much in either direction in the coming weeks, and he expects the market to “trade in some sort of sideways fashion.”

One potential highlight could be the upcoming

gathering in Jackson Hole, Wyoming, for central bankers, economists and policy makers. Federal Reserve Chair Janet Yellen and European Central Bank head Mario Draghi are both expected to speak at the symposium, which begins Thursday and is hosted by the Fed’s regional bank in Kansas City.

Surge Tremendous stimulus from central banks has been one of the main reasons for the stock market’s surge since the Great Recession. But the Federal Reserve is now slowly raising interest rates and preparing to pare back the vast trove of bonds that it bought following the 2008 financial crisis. Investors are wondering when the European Central Bank may follow suit.

Jackson Hole has been the site of market-moving news in the past, including in 2010 when former Fed Chair Ben Bernanke signaled the central bank may embark on another round of bond buying to shore up the economy.

Another wild card for markets may lie in Asia, where U.S. and South Korean forces on Monday started their annual joint military exercises. Tensions are higher than usual with North Korea, and Pyongyang in the past has responded to the drills with weapons tests and a string of belligerent rhetoric.

In Asia, South Korea’s Kospi index dipped 0.1 percent, Japan’s Nikkei 225 index fell 0.4 percent and the Hang Seng in Hong Kong rose 0.4 percent.

In Europe, France’s CAC 40 fell 0.5 percent, Germany’s DAX lost 0.8 percent and the FTSE 100 in London slipped 0.1 percent.

In the U.S., mining companies helped to lead the market after prices for metals and other commodities rose. Freeport-McMoRan had the biggest gain in the S&P 500, up 58 cents, or 4.1 percent, to $14.73. Not far behind was Newmont Mining, which rose 78 cents, or 2.2 percent, to $36.61.

Gold rose $5.10 to settle at $1,296.70 per

NOTICE BILLHAWK INVESTMENTS LTD.

Shareece E. Scott Liquidator

CRASTER INTERNATIONAL LTD. NOTICE IS HEREBY GIVEN as follows: (a) CRASTER INTERNATIONAL 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 17th July, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

Sports said revenue fell last quarter. Foot Locker fell $2.56, or 7.4 percent, to $31.82 for Monday’s biggest loss in the S&P 500. It plunged 27.9 percent on Friday.

Dollar The dollar dipped to 108.85 Japanese yen from 109.26 yen late Friday. The euro rose to $1.1813 from $1.1760, and the British pound rose to $1.2901 from $1.2876.

Benchmark U.S. crude fell $1.14 to settle at $47.37 per barrel. Brent crude, the international standard, lost $1.06 to $51.66 a barrel.

Natural gas rose 7 cents $2.96 per 1,000 cubic feet, heating oil fell 5 cents to $1.57 per gallon and wholesale gasoline lost 4 cents to $1.58 per gallon.

Interest rates mixed at US Treasury Dept weekly auction WASHINGTON (AP) — Interest rates on shortterm Treasury bills were mixed in Monday’s auction with rates on three-month bills declining while rates on six-month bills were unchanged.

The Treasury Department auctioned $39 billion in three-month bills at a discount rate of 1.000 percent, down from 1.015 percent last week. Another $33 billion in six-month bills was auctioned at a discount rate of 1.115 percent, unchanged from last week.

The three-month rate was the lowest-highest since those bills averaged 0.990 percent 10 weeks ago on June 12.

The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,974.44 while a six-month bill sold for $9,943.63. That would equal an annualized rate of 1.016 percent for the three-month bills and 1.137 percent for the six-month bills.

Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, edged up to 1.24 percent last Thursday, up slightly from 1.21 percent on Aug. 11.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Billhawk Investments Ltd., been completed and the company has been struck from the Register on the 28th day of July, 2017.

Legal Notice NOTICE

ounce, silver rose 2 cents to $17.02 per ounce and copper gained 4 cents to $2.98 per pound.

Dividend-paying stocks were also strong, with real-estate investment trusts the best-performing sector of the 11 that make up the S&P 500.

Investors snapped up dividend-paying stocks as bond yields fell on Monday.

The yield on the 10-year Treasury note dipped to 2.17 percent from 2.20 percent late Friday. The two-year yield slipped to 1.30 percent from 1.31 percent, and the 30-year yield fell to 2.77 percent from 2.78 percent.

On the losing side of the U.S. stock market, again, were stocks of athleticgear companies. Shares had tumbled across the industry on Friday after Foot Locker and Hibbett

NOTICE IBIS MANAGEMENT CORPORATION

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Ibis Management Corporation has been completed and the company has been struck from the Register on the 21st day of July, 2017.

NOTICE IMAGINATIVE CREATIONS LTD.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Imaginative Creations Ltd., been completed and the company has been struck from the Register on the 21st day of July, 2017.

(c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Shareece E. Scott Liquidator

Shareece E. Scott Liquidator

Shareece E. Scott Liquidator

THE TRIBUNE

Tuesday, August 22, 2017, PAGE 7

ROMANIAN PM SENDS AUDITORS TO BELEAGUERED NATIONAL AIRLINE

BERKSHIRE Hathaway Chairman and CEO Warren Buffett speaks during an interview at the Fox Business Network in Omaha, Neb. Sempra Energy is buying Texas power transmitter Oncor for $9.45 billion in cash, wresting it away from Buffett’s Berkshire Hathaway. Sempra said Monday that it will also pick up $9.35 billion of the company’s debt. (AP Photo/Nati Harnik, File)

BUCHAREST, Romania (AP) — Romania’s premier has sent auditors to Romania’s national airline Tarom after it reported significant losses for the first half of the year.

Prime Minister Mihai Tudose dispatched officials to Tarom Monday after criticising managers for a 104 millionlei ($26.6 million) loss for the first six months.

Media reported Tarom’s managing director Eugen Davidoiu resigned Monday. Tudose’s office and the transportation ministry did not immediately confirm the reports.

Commenting at the weekend on what he termed Tarom’s “historical loss,” Tudose said the airline won’t be sold or closed down but that something needed to be done “because it’s a national symbol.” It needs to “become profitable,” he added.

Davidoiu, who has held the post since February, said he doubted an audit would reveal irregularities during his tenure. Tarom has 2,000 employees.

UNM PRESS FIGHTS FOR SURVIVAL AMID LAYOFFS, BUDGET CUTS ALBUQUERQUE, N.M. (AP) — The largest publisher of books in New Mexico is struggling for survival amid layoffs and budget cuts.

The Albuquerque Journal reports the University of New Mexico Press has in recent months cut its staff by about a quarter and made plans to reduce its annual output by about one-third.

UNM Press’ director of seven years, John Byram, left last month after his contract was not renewed. University leaders are considering a plan to fold the press into the school’s library division and outsource its warehouse functions.

UNM Press supporters say the university has not adequately funded the operation and has failed to acknowledge its value.

It has released works by highly regarded novelists Tony Hillerman and Rudolfo Anaya.

UNM administrators say they are trying to ensure its long-term survival.

GRAIN LOWER, LIVESTOCK MIXED

CHICAGO (AP) — Grain futures were lower Monday in early trading on the Chicago Board of Trade.

Wheat for Sept delivery was lower 3.40 cents at $4.1240 a bushel; Sept corn was down 3.60 cents at $3.4820 a bushel; Sept oats lost 1.60 cents at $2.53 a bushel while Sept soybeans was down 6.20 cents to $9.3120 a bushel.

Beef mixed and pork lower on the Chicago Mercantile Exchange.

August live cattle was .08 cent lower at $1.0630 a pound; August feeder cattle lost .33 cent at $1.4018 a pound; October lean hogs was .73 cent lower at $.6540 a pound.

SEMPRA ENERGY BIDS $9.45B FOR ONCOR, TOPPING BUFFETT OFFER SAN DIEGO (AP) — Sempra Energy is buying Texas power transmitter Oncor for $9.45 billion in cash, wresting it away from Warren Buffett’s Berkshire Hathaway.

Sempra said Monday that it will also pick up $9.35 billion of the company’s debt. To gain possession of Oncor, Sempra will acquire the reorganized Energy Future Holdings Corp.

Bankruptcy Energy Future entered bankruptcy in 2014, saddled with more than $40 billion in debt due to cratering energy prices.

Berkshire Hathaway said last month that it would buy Oncor for $9 billion, and last week it stuck to that bid.

Hedge fund Elliott Management, which owns a significant portion of Oncor’s debt, opposed Berkshire’s takeover bid, saying it wasn’t

enough. But Berkshire Hathaway stood firm on its offer, saying last week that it would not be increasing the bid.

Elliott spokesman Michael O’Looney said the hedge fund supports Sempra’s bid because it will provide more to all of Oncor and Energy Future’s creditors.

Greg Abel, who leads Berkshire Hathaway Energy, said he’s disappointed the Oncor deal was terminated by Energy Future.

But Berkshire is entitled to receive a $270 million termination fee that was negotiated.

Sempra expects to close the sale in the first half of next year.

The deal still needs the approval of the Public Utility Commission of Texas, U.S. Bankruptcy Court of Delaware, Federal Energy Regulatory Commission and the U.S. Department of Justice.

Once the transaction is complete, Oncor CEO Bob Shapard

N O T I C E

Geotech Management Bahamas Ltd.

____________________________________ 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 11th day of July, A.D. 2017.

Edward Morrison Liquidator of Geotech Management Bahamas Ltd. N O T I C E

Geotech Bahamas Holdings Ltd.

____________________________________ 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 11th day of July, A.D. 2017.

Edward Morrison Liquidator of Geotech Bahamas Holdings Ltd.

will become executive chairman of Oncor’s board.

Allen Nye, currently Oncor’s general counsel, will succeed Shapard as Oncor CEO. Both will serve on Oncor’s board.

Acquisition This is the fourth time that that an acquisition attempt has been made for Oncor.

There was Berkshire Hathaway’s offer last month.

Previously, in April Texas regulators rejected a proposed $18 billion sale of Oncor to NextEra Energy Inc. That price tag included debt.

Regulators failed to accept that the NextEra transaction was in the public interest — a requirement for the deal.

A buyout attempt last year backed by the Ray Hunt family of Dallas also faltered.

PAGE 8, Tuesday, August 22, 2017

THE TRIBUNE

AP SOURCES: FORMER GENERAL ELECTRIC CEO AMONG FINALISTS IN UBER SEARCH

By TOM KRISHER, AP Auto Writer

DETROIT (AP) — Former General Electric

CEO Jeffrey Immelt is among the finalists being considered to run ridehailing company Uber, but there’s no clear consensus

The Bahamas Public Services Union

Special General meetinG for nomination of officerS to Serve for 2017-2020 The Bahamas Public Services Union in accordance with Article 21-(i) of the Union’s Constitution will hold a Special General meeting, for the nomination of officers to serve for the year 2017 - 2020 on Thursday, August 17th, 2017 beginning at 6:00pm at the Bahamas Communication and Public Officers Union located Farrington Road, Nassau Bahamas.

Nomination forms may be collected at the Union’s Administration Office, Wulff Road between the hours of 9:30am to 4:40pm Monday through Friday commencing Thursday, 3rd August, 2017 Candidates for all positions are urged to collect and return the completed forms to the Secretary General on or before 5:00pm Wednesday, 15th August 2017.

among its board about a front-runner, two people briefed on the search said Monday.

The people, who asked not to be identified because the search is confidential, said some board members want to fill the position quickly to bring stability to the company, which has been plagued by missteps that caused cofounder and CEO Travis Kalanick to step down in June. Others want to wait and keep looking for CEO candidates. Both people said a Labor Day timeline for filling the job is possible but not entirely firm.

“He’s a front-runner but may not be the frontrunner,” said one of the people. “It’s not as if everything’s over.”

One of the people said there were two other candidates while the other said there are as many as five.

Neither would identify candidates other than Immelt.

The 61-year-old Immelt, who will remain as GE’s chairman until the end of the year, stepped down as CEO at the end of July.

His experience running a diverse conglomerate and dealing with a corporate board is a big plus to some Uber board members who want to bring experienced leadership to the company, the people said.

Uber is now being run by a 14-person committee of executives but has several top positions open that won’t be filled until a CEO is hired.

THEN-General Electric CEO Jeffrey Immelt speaks at the annual IHS CERAWeek global energy conference in Houston in February 2016. Former GE CEO Immelt is among the finalists being considered to run ride-hailing company Uber, but there’s no clear consensus among its board about a front-runner, two people briefed on the search said Monday. (AP)

Some on the board say Immelt lacks the entrepreneurial spirit needed to take Uber from a money-losing startup to turning consistent profits, the people said. Immelt took the helm of GE in 2001 from legendary CEO Jack Welch, paring back its financial services business and acquiring businesses in the power and oil and gas sectors.

He disposed of the appliance unit and the NBC television business.

While he’s credited with improving GE’s financial performance, the company’s stock price trailed the market with him as CEO. Uber, the largest ridehailing company in the world, is now valued around $70 billion.

Its board has been fractured of late by a legal fight between one of the company’s top investors and Kalanick.

Benchmark Capital, a major Silicon Valley venture capital firm, sued the Uber board and Kalanick earlier this month, alleging Kalanick has been

MARKET REPORT MONDAY, 21 AUGUST 2017

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

BISX ALL SHARE INDEX: CLOSE 1,834.29 | CHG 0.00 | %CHG 0.00 | YTD -103.92| YTD% -5.36 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 2.41 0.13 6.50 8.60 6.30 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.10 7.25 12.51 11.00

52WK LOW 4.01 17.43 8.19 3.50 1.39 0.12 3.80 8.40 5.83 9.46 10.00 2.18 1.50 5.80 8.75 7.01 8.10 6.60 11.93 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 103.00 100.00 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 1.50 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 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.27 17.43 9.09 3.70 1.47 0.12 3.92 8.60 6.10 9.98 10.01 2.48 1.55 6.00 9.75 7.01 9.75 7.01 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 100.00 100.00 100.00 108.13 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.27 17.43 9.09 3.70 1.47 0.12 3.92 8.60 6.10 9.98 10.01 2.48 1.55 6.00 9.75 7.01 9.75 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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

108.13 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

VOLUME

NAV 2.07 3.95 1.96 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.467 0.932 -0.230 0.540 -0.340 0.000 -0.857 0.574 0.681 0.540 0.559 0.102 0.455 1.212 0.768 0.575 0.929 -0.602 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

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

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

P/E 9.1 18.7 N/M 6.9 N/M N/M -4.6 15.0 9.0 18.5 17.9 24.3 3.4 5.0 12.7 12.2 10.5 -11.6 17.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 2.34% 4.55% 0.90% 1.64% 1.21% 2.55% 3.48% 4.01% 3.17% 7.00% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -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-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-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 1.87% 5.74% 0.00% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 3.61% 5.69% 2.42% 3.87% 4.83% 4.62% 0.00% 3.49% 2.00% 4.96% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

interfering in the CEO search and manipulating Uber’s board in a scheme to bring him back as the company’s leader.

Kalanick lashed out in legal documents filed last week contending that Benchmark was secretly plotting against him and launched its plan to oust him from Uber “at the most shameful of times” — shortly after his mother was killed and his father critically injured in a boating accident on May 27.

Benchmark had no comment on the Kalanick

filing, referring back to an earlier statement explaining that the firm felt it had no other choice but to sue to stop unacceptable behavior at Uber.

The CEO search comes as Uber is trying to recover from revelations of rampant sexual harassment within the company and allegations that it stole trade secrets from a Google spin-off, Waymo, to build self-driving cars.

Spokesmen for Uber Technologies Inc. and General Electric Co. would not comment Monday.

MACY’S NAMES SENIOR EBAY EXECUTIVE AS PRESIDENT

By ANNE D’INNOCENZIO, AP Retail Writer

NEW YORK (AP) — Macy’s says it has hired a senior eBay Inc. executive as president and is further streamlining its organisation to make it more nimble in the face of increased competition.

Hal Lawton will become president of Macy’s on Sept.

8. He will report to Macy’s CEO Jeff Gennette, who had previously held that role.

As president, Lawton will be responsible for all aspects of the Macy’s brand, including merchandising, marketing, stores, operations, technology and consumer insights. Lawton was most recently senior vice president of eBay North America.

Macy’s restructuring efforts include the consolidation of three functions — merchandising, planning and private brands — into a single merchandising function.

The move will result in the loss of 100 jobs.

Cincinnati-based Macy’s has been making a number of changes to reverse sluggish sales.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TREQUAIN KEVIN MALCOM RAhMINg of Sea Beach Estates, New Providence, Bahamas intend to change my name to ALEXUS TREQUAIN RAhMINg D’MARCO. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that SITIRA ALBURY of

#104 Younghusband Avenue, Freeport, Grand Bahama,Bahamas is applying to the Minister responsible

for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of August, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JOSAINE ROSEMIDGE SALOMON of Domingo Heights, off East Street South, 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 22ndday of August, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Tuesday, August 22, 2017, PAGE 9

BODY AND MIND

‘Mommy and Me’ workouts help shed weight, create stronger bonds

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net EXCESSIVE weight gain during pregnancy does not have to be a struggle for expectant mothers. Take Shaundra Sawyer, for instance, who only gained a total of 25 pounds before giving birth to her now eight-month-old son.

Shaundra’s starting weight at the beginning of her pregnancy was 145 pounds. After giving birth and engaging in consistent breast-feeding, the new mother shed the excess pounds almost immediately.

“Most of it was fluid retention, and after breast feeding it continued to go down,” she told Tribune Health.

Even though she is a health and fitness specialist at the Bahamas Medical Centre (BMC), Shaundra’s challenges were no different than those of other moms-to-be.

Keeping her pregnancy weight in check meant she to make a conscious decision every day to eat the right food and in all the right portions.

“Every woman is different and every pregnancy is different, but you don’t have to gain a whole lot of weight during your pregnancy,” she said.

“Some women say, ‘I’m eating for two’. But that is only an excuse to overindulge. I always recommend that if an expectant mother wants to overindulge they should so on the right foods.”

Shaundra said in addition to paying close attention to the kind of foods they are eating, expectant mothers can also benefit themselves and their babies by getting more active or doing lowimpact exercises. “(You) can walk for every day for half hour, swim, or walk in the water,” she said.

To help women get in shape and stay on track, the BMC is getting ready to launch its Mommy and Me Workouts for pregnant women and those who have recently given birth, together with their child or children.

These workouts can begin when the baby is still in the womb, helping the mother to strengthen her pelvic floor muscles and increase flexibility during pregnancy in order to prepare her body for labour.

Post pregnancy, Mommy and Me Workouts are designed to regulate changing hormones to prevent postpartum depression.

Mommy and Me Workouts are held at BMC on Blake Road on Mondays and Wednesdays from 12pm to 1pm.

Opportunity The focus of the class is to give mothers the opportunity to remain active without having the stress of finding someone to watch their child while they go to the gym for that one-hour workout.

“For women who had a natural birth I encourage them to let their bodies heal first for six weeks and then afterwards they can begin an exercise regimen.

“They can introduce their bodies to light exercises and build up from there,” she said.

Mommy and Me classes, Shaundra said, are an excellent opportunity for mothers to not only bond with their children but to ignite a desire for their children to become physically active from childhood to adulthood.

“We encourage them to bring their babies to class because they can use the baby’s weight for some exercises. We will also uses strollers, carriers and a carrier bag in the classes, too,” she said.

Some benefits from participating in Mommy and Me Workouts at the BMC include increases in muscle strength and motor development, improvements in mood,

enhancement of social awareness, a boost in language development in children, and the opportunity for mothers to make connections with others.

For more information about the classes, contact Shaundra at 302-4634 or e-mail her at ssawyer@doctorshosp.com.

GEARING UP TO ‘PAINT DA STREETS PINK’

By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net ORGANISERS are ready and the sprinters are prepping, as registration opens for the fifth annual Paint Da Streets Pink.

Under the theme “The Road to Pink Month”, this year’s walkathon in aid of breast cancer awareness is being hosted by the Rotaract Club of South East Nassau Centennial (RSENC). It will take place on Saturday, September 30, starting from Arawak Cay at 6am.

Highlights will include onsite vendors, fun surprises along the route to Goodman’s Bay, as well as prizes for top finishers. Participants will also have the opportunity of participating in a raffle.

“The event’s purpose is to raise awareness of breast cancer in the Bahamas, raise funds for the cause, celebrate our breast cancer survivors and pay respect to those who may have lost their battle

to this deadly disease,” said Tanishka Parker, RSENC fundraising director.

“In order to raise funds for the year’s beneficiary, the Sister Sister Breast Cancer Support Group, we attract individual participants, survivors, groups, civic organisations, companies, employers, fitness groups, as well as vendors, to be present on the morning of the event.”

For Tanishka it is a blessing to have the opportunity to continue to build on the good work started by past and present longterm RSENC members.

She believes the success of past Paint Da Streets Pink events has allowed the team to continue to support local organisations in a meaningful way.

“The motivation of Paint Da Streets Pink was to also encourage screening for early diagnosis and support a local organisation that aligns with the former. We wanted to do this in a fun way that encourages physical fitness. The importance of this event lies in its cause.

Breast cancer is extremely prevalent in the Bahamas and therefore organisations like the Sister Sister Support

Group that support awareness, diagnosis and treatment are equally important and are always in need of our support.

Hosting an event like Paint Da Streets Pink gives the satisfaction that we are indeed making a real, tangible difference in the life of at least one person. Participants will definitely have a ‘pinktastic’ time as they support this event’s cause,” said Tanishka.

In addition to Paint Da Streets Pink, Rotaract is celebrating World Polio Day on October 2 and World Hunger Day on October 15 with a Quality supermarket stamp drive.

The 2018 events will kick-off in March with World Rotaract Week. A champagne reception in recognition of the 50th anniversary of Rotaract will take place next May. Bahamians are encouraged to stay up-to-date with the team via the Rotaract Club of South East Nassau Centennial Facebook page.

RECORD $417M AWARD IN LAWSUIT LINKING BABY POWDER TO CANCER

By MICHAEL BALSAMO, ASSOCIATED PRESS

LOS ANGELES (AP) — A Los Angeles jury on Monday ordered Johnson & Johnson to pay a record $417 million to a hospitalised woman who claimed in a lawsuit that the talc in the company’s iconic baby powder causes ovarian cancer when applied regularly for feminine hygiene.

The verdict in the lawsuit brought by the California woman, Eva Echeverria, marks the largest sum awarded in a series of talcum powder lawsuit verdicts against Johnson & Johnson in courts around the US. Echeverria alleged Johnson & Johnson failed to adequately warn consumers about talcum powder’s potential cancer risks. She used the company’s baby powder on a daily basis beginning in the 1950s until 2016 and was diagnosed with

A LOS Angeles County Superior Court spokeswoman confirmed that a jury has ordered Johnson & Johnson to pay $417 million in a case to a woman who claimed in a lawsuit that the talc in the company’s iconic baby powder causes ovarian cancer when applied regularly for feminine hygiene. (AP)

ovarian cancer in 2007, according to court papers.

Echeverria developed ovarian cancer as a “proximate result of the

unreasonably dangerous and defective nature of talcum powder,” she said in her lawsuit.

Echeverria’s attorney, Mark Robinson, said his client is undergoing cancer treatment while hospitalised and told him she hoped the verdict would lead Johnson & Johnson to put additional warnings on its products.

“Mrs Echeverria is dying from this ovarian cancer and she said to me all she wanted to do was to help the other women throughout the whole country who have ovarian cancer for using Johnson & Johnson for 20 and 30 years,” Robinson said.

“She really didn’t want sympathy,” he added. “She just wanted to get a message out to help these other women.”

Johnson & Johnson spokeswoman Carol Goodrich said in a statement that the company will appeal the jury’s decision. She says while the company sympathises with women suffering from ovarian cancer that scientific evidence supports the safety of Johnson’s baby powder.

The verdict came after a St Louis, Missouri jury in May awarded $110.5 million to a Virginia woman who was diagnosed with ovarian cancer in 2012.

She had blamed her illness on her use of the company’s talcum powder-containing products for more than 40 years.

Besides that case, three other trials in St Louis had similar outcomes last year — with juries awarding damages of $72 million,

$70.1 million and $55 million, for a combined total of $307.6 million.

Another St Louis jury in March rejected the claims of a Tennessee woman with ovarian and uterine cancer who blamed talcum powder for her cancers.

Two similar cases in New Jersey were thrown out by a judge who said the plaintiffs’ lawyers did not presented reliable evidence linking talc to ovarian cancer.

More than 1,000 other people have filed similar lawsuits. Some who won their lawsuits won much lower amounts, illustrating how juries have wide latitude in awarding monetary damages.

Johnson & Johnson is preparing to defend itself and its baby powder at upcoming trials in the US, Goodrich said.

Associated Press writer Amanda Lee Myers in Los Angeles contributed to this report.

PAGE 10, Tuesday, August 22, 2017

LOCAL DOCTOR REVERSES THE SYMPTOMS OF TYPE 2 DIABETES

By DIANE PHILLIPS

FOR patients suffering from type 2 diabetes the daily prick is as predictable as the changing of the tides. But the wave of wellness that is sweeping the medical industry may just be changing the way doctors treat diabetes. And one local expert, who treated hundreds of patients in emergency rooms at the Princess Margaret Hospital and a private hospital in New Providence before dedicating his practice to preventative medicine and healthy lifestyles, has already reversed the symptoms in a patient who is now insulin-free.

“It has been estimated that there are nearly 40,000 people living with diabetes in the Bahamas and another 30,000-plus who present with pre-diabetic conditions,” said Dr Arlington Lightbourne, founder of the Wellness Clinic on Collins Avenue.

“Type 2 diabetes simply means that there is too much sugar in the blood because the cells are not sensitive to the insulin which opens them up to let the sugar in. This is called insulin resistance, meaning the insulin that the pancreas produces is not working, and for years, the treatment has been to either

inject or increase the stimulation of insulin. However, evidence suggests that the more insulin you have, the greater the severity of insulin resistance, which means ultimately the more diabetic you are. The number one cause of insulin resistance is insulin.”

Dr Lightbourne compares the increasing reliance on insulin for the diabetic patient to a repeated delivery of a product the recipient already has.

Pancreas “Let’s say I delivered a five-gallon bottle of water to your door. The first time I deliver it you are grateful because you were out of water and thirsty so it was great,” said Dr Lightbourne. “But if I come back the next day and the day after and I keep offering water, you are going to send me away. It is the same with insulin. The pancreas has no problem making insulin; the problem is that it’s not working.

Dr Lightbourne states that the evidence shows that that the key is to decrease insulin (and cortisol) in the body by removing the stimulus for insulin production using nutritional and lifestyle interventions.

“This results in increased sensitivity by the cell to available insulin and that process begins to reverse insulin resistance,” he said.

“It just takes information and commitment on the part of the patient.

“And what patient suffering from diabetes 2 would not want to get better naturally?”

Dr Lightbourne has reversed the symptoms in a patient whose diabetes was life-threatening.

“This was a 67-year-old man with extremely high blood pressure,” said Dr Lightbourne. “Normal A1C (glucose measurement) should be below 5.7. His was 11. Most physicians, sensing the danger, would immediately put him on insulin.”

Instead, Dr Lightbourne and support staff, including a wellness coach, got the patient to agree to a structured programme which included changing his dietary habits, increasing exercise and reducing stress. He was never treated with insulin.

The changes in lifestyle were initially dramatic, but the patient adapted well and the results were outstanding. Today, said the wellness expert, the patient’s A1C count is 5.4 and his blood pressure is well controlled.

THE TRIBUNE

“The number one cause of insulin resistance is insulin.”

Dr Arlington Lightbourne Another patient, one in his early 30s, suffered from clearly identifiable lifestyle-related issues.

“He had a very stressful job that often kept him at work until late.

He would go home tired and hungry and eat a whole pizza before falling asleep,” said Dr Lightbourne.

Productive “So here he was, highly intelligent, very productive and extremely responsible to the company he worked for, but he was killing himself. Not even 35 yet, he weighed in the high 280s, had very high blood pressure and type 2 diabetes. We worked with him on a daily basis, a lot of coaching. He has lost more than 40 pounds, his diabetes is almost gone, and his blood pressure is now well controlled. He feels like a new person, exercising regularly

and maintaining a healthy diet. He looks great and feels great.”

“Everyone can do it, everyone can improve their health and wellbeing if they really want to,” said Dr Lightbourne. “People think healthy food is expensive. The cost of a piece of fruit instead of a bag of chips is negligible by comparison to the cost of poor health in terms of morbidity and quality of life. Once you start on the journey of living well, you will never want to go back.

“And the beauty is that when you are on that journey, it’s perfectly okay to ‘cheat’ once in a while and treat yourself to something really special.”

DAIRY QUEEN’S MIRACLE TREAT DAY RAISES $11,000 FOR DOWN SYNDROME COMMUNITY THOUSANDS of earth angels turned out for Dairy Queen’s Miracle Treat Day held on July 27, raising $11,000 for children and families affected by Down syndrome in the Bahamas.

For one day only, DQ donated $2 from every Blizzard sold to local schools and organisations that support those with Down syndrome.

Benefitting organisations included the Bahamas Down Syndrome & Friends Centre, Stapledon School and Hopedale Centre.

Since 2014, DQ’s Miracle Treat Day has raised more than $32,000 for local children and non-profit organisations in need – helping to create miracles for those with cancer, diabetes, autism and Down syndrome.

“There is tremendous need in our community, and the support Miracle Treat Day Bahamas receives encourages us to continue giving back in this special way to the children and families in our community who need it most,” said DQ’s Derek Osborne.

DQ fans enjoy Blizzards on Miracle Treat Day. This is the fourth year our communities,” said Mr that DQ Bahamas has par- Osborne.

The Bahamas Down Synticipated in Miracle Treat Day, which has been cel- drome & Friends Centre ebrated for more than 30 supports more than 50 chilyears across the United dren and adults ranging from age eight to 50. The States and Canada. centre provides specialised “Our goal is to not only and intensive education as raise funds for those who well as speech, physio and need it, but to shine a light occupational therapy. For on their cause and bring the adults, math, English, awareness that will help reading, writing, cooking, to sensitise the public to art and music as well as outthose with special needs in ings to the grocery store,

bank and other field trips are offered.

“I cannot begin to express how grateful we are to DQ for selecting us as one of the beneficiaries of this year’s Miracle Treat Day initiative,” said Cheryl Johnson-Newell, founder and president of the Bahamas Down Syndrome & Friends Centre.

“We spend so much time knocking on doors for assistance that it’s

truly refreshing to have a community minded organisation like DQ reach out to us with a helping hand.

Those with Down syndrome are so loving, we call them the love doctors,

and so to have DQ show us this kind of love is truly overwhelming.”

In September, the centre will open Ty’s Place, an innovative coffee shop and juice bar owned and worked by the adults of the Bahamas Down Syndrome & Friends Centre. The first of its kind in the region, the venture will not only provide gainful employment for those with Down syndrome, but give them ownership in the venture as well.

“We are so excited to open Ty’s Place. Too many of our adults with Down syndrome are underutilised, sitting at home and not using the skills they have. This will enable them to have ownership in something and give them purpose, a reason to wake up every morning,” said Mrs Johnson-Newell.

DQ will host the fifth annual Miracle Treat Day Bahamas in summer 2018.

Organisations wishing to pledge their support in advance may visit www. miracletreatday242.com or e-mail DQ242MTD@gmail. com.

In this vocational programme, I come across many parents who are not ready to cut the cord. I gently but directly inform them that they are not actually helping their child but hindering them. I am as sympathetic as possible with any parent who is having a hard time with this situation.

Nevertheless, I am also fully aware of the damage being caused if our children are not allowed the opportunity to learn how to navigate their way through life.

It may not always look like allowing them to get a job – although, it’s pretty awesome if they learn to work for their money. It can be as simple as allowing them to clean up after themselves or walk into their classroom independently. It may also look like allowing

your teenager to solve a social issue on their own.

I understand how absolutely scary it can be to “let go”. I encounter many moments of feeling nervous when a student grocery shops independently for the first time or catches a public transportation. But I also see and feel the joy and accomplishment in that, for myself and the student.

They get a sense of achievement by doing things on their own. No matter the scope of the disability, every child can be independent in something.

Remember, independence is a gift you give to your child. Let them feed themselves. Let them go to the bathroom on their own. Let them order their meal independently in a restaurant.

Let them make messes.

Let them fall down. They’ll learn how to get up.

I assure you that I get it. I know that you want to give your child security in this world, but there’s a fine line between security and dependence. Give them a chance to find a sense of competence and security within themselves. So cut the cord and start the process of letting go.

• Parents, teachers and other interested persons can send questions and comments to tutoringtherapy@ gmail.com or call 552-5909.

Information provided will remain confidential. Visit the Therapy Learning Center on Facebook for more information.

A SWEET way to give back – Vlogger and social media personality TAP poses with the TAP special, a cheesecake and Snickers Blizzard she created in support of Miracle Treat Day.

CUT THE CORD! Over the past decade, there has been a steady rise in the cases of children being diagnosed with autism and other developmental delays. Yanique Smith, director of the Therapy Learning Center, aims to open up a dialogue with Bahamian parents and teachers, and offer practical advice gleaned from first-hand experience of working with affected children.

DISCLAIMER: Clutch your pearls and buckle your seat belt. This one is going to be given straight, with no chaser.

I was sharing with a friend recently about a life skills and vocational programme that I have the privilege of overseeing. This programme focuses on job training and independent living skills for adolescents with academic and developmental delays.

She also shared with me a similar programme that she took part in abroad last Summer. We began to discuss why programmes like these are successful for some students but not for others.

While there are many factors that contribute to why some individuals benefit greatly from such programmes and others don’t, one factor stood out like a sore thumb – parents

Off The Spectrum

Yanique Smith who do not cut the emotional umbilical cord.

The physical umbilical cord is the life line between a mother and the child in her womb. It carries oxygen and nutrients vital for the baby’s development. After the mother gives birth, this cord is cut. The baby then begins to develop, physically, on its own without the mother’s oxygen. Studies have shown that even if the

ceremonial “cutting of the cord” does not take place, the cord will seal itself off after an hour and eventually fall off.

Let’s examine this from a psychological point of view.

Children need emotional and mental nourishment from their parents. Similar to how food helps a child physically develop, emotional nourishment helps with their psychological maturity. This is absolutely crucial to a child’s development. A lack of emotional nourishment can hinder a child’s development and also cause psychological damage in a child.

In like manner, if an unborn baby does not receive the nutrients from its mother, it can suffer many physical defects. However, at a certain time the

umbilical cord no longer serves as a channel for the mother to pass on nutrients.

The cord does not and cannot act as a life line between the mother and the child any longer. Likewise, an emotional umbilical cord should not stay connected between a mother and child forever.

The adverse effects because of this can be harmful to a child. This may cause the child to not: • Understand the importance of decision making and consequences • Take responsibility for their actions • Gain a sense of independence • Know how to set goals and follow through with them • Earn the things they want in life

THE TRIBUNE

Tuesday, August 22, 2017, PAGE 11

Whitney Glinton discovers her love for the environment “I never thought I would be the person that was interested in science, but it’s actually what I’m truly passionate about. You’ll never know where you will end up without trying something different.”

By DANIELLE BARNES MANY young Bahamians decide to study abroad with dreams of returning home one day and becoming a catalyst for change.

For Whitney Glinton, attending Flagler College in St Augustine, Florida, opened her mind to the possibilities of making changes in how we protect the Bahamian environment.

Whitney is one of only a few young Bahamians who make the brave choice to get a degree in a more obscure subject.

Majoring in Coastal Environmental Science was not what she had envisioned before leaving for school. After graduating from Queen’s College, she entered Flagler College with the intent to study Sports Management. Little did she know that she would ultimately choose an entirely different direction.

Studying abroad came with several obstacles for Whitney. Due to financial constraints she was forced to drop out of school twice.

But despite these setbacks she worked hard to return to school and remained set on her goal to graduate with honours.

With the objective in mind to get a Sports Management degree, Whitney dreamed of becoming a sports agent or sports lawyer.

However, during the Fall semester of her freshman year she enrolled in an Environmental Science class that would soon change her plans.

Whitney Glinton

This class sparked an interest that Whitney never knew she had.

“It spoke to me, and the prospect of why aren’t we aware of certain issues that are going on in the world and why isn’t anybody trying to fix it, or why isn’t anybody looking into these things more like they really should be,” she said.

Whitney was given a lab assignment for the course which uncovered her hidden talents. Students were sent out to find their own projects and report back to the class. At the end of her report, she was given a perfect score – a first for a freshman taking the course. Her professor soon pulled her to the side and persuaded her

to switch her major to Coastal Environmental Science.

“She asked me what my major was and I told her Sports Management,” Whitney recalled. “She tried to convince me to switch over to Environmental Science because she felt like I would excel in and enjoy the field.”

Whitney did not need much convincing, and before she knew it she was on her way to becoming an environmental scientist.

“I never thought I would be the person that was interested in science, but it’s actually what I’m truly passionate about,” she said.

“You’ll never know where you will end up without trying something different.”

Whitney recently graduated from Flagler College, winning the prestigious Natural Science Departmental Award for the

highest grade point average in Natural Science in her graduating class.

What Whitney loves most about Environmental Science is that it enables her to make a difference in an area that is not often addressed in the Bahamas.

“With this major you contribute as you go along to the scientific community.

“You feel as if you’re making heads raise by changing things in your life that you didn’t know could be harmful to the environment,” she said.

Whitney now encourages other young Bahamians to focus more on the environment and to lend a hand in preserving the beauty of our islands.

“I think the Coastal Environmental Science programme is really good for especially young Bahamians to hopefully go and look into, and hopefully decide to major in it, because we really learn a lot about our own country, things that we should have been taught in high school,” she said.

“We don’t know a lot about beach erosion or how to mitigate that, or that the queen conch is severely endangered, because we don’t see these things that are going on behind the whole rush of everyday life.”

Whitney’s next goal is to attend grad school. She is also excited to return home to work with local organisations that will help get the word out about enforcing the country’s environmental policies.

WHAT’S EATING YOU? GET TO THE ROOT OF WHAT MATTERS MOST

WE have all heard the saying that you are what you eat. While having a balanced diet is essential, the deeper struggle for most people goes beyond mere food consumption. It’s about getting to the root of what’s eating you that matters most. Your life is a reflection of both what you eat – and what’s eating you. We have a tendency to focus only on the food we take in not the thoughts and emotions that reside deep within.

This is true especially for women who, for the most part, are conditioned to believe that identity is the result of how they look.

This shallow focus on their hair, skin and body type gives many a false sense of identity. Both the socalled big girl and skinny girl are challenged with

Michelle Miller Motivationals

Michelle M Miller this identity crisis. So much so that it soon mushrooms into this habit of masking; hiding behind popular fashion trends but never dealing with what’s eating them.

Being more concerned about outer appearance, women invest a major part of their financial resources

into what they ‘eat’. As I said, food intake alone is not the sole definition of what you eat. This intake includes the excessive amount of time and money you spend on hair and makeup, alcohol and gambling, as well as the often wasted hours plugged into social media and television watching. All of these combined have a direct influence your beliefs and behaviour.

Not paying attention to those unresolved, underlying issues eating away at your emotions is what sustains any over-indulgence into food, alcohol et cetera.

The difficulty here is masking is a habit. The more you mask, the more masking you have to do just to keep up with your lies. It was Henry Thoreau who said, “Most men lead lives of

quiet desperation and go to the grave with the song still in them.”

The point here is, while you are what you eat, you are also what you think, believe, fear and feel.

Each of which strongly influence your sense of identity.

A shallow identity leads to living a shallow life.

Spending your whole life masking who you really is not a resourceful choice.

Taking time to dig up those hidden emotions of the past allows you to face your fears and step into a higher purpose.

I believe that when you tell yourself the truth about what’s true for you, it’s a gift you give to yourself.

Too many of us spend our whole life living according to someone else’s truth.

One of my life principles is that you cannot fix what you are unwilling to face.

Try as you may, you cannot run away from yourself.

Wherever you go, there you are.

Find your fearless power.

Divorce yourself from the idea that you need to mask your way through your life.

In so doing, you give yourself the conscious freedom to be yourself.

Rather than being a puppet on a string, you instead become you own puppet master.

Leader to leader, remember nothing, and I mean absolutely nothing, can free you from yourself. Taking off the mask and really examining what’s eating you isn’t some walk in the park. It’s a complex and often uncomfortable process. But if it enables you to

gain the power of your own inner liberation, it is worth the work. Nothing could be more powerful than claiming yourself and owning your life.

Take the time to reassess your sense of identity. Clear out those many masks and really get the help you need redefine your life.

By digging a little deeper you move confidently towards living an empowered life. Yes, you definitely can do it.

What do you think?

Please send your comments to coaching242@yahoo.com or 429-6770.

• Michelle M Miller is a certified life coach, communication and leadership expert. Visit www.talktomichellemiller.com or call 1-888-620-7894; mail can be sent to PO Box CB-13060.

PAYING TRIBUTE TO BAHAMIAN BEAUTY

By D’ANDRE MERCEDES

A SKIN care regimen should always be basic and simple – cleansing, moisturising, toning and rejuvenating.

BAHAMIANS are naturally beautiful, so much so that we can compete internationally with all races and with their most elegant cosmopolitan lifestyles.

Our beauty is a combination that is unique. Our facial features, our countenance, and our genes passed on to us from exceptionally radiant beauties, from our mothers and grandmothers.

However, beauty and skin care require maintenance, preservation and prevention.

We have to take care of our natural beauty and our radiant, glowing complexion.

A skin care treatment once a month can help with this.

First and foremost, a professional consultation is advised to analyse your complexion, skin care and the condition of your skin. There is normal, oily, dry, dehydrated, sensitive, combination and problematic skin. Your complexion’s condition is then determined. A skin care regimen should always be basic and simple – cleansing, moisturising, toning and rejuvenating.

There are many beauty products available, now more than ever.

However, bear in mind that what is good for one skin type and condition is not necessarily good for another’s. We have the tendency to believe, “Oh, I do not need a professional skin care treatment, skin care regimen nor a consultation”.

But when we begin to see that our complexion is not as flawless as it once was, our skin is not as firm, our pores have become enlarged and we notice dark circles, patches and spots, our response is, “Where did that come from? It seems like it happened overnight!”

All of these conditions and disorders can be avoided by having a skin care treatment regimen.

Maintenance, preservation and prevention eliminate all of these conditions.

A skin care treatment will rejuvenate the total you – mind, soul and body.

• D’Andre Mercedes is a skin care specialist. For questions or an appointment, call 326-5433 or e-mail dandremercedesanne@ gmail.com.

SECTION B

TUESDAY, AUGUST 22, 2017

Helping domestic batterers change their behaviour

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net IN April 2011, a 42-yearold Bahamian woman was “chopped” to death by her lover, now serving a 57-year sentence at Her Majesty’s Prison, with a cutlass that bore the message “this what cheaters get”.

It was noted that the woman’s lover felt justified in his actions because he invested $1 million into their relationship and left his wife for her.

This is only one of several incidents of domestic violence in the Bahamas that ended in death.

And it brings to light what is always at the root of violent behaviour – the need to exert control over another person, according to clinical psychologist Dr Harry Ferere.

Dr Ferere, who hails from the Ivory Coast, Africa, has studied domestic violence for decades, with a special focus on the behaviour of batterers.

He introduced a programme specifically for men who have been violent in the Bahamas in 1993 to help them change their behaviour.

The programme, Dr Ferere told Tribune Woman, addressees the underlying issue exhibited in the actions of the perpetrators.

He said these men attempt to gain power through external means and by being violent towards another person.

Dr Ferere was trained at Nova University in the United States, where he worked to treat batterers.

“It turned out that I knew what I was doing and people got better,” he said.

“When I came in to the Bahamas in 1992, the major entity at the time was the Women’s Crisis Centre (now the Crisis Centre). Most of their focus was on the recipients of abuse. There was little focus on the one who was the major perpetrator. Since I had done the training it made sense to bring the same training here.”

The Cognitive Behavioural Programme is sponsored by the Catholic Archdiocese, with weekly meetings

“Violence is a power and control thing.

So if you teach someone to have control and power that has nothing to do with someone else, they can change.”

Clinical psychologist Dr Harry Ferere on Mondays from 6pm to 7.30pm. During the 26-week programme, participants are taught various skills that they apply to their lives.

“The first thing they learn is about themselves. They learn what their body is telling them, they learn about their emotions, they learn to label their emotions, that’s the first thing. The need to learn about emotionality,” he said.

“All of this is important, because a lot of time when the abuse takes place it is at the end of a long line of emotion – fear, insecurity – and if you can intervene before you get to that point of explosion you don’t have to go down that road.

Teach “Then they talk about what happens to them and you teach them words that describe what they are feeling.

“The second part that takes place is the thinking and how they understand themselves in the world.”

Dr Ferere said the programme teaches participants a different way of thinking.

“They can always go to their old way of thinking if they want.

“But what happens as a result of thinking different, they understand that they have control and can actually put energy into the things they have control over,” he said.

A common view batterers hold is that the world is controlling them, so they in turn have to control the world.

“So when you say to them, ‘The world is not controlling you. You have control over the world, you don’t have to control the person’, you escape the violence’,” Dr Ferere explained.

“Violence is a power and control thing. So if you teach someone to have control and

power that has nothing to do with someone else, they can change.”

Men who have participated in the group range from ages 19 to late 50s. Many of them are referred through the court probation programme, the Crisis Centre, lawyers and priests, or find out about it through word of mouth.

Effective Dr Ferere said the programme is effective as it has a 80 to 90 per cent success rate.

“Their lives give (us the) opportunity for application and it is how success is measured. When they leave the group we talk about what they do in their daily life, what they do when they are

with their families and when they are with their children.

“They talk about circumstances and they talk about how they practice these skills and how it works,” he said.

“People who graduate from the programme are generally much better off than they were when they first started.”

Dr Ferere said they do see men who ‘relapse’ in their violent behaviour, but in most cases they return to the programme before the situation escalates.

“We do have people who come back for what we call a ‘tune-up’. They come for about three sessions to refresh themselves of the skills they learned before,” he said.

Bahamian author celebrates double success

By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net BAHAMIAN author Latrell King has managed to have not one, but two of her books on Amazon’s best-sellers list.

Her newest e-book entitled “How Successful Women Think” made it to number two worldwide for new releases, while her “A Mother’s Tragedy” book placed number three in the category of bibliographies/ memoirs.

In an interview with Tribune Woman, Latrell said with her new book she hopes to teach women how to be successful beyond the classroom.

“I want to expose the well kept secrets to success that we didn’t learn in our school curriculums. What better way to do this than writing a book to teach women that it’s all in the mind. Moreover, I want to inspire women that we all can be successful. A lot of women ask me how did I do it. How do I always seem to rise above life’s setbacks.

“I always got that question from women older than I am. People always told me I inspire them, and so as a gift to my followers I wrote a self-help book with steps that will catapult them into the new era in their lives,” said Latrell.

The book covers topics such as: eradicating unhealthy thought patterns; improving selfbelief and confidence; speaking positively and purposely into your future; redirecting your life by taking note of personal goals, and changing and controlling your environment.

“If I had to do it all over again I wouldn’t change anything. Simply because I wrote transparently and from real life experiences.

One hundred per cent of my book is realistic

BAHAMIAN author Latrell King and are steps I have applied and have seen amazing results from. I believe that if we can think it, see it, believe it, speak it and write it down, it will come to pass,” she said.

“The book can be longer in the future, but for right now I believe that short reads are powerful and get the message across perfectly.”

“How Successful Women Think” is available for purchase locally from the author via lewis.latrel@gmail.com, and through Amazon.com, Createspace, and Barnes and Noble.

“I have not had a book launch in the Bahamas as yet, but I plan to have one in late October. However, I had a book launch in Atlanta, Georgia this past Saturday at the APEX Museum where I sold out of my new book,” said Latrell.