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WEDNESDAY, AUGUST 23, 2017
$4.00 DINGMAN IN LEGAL BATTLE ON TWO FRONTS OVER NASSAU FAILURE * Opponents file new New York action * Lyford Cay resident still fights eatery empire fail * And dismisses ‘garden-variety’ fraud claims By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A NEW front has opened in the legal war over Jamie Dingman’s failed Nassau restaurant empire, as the Lyford Cay resident moves to dismiss continuing “garden-variety fraud and contract” claims. The son of worldrenowned entrepreneur, Michael Dingman, is now fighting a ‘battle on two fronts’ after former partners/associates initiated litigation in the New York State Supreme Court this summer alongside their existing federal court action. Erik Gordon and Ryan Giunta, both US citizens, appear to have ‘hedged their bets’ in anticipation that Mr Dingman will succeed in having their appeal of the southern New York federal court’s original verdict thrown out. The duo are alleging that their action, claiming fraud against Mr Dingman for supposedly breaching agreements to provide them with an equity interest in his Nassau-based Out West Hospitality venture, was wrongly deemed a foreign securities transaction. The southern New York court found that the deal between Dingman and Gordon/Giunta was never legally binding because it failed to obtain approval from the Bahamian authorities - the Central Bank and Investments Board - under this country’s Exchange Control Regulations. Out West Hospitality was the Bahamian holding company for a planned Nassau
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* Talks involve Memories, Port Lucaya owners * Seeking to create destination experience * Gov’t eager to exit, avoid failures repeat By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s proposed Grand Lucayan deal aims to avoid a repeat of previous failures and create a destination experience, with Memories and the Port Lucaya Marketplace’s owners “part of the conversation”. Multiple Tribune Business sources, some close to current developments, confirmed the nature of - and potential players involved in - the Grand
Lucayan’s ‘rescue strategy’ prior to the Government last night confirming “productive discussions” continue. This newspaper was told that the Government is focused on curing the underlying structural problems that have undermined the resort and Grand Bahama’s wider tourism/hotel product, both to ensure it can rapidly ‘exit’ its temporary ownership and ensure it “does not face another quagmire in five years”. SEE PAGE 3B
AN ARTIST’S impression of what the Lucayan area could look like. Image: PNH Properties
HOPE BAHAMAS POWER & LIGHT TAXATION FOCUS ‘COULD ‘SHAKE UP’ SHOWS REFORM DESIRE SCARE’ VACATION RENTALS * Lowering energy costs ‘imperative’ for economy * Christie Gov’ts failure ‘absolutely stupid’ * Gov’t: BPL turmoil won’t impact plans By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Mr Myers described the Bahamas’ decades-long energy reform failure as “maddening” for himself and other business owners, and blasted the Christie administration as “absoA GOVERNANCE reformer lutely stupid” for its inability to yesterday expressed hope that the deliver this during its term in office. “shake up” in Bahamas Power & “What I’m hoping is that we’re Light’s (BPL) top management seeing a shake-up because this is a sign the Government is serious administration is fed up with the about delivering energy reform. nonsense,” the ORG principal told Robert Myers, a principal with Tribune Business. “We can’t keep the Organisation for Responsible doing what we’re doing. Governance (ORG), told Tribune “It would be nice to hear what the Business he hoped Pamela Hill’s termination as BPL chief executive ROBERT MYERS Government’s plan is, and what’s going on behind the scenes. I’m was evidence of the Minnis administration’s “desire for change” when it came hoping their desire for change is creating a shake-up, and that’s a good thing. Either we to energy costs and reliability. He described energy reform as “the easiest will have a statement from the Government and lowest hanging fruit” to pick in turning or time will tell, but it’s a little unnerving.” The BPL Board has yet to reveal its the Bahamian economy around, adding that reduced electricity costs alone would return rationale or justification for Ms Hill’s ter“hundreds of millions of dollars” into the mination, and the energy monopoly’s Bahamian economy and generate significant manager, PowerSecure, is understood to be GDP growth by itself. SEE PAGE 2B
* Renew’s ‘tremendous difficulties’ with PLP * Says this prevented ‘successful remediation’ * Additional financing blocked by ‘access rights’
THE New Providence landfill’s former manager yesterday blamed the Christie administration’s “failure to fully co-operate and plan” for its decision to cease operations, arguing that this had prevented “successful remediation” of the site. Renew Bahamas said it had “encountered tremendous difficulties” in its relationship with the former government, which impacted efforts to attract additional financing and redesign the Tonique Williams Highway site. It added that independent analysts confirmed it had invested in remediating the landfill to prevent further fires, while its management had resulted in “a culture change” that brought discipline and improved safety. “In 2013, Renew Bahamas entered into an agreement with the Government of the Bahamas with the hopes of establishing a partnership that would have been beneficial for the environment and the quality of life of the people of New Providence, and would have provided
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Grand Lucayan deal to avoid ‘quagmire repeat’
EX-LANDFILL MANAGER SLAMS CHRISTIE GOV’TS ‘FAILURE TO CO-OPERATE’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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a benefit for the Government,” the former landfill manager said yesterday. “Based on the Government’s solemn promises, Renew fulfilled its commitments to invest millions into the venture, and created the foundation for a state-of-the-art waste management facility that would have been the pride of the Caribbean.” Outlining its contractual commitments, Renew Bahamas added: “Renew had the obligation to reconstruct and remediate the landfill. Renew invested in that effort, as confirmed by the University of Florida landfill experts, but the Government never fulfilled its obligation to settle access rights Renew needed to obtain further financing. Nor would it meet with Renew to create an agreed design for the future landfill. “In order to achieve continuity and a successful outcome, we needed a fluent working relationship, and constructive dialogue that effectively managed the emerging contract issues. Despite our efforts, that never happened.” SEE PAGE 2B
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Bahamas was yesterday urged to develop a comprehensive strategy for growing the vacation rental market, amid warnings its taxation focus may “scare” visitors and entrepreneurs. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that he would have preferred the Government to release a ‘complete package’ when it recently unveiled its Memorandum of Understanding (MoU) with Airbnb. Mr Aubry, whose group recently contracted an economic study on the vacation rental market’s economic potential for the Bahamas, said the Minnis administration would have been better served by using the MoU
* Bahamas needs full strategy for sector * Growth plan, legislation needed with Airbnb deal * Reformer: ‘We don’t have full package yet’
signing to release its growth strategy for the sector and legislation to regulate it. “It’s hard to judge,” he said of the Government’s plans for the vacation rental market. “You don’t see the full context yet. I haven’t seen anything that outlines the strategy for how we take advantage of this tourism product in any way.” Acknowledging that the Government’s plan to-date had “a risk to it”, Mr Aubry said he understood its SEE PAGE 4B
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THE TRIBUNE
EX-LANDFILL MANAGER SLAMS CHRISTIE GOV’TS ‘FAILURE TO CO-OPERATE ’ FROM PAGE 1B
The ex-manager continued: “Renew encountered tremendous difficulties in engaging in consistent dialogue with the Government. The Government’s failure to fully co-operate and plan eventually made it extremely difficult for Renew to continue to manage the landfill efficiently. “Finally, the recent damages to the landfill as a result of Hurricane Matthew made it impossible for Renew to continue without the full co-operation of the Government.” Renew Bahamas’ media statement, breaking an almost 10-month silence, thus pinned responsibility for the premature end of its five-year management contract fully on the former Christie administration. Tribune Business revealed in October 2016 that Renew Bahamas had “suspended its services” in the wake of Hurricane Matthew, after shootings, tyre slashings and widespread theft following the storm made operating conditions unsafe. Michael Cox, Renew Bahamas chief executive, told Tribune Business at the time that these incidents, combined with the loss of electrical power in Matthew’s wake, had brought landfill operations - especially the revenue-generating recycling activities - to “a grinding halt”. He also hit out at what he described as the Government’s “two-and-a-half year” failure to properly engage with Renew Bahamas, adding that the company’s request to the Government for post-Matthew financial support, and other assistance, had produced no response. The former Christie administration, though, took “grave exception” to Mr Cox’s allegations that the Government had failed to properly support and engage with Renew Bahamas. Kenred Dorsett, former minister of the environment and housing, accused Mr Cox of
FROM PAGE 1B challenging whether the Government-appointed directors had the contractual and legal ability to dismiss her. The Board is also demanding that PowerSecure fully reimburse the $1.9 million alleged to have been stolen in the much-publicised vendor fraud scheme, and that it cure alleged “breaches and deficiencies” of its management services agreement (MSA) within 30 days - making the deadline mid-September. The relationship between PowerSecure and the BPL Board has almost completely deteriorated as a result of the latter going public with its accusations, which the US utility feels are wrong and baseless. PowerSecure yesterday elected not to respond publicly to the Board, and is understood to have hired Brian Simms QC, litigation head at the Lennox Paton law firm, to represent it in the matter. Mr Simms previously acted for the China Export-Import Bank in the Baha Mar dispute.
being “incredibly disingenuous”. He and the Government suggested that Renew Bahamas’ problems did not start with Matthew, as the company had already been seeking to renegotiate its management contract after incurring consistent, heavy losses. The former Christie administration implied that Renew Bahamas had ‘used’ Matthew to walk away from its contract and the associated losses after it was unable to renegotiate terms to its satisfaction. Renew Bahamas’ departure forced the Department of Environmental Health Services (DEHS) to resume management of the landfill, which again became the subject of controversy through the massive pre-election fire that created health and environmental hazards for residents in Jubilee Gardens and other nearby communities. Tribune Business sources yesterday suggested that Renew Bahamas had never fully gone away, and that several of the company’s former executives had remained in the Bahamas to try and work through the remaining contractual issues with the Government. However, the company did not reply to a detailed list of Tribune Business questions before press time last night. Many observers are likely to interpret the timing and content of Renew Bahamas’ release as being influenced by the Minnis administration’s election and the possibility that the landfill management contract will again be put out to tender via a new Request for Proposal (RFP). Still, the company reiterated: “Renew supports the Bahamian people’s journey to better waste management, and it can only be done with an open partnership that includes all stakeholders. “Renew issued this release in light of recent articles pertaining to the landfill, and to set the record straight that with the full co-operation of the Government the issues at the landfill would have been successfully remediated.”
FROM PAGE 1B restaurant, hotel and bar conglomerate that included the iconic Traveller’s Restaurant and several other properties, but the venture fell apart and collapsed in 2014. Gordon is insisting that the equity deal was a US domestic securities deal because the transaction took place in New York. “The District Court erroneously concluded that because actual issuance of the securities to Gordon depended on the approval of certain Bahamian authorities, the parties did not incur irrevocable liability in the United States,” his appeal alleges. “The need for Bahamian approval, however, did not alter Gordon’s liability to take and pay for the securities. Gordon could not have backed out of the transaction without breaching the agreement. “As a result, the approval requirement did not change the fundamentally domestic nature of the transaction: An American citizen fraudulently contracted to sell securities to an American citizen in the United States.” Gordon alleged that he paid $250,000 to Mr Dingman in exchange for a 50 per cent equity stake in Out West Hospitality, but never received the shares. He is arguing that “the
DINGMAN IN LEGAL BATTLE ON TWO FRONTS OVER NASSAU FAILURE only foreign component to the transaction was the formal approval of certain Bahamian authorities, which Dingman represented that he would obtain”. “As a matter of New York contract law, Gordon and Dingman were irrevocably bound by contract to the sale of the subject stock despite the fact that the transaction contemplated Bahamian approval for the issuance of the stock to a non-Bahamian,” Gordon’s appeal alleged. “Here, the relevant actions are not predominantly foreign: Dingman marketed the securities to an American investor while both were in New York, made material misrepresentations in New York and contracted to sell the securities in New York. “Appellees [Dingman] have not identified any actual inconsistency with Bahamian law that would result from the application of the Exchange Act to Appellees’ conduct. In fact, the only issue of Bahamian law that appellees have identified is the approval requirement, which hardly renders this fraudulent securities transaction in the United States so predominantly foreign as not to be
HOPE BAHAMAS POWER & LIGHT ‘SHAKE UP’ SHOWS REFORM DESIRE
Desmond Bannister, who as minister of works has responsibility for BPL, yesterday indicated that the managerial/leadership disruption at BPL would not throw the Government’s energy reform plans off-course. “We expect that matters will proceed in accordance with plans,” Mr Bannister said in a brief message reply to Tribune Business. Mr Myers, meanwhile, said “turmoil” at a company’s senior management level could be both good and bad. “It depends on where the direction is coming from,” he added, “and who’s driving the process, who’s pulling the strings, who’s pushing the buttons. “My guess is that this administration has shown themselves to be more performance motivated than politically motivated. To lower the cost of power is imperative to the private sector, and the public and the Government in order to help our fiscal condition.
“If they’re pushing on that part of their agenda I’m all behind it, because we need that badly,” Mr Myers continued. “In my opinion it’s too little, too late, because we could have been enjoying lower power costs for the pas three years. Every dollar saved in energy costs goes straight to the bottom line of the private sector, government and households. “It’s absolutely stupid that the previous administration didn’t do something about it earlier. Energy is the lowest hanging fruit. It’s the single easiest thing to fix to reduce the cost and ease of doing business.” The Christie administration issued a Request for Proposal (RFP) tender to reform the energy sector exactly four years ago in August 2013. After dropping plans to split BEC’s energy generation from its transmission and distribution, the then-government settled on the so-called ‘NAD model’ pioneered at the airport, where the Government maintained ownership
of the assets but hired a private sector manager. This led to the March 2016 signing of PowerSecure’s five-year management agreement, worth a maximum of $25 million or $5 million per year if certain performance targets were hit, and with a $10 million base fee. Yet PowerSecure was never allowed to manage BPL as a business. The former Christie administration rejected its 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 much-needed 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. Mr Myers yesterday questioned how many more RFPs and debt
the concern of the federal securities laws.” Mr Dingman, though, is countering that Bahamian law is “incompatible” with US legislation, and that applying the latter to Gordon’s case “places it in conflict with the regulatory laws of the Bahamas”. Describing Gordon’s action as “impermissibly extraterritorial”, he conceded: “Several investors banded together with Dingman to build and operate a network of restaurants, bars, hotels and other venues in the Bahamas, but the venture failed. “Gordon now attempts to make a federal case out of his garden-variety fraud and contract claims by alleging securities fraud arising from Dingman’s alleged failure to deliver shares in Out West, and arguing that this claim is governed by the Exchange Act because his arrangements with Dingman were made in the United States and constituted a domestic transaction.” Mr Dingman alleged that Gordon was seeking to invest in Out West Hospitality as part of an investment strategy to obtain Bahamian permanent residence, and argued his opponents were
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refinancing plans were needed to resolve BPLs woes, and added: “Somebody has to come and fix it. “Our power situation has been poorly managed and directed for decades. BEC/BPL is over-staffed, it’s inefficient, behind the times, has not kept up, is not progressive and needs to get its ass kicked. “You could add millions of dollars to the country’s bottom line if we reduced the power costs to where they should be; 21 cents per kilowatt hour,” Mr Myers continued. “That’s free money; hundreds of millions of dollars that we’re paying to foreigners and oil companies that’s immediately returned to the Government and private sector. “It would be a massive boost for the economy. It’s the easiest low hanging fruit. “Get on with it. From mine and the private sector’s point of view, it’s maddening. Get it fixed, and save hundreds of millions of dollars annually. “If oil prices go back up, we’re screwed.”
THE TRIBUNE FROM PAGE B1 Tribune Business’s contacts said the strategy involves creating a destination product along the lines of an Atlantis and Baha Mar, combining hotel, retail, cruise, marina and other associated resort amenities and attractions into one. To help achieve this, the Government’s potential equity partners include the Port Lucaya Marketplace’s owner, Peter Hunt, and his fellow investors. Sunwing and its Memories hotel brand affiliate, which departed Freeport in February following a dispute with Cheung Kong (CK) Property Holdings, the Grand Lucayan’s owner, over Hurricane Matthew repairs have also been potentially lined up to return. Tribune Business was told that Sunwing/Memories are also trying to entice Hard Rock into the deal to take over the casino operation, with the Government’s equity stake pegged at either 40 per cent or 60 per cent. Sources added that CK Property Holdings, one of the two entities into which Hutchison Whampoa has split, will provide financing to assist the deal and repair the resort, as the Minnis administration bids to re-open the Grand Lucayan in time for the winter 2018 season. “The new partners are Hunt and his fellow investor, and Sunwing and Memories,” one source told Tribune Business on condition of anonymity. “Sunwing and Memories are supposed to bring Hard Rock to the table. Hard Rock would take the Lighthouse Pointe and the casino. They didn’t say anything about Breaker’s Cay. “Hutchison will lend the Government $60 million.... Hunt is critical because they want Port Lucaya to survive. They’ve got the right ingredients. Let’s see if they can pull it off.” Another source familiar with the Grand Lucayan situation confirmed: “The Government has been talking to all the parties you’ve mentioned. It has been trying to broker a deal to get the place open before the end of the year.” The parties’ identities were affirmed by a third source, who added: “Everything you said has been part of the conversation. Those you mentioned are all part of the conversation and moves in terms of delivering a destination experience.” Kwasi Thompson, minister of state for Grand Bahama, did not comment when the identities of the Grand Lucayan deal participants were put to him last night.
Wednesday, August 23, 2017, PAGE 3
GRAND LUCAYAN DEAL TO AVOID ‘QUAGMIRE REPEAT’
AN ARTIST’S impression. Image: PNH Properties The Government ultimately issued a statement that, at most, revealed that a deal has yet to close. Pledging its “commitment to the revitalisation and restoration of the Grand Bahama economy, particularly the Lucayan Strip”, the Minnis administration merely said: “Towards this end, there have been continuing productive discussions. “We remain resolute in our determination to do all that is necessary to achieve our stated goal. To this end, the Government will make further announcements shortly.” One government contact said of the deal’s progress: “I think we’ve come pretty far. It’s coming along nicely at the moment.” However, the clock is ticking on Dr Hubert Minnis’s pledge, as given in last month’s national address, that repair and renovation work at the Grand Lucayan will begin before month’s end. He said: “All signs point to the beginning of renovations at the resort within the next month, with the facility ready for business for the winter season.” Many tourist industry observers believe the latter deadline is virtually impossible, with even the March/ April period now in some doubt. Mr Hunt did not return Tribune Business’s calls seeking comment over the past two days. However, the website for his PNH Properties group contains a dedicated ‘Bahamas’ section with architects’ renderings and plans to transform the Lucaya area into a destination experience. “The goal of PNH Properties is to ‘imagine’ a tourist destination that offers true added value and unique opportunity to every part of the local economy and every hospitality provider,” the website says. “Unlike typical ‘standalone’ resort developments, this comprehensive destination plan will attract greater numbers of visiting travellers and a longer length of stay.”
It continues: “In Port Lucaya, the PNH project is designed to provide guests of the greater Grand Bahama island tourist and residential community with a more diverse range of activities and excursions in one location. By developing a ‘comprehensive resort community development plan’, PNH is working to provide a wider range of high-value experiences and activities, at the same time repositioning Grand Bahama as an experience-driven branded destination. “Past experience on Grand Bahama has shown that guests lack the variety of experiences that should be a baseline expectation for such a prestigious destination. These experiences are an essential component of the Grand Bahama package - necessary to occupy visitor’s time and provide memorable entertainment throughout their multi-day vacation. “Combined with the marina harbour and canals, the PNH experience is a vibrant and dynamic array of both daytime and night-time activities, adding true value to a guest’s vacation and creating the appetite for more engaging vacation experiences.” This matches the Government’s plan, which is to create a destination experience incorporating the Grand Lucayan, rather than leave the hotel and other tourismrelated products as separate, standalone entities. Sources suggested the Minnis administration was determined to avoid a repeat of the Grand Lucayan’s 11-month post-Matthew closure, which has stripped Grand Bahama of 59 per cent its room inventory and caused the loss of an estimated 1,000 jobs. “The Government has a very strong interest in getting Grand Bahama right,” one contact told Tribune Business. “It’s been a failure for too long. Why has this property failed for so long? I think we’re beginning to get an understanding of that, and
DINGMAN IN LEGAL BATTLE ON TWO FRONTS OVER NASSAU FAILURE FROM PAGE 2B seeking to “mask the fact that this case always has been about parties, events and claims in the Bahamas, which should be governed by Bahamian law”. “The parties always understood that shares in a Bahamian entity could not be issued to Gordon, a non-resident, without approvals from the necessary Bahamian authorities,” Mr Dingman’s legal filings alleged. “Any contract for the sale of such securities would be revocable if approval was not forthcoming, and appellants have acknowledged this condition by their allegation that ‘if approval was not forthcoming, Dingman was bound to return to Gordon all funds paid by Gordon’. Thus, there would be no irrevocable liability for the purchase or sale of the securities in issue unless and until the Bahamian authorities had given their approvals, at the earliest.
“Where Bahamian law prohibits any Bahamian investment by Gordon without approval from the Bahamian government, any determination by a US court that Gordon has claims with respect to an investment in a Bahamian company for which he never obtained approval may be ‘incompatible’ with Bahamian law.” Mr Dingman alleged that Bahamian approvals were “a condition precedent” for Gordon’s Out West Hospitality investment, and added: “Gordon’s claims will implicate incompatible US and foreign laws. “A US court cannot direct Dingman or Out West to issue shares to Gordon in contravention of Bahamian regulations prohibiting the issuance of shares without the necessary Bahamian approvals, and a US court should not be adjudicating claims which are based on the alleged failure of Dingman and Out West to issue such shares.”
what needs to be done to fix that.” The source said the structural issues holding back Grand Bahama’s tourism and hotel economy were similar to the rest of the Bahamas, namely the cost of energy and labour, and labour productivity. Access costs to Grand Bahama in terms of airlift were also said to be extremely high, with the source describing the cost of jet/aviation fuel on the island as “ridiculously high”. Tribune Business was recently shown a chart illustrating that the per gallon cost of aviation fuel in Freeport was between 37.8 per cent to 54 per cent higher than rival Caribbean destinations, and 37.5 per cent higher than Nassau. Tribune Business was told that this is negating Grand Bahama’s comparative advantage of US proximity, and making further-flung Caribbean destinations and resorts cheaper on price - something the Government wants to fix. “It really makes no sense trying to get something sold and you find yourself in a quagmire five years down the road again,” one source said. “You have to solve the infrastructure problems, and get the right operators and carriers. “Grand Bahama has lacked a destination. Baha Mar, Atlantis... people buy destinations; they don’t buy hotel rooms. “They buy the experience of the destination. If you don’t have the experience, you don’t have the rooms.” They added that solving these issues was vital to enabling the Government exiting its Grand Lucayan investment quickly, in the manner of the UK and US governments following their auto and banking industry bail-outs of the 20082009 recession. “Everything is being done on the basis of the Great Recession in the US,” they added. “You get in, and you get out. There is no sustainability without profitability. Enabling that to happen is the model being pushed forward.” It is unclear where Paul and Steve Wynn, and their Wynn group, fit into the Government’s Grand Lucayan plans. The Canadian-based real estate developer was the leading contender to purchase the
property under the former Christie administration, but there is understood to have been little movement on the deal in recent weeks. Tribune Business was told yesterday that Wynn had
submitted a revised proposal to the Government several weeks ago, but its offer now appeared to be running second to the Minnis administration’s plans.
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In the Estate of HAROLD LOUIS late of #37 Quintine Alley in the Southern District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased. NOTICE NOTICE is hereby given that all persons having any claim or demand against the said estate are required to send the same duly certified in writing to the undersigned on or before the 25th day of October, A.D. 2017, after which date the Administratrix will proceed to distribute the estate having regard only to the claims of which she shall have had notice. AND notice is hereby given that all persons indebted to the estate are required to make full settlement on or before the date hereinabove mentioned. CEDRIC L. PARKER & CO. Attorneys for the Administratrix 9 Harcourt (Rusty) Bethel Drive Nassau, Bahamas
PAGE 4, Wednesday, August 23, 2017
THE TRIBUNE
FROM PAGE 1B
Abridged version of the Financial Statements for the year ended 31 March 2017
AUDITORS
Interested parties may obtain a complete copy of the consolidated statements from the Local Office of the entity at State Bank of India, Saffrey square, Suite-201, Nassau, The Bahamas.
desire to ensure vacation rentals were properly regulated, and that the sector contribute its fair share in taxation on a ‘level playing field’ with the hotel industry. “I do understand the need for regulation, and to maintain the quality of the current tourism industry, and I understand the need for taxation so we don’t bastardise the current tourism product,” Mr Aubry told Tribune Business. “But I would like to see legislation as part of a wider strategy, as we don’t want to make anything prohibitive.... This is a perfect vehicle for Bahamian ownership of the tourism product, and I think we want to incentivise that, and drive more local products and manufactured products into the sector.” Mr Aubry continued: “We don’t understand what the long-term plan is. I’d have liked to see this legislation come in as a package; how we ensure certain standards are maintained, where the responsibility for the taxation lies, and how people can utilise second homes left for them by their families in islands like Andros. “We want to incentivise it, and not make it difficult for local and foreign investors.” Dionisio D’Aguilar, minister of tourism, in unveiling the Airbnb MoU pledged that legislation was being developed to address what he described as the “murky issues” affecting the vacation rental sector. “The regulation will define the parameters of vacation home rentals,” he added. “It will set the standards and best practices to facilitate the sector in preserving the reputation of our destination brand. The new legislation will put in place a modern regulatory framework within which vacation home rentals can operate as an integral part of our tourism sector.” The Airbnb MoU will see the vacation rental website assist the Government’s efforts to properly tax vacation properties on their rental income, although this will not involve the imposition of Value-Added Tax (VAT) due to difficulties in assessing whether landlords have crossed the $100,000 registration threshold. While Mr D’Aguilar argued that “the great take away from this is not the tax” but
TAXATION FOCUS ‘COULD SCARE’ VACATION RENTALS the entrepreneurial opportunities for Bahamians, Mr Aubry said this was unlikely to be the impression gained from the Airbnb MoU. “The first thing you hear about Airbnb is they’re going to tax it,” Mr Aubry told Tribune Business. “That could scare a number of people moving forward into this.” Concerns that the Government could ‘throw the baby out with the bath water’ over its vacation rental taxation plans have already been voiced by several Bahamasbased Airbnb hosts. One, Bruce Raine, International Private Banking Systems’ (IPBS) principal, earlier this week warned that it could “kill” the industry if it failed to adopt a ‘light touch’ approach due to the price sensitivities of international travellers. Mr Aubry acknowledged that the Bahamas was following other jurisdictions, such as Antigua and the US Virgin Islands, in sealing agreements with Airbnb, but warned that this nation needed to maintain its competitiveness. “I think these are destinations also looking at it to see how they can drive more tourism,” he said. “We have to be conscious we are competing in a broader market. We have to create more experiences.” Mr Aubry said vacation rentals should be viewed as an innovative product for attracting tourists to the Bahamas who were not interested in a cruise vacation or staying at a destination resort/hotel with its various attractions. As a result, he argued that the Bahamas needed to balance taxation with incentives for the vacation rental sector. Mr Aubry suggested that incentives, for example, could be provided to encourage landlords and hosts to register their properties with the Government’s Hotel Licensing Department. “It’s a very valuable product and we have to be careful how we move it forward,” he said. “If we can get into a place where the licensing policy is clear, and where you can get concessions for using local products, and move it to an island where this tourism
product is needed, it’s not so hard to put together. “How do we take advantage of this, and push forward into a new and exciting model of tourism?” 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 nonhotel 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. An ORG-commissioned study by Oxford Economics, the research consultancy, recently identified the vacation rental market as a potential growth opportunity that could boost Bahamian ownership and entrepreneurship in the tourism industry, plus aid economic diversification. However, it found that the Bahamas’ ability to make further inroads into this market was already being impeded by old, impractical laws and regulations that treated vacation rentals like mega resorts. Apart from the International Persons Landholding Act imposing “especially strict rules” on foreign home owners, the study said all vacation-based properties have to be approved by the Bahamas Investment Authority (BIA). “While vacation home owners and foreign owners can overcome these hurdles, this comes at a cost in terms of time and money,” the report’s author, the Oxford Economics consultancy, said. “In the view of interviewees, most of the complexity reflects laws that are designed with mega-resorts in mind. For example, if the owner is not the primary occupant, then the applicant must present detailed business plans that addresses issues such as how many people will be employed, traffic issues, etc. For the vacation home rental market, this is not a practical approach.”
THE TRIBUNE
Wednesday, August 23, 2017, PAGE 5
MICHIGAN MOVES TO SNAG 1,500 JOBS FOR FLINT, OTHER CITIES By DAVID EGGERT, Associated Press LANSING, Mich. (AP) — Michigan’s economic development board on Tuesday approved state incentives designed to snag least 1,500 new jobs, including more than 400 to be created by an auto supplier that wants to build a seating assembly plant in the embattled city of Flint. Southfield-based Lear Corp., which makes automotive seating and electrical systems, will qualify for a grant worth up to $4.35 million if it adds 435 jobs by mid-2020 at the new $29.3 million facility to be constructed on the site of General Motors’ largely abandoned former Buick City complex. Impoverished Flint is still recovering from a manmade crisis in which the water supply was tainted with lead. Lear will get a $10,000 incentive for each job that goes to a city resident and $5,000 for each non-resident hired. Lear chose Michigan over Mexico for the project, which will provided seats for a full-size truck program, according to a memo prepared for the Michigan Strategic Fund Board. Flint is providing a 50 percent property tax abatement. Construction is expected to begin this fall, with operations starting next spring — which would mark the return of auto-related manufacturing to sprawling Buick City for the first time since 1999. Its closure was the end of an era for a place that had defined the city’s identity for nearly a century. “We are happy to welcome another new company to Flint, and look forward to the boost it will give our local economy. It’s been a long time coming,” said Mayor Karen Weaver, whom Gov. Rick Snyder appointed to the Michigan Economic Development Corp.’s executive committee in the wake of the water catastrophe for which his administration has largely been blamed. Snyder made a rare visit to the Strategic Fund meeting on Tuesday to discuss the Flint project. The fund’s board also approved two other big incentive packages that MEDC CEO Jeff Mason dubbed “high-impact.” One is a $2.5 million grant to secure Reading, Pennsylvania-based Penske Logistics LLC’s planned addition of 403 jobs by October 2021 at a new Midwest distribution warehouse in Romulus that could cost up to $98.6 million. The Michigan Economic Development Corp. said the incentive was needed because competitor Indiana’s corporate income tax is set to decline. The other project is a $2.9 million grant for LG Electronics USA Inc. to spend up to $25 million and create 292 jobs in Hazel Park and Troy by the end of 2021. LG plans to open a renewable battery plant and to expand its engineering and design facility.
THE American flag flies above the Wall Street entrance to the New York Stock Exchange. (AP Photo/Richard Drew, File)
Stocks surge, put shaky few weeks further behind them By STAN CHOE, AP Business Writer NEW YORK (AP) — Stocks around the world jumped on Tuesday, and the Standard & Poor’s 500 had one of its best days of the year, as markets put a shaky last couple of weeks further behind them. Shares of technology companies and retailers helped lead the way in the United States. And with markets in a less-nervous mood, prices for Treasury bonds, gold and other go-to investments for turbulent times fell. The Standard & Poor’s 500 rose 24.14 points, or 1 percent, to 2,452.51 for its fourth-biggest gain of the year. It’s taken just two days for the index to recoup half the loss it sustained in the two weeks since setting a record on Aug. 7. Those two weeks were a jolt for markets, as worries rose about political strife in Washington and abroad. The Dow Jones industrial average rose 196.14 points, or 0.9 percent, to 21,899.89 on Tuesday, and the Nasdaq composite gained 84.35, or 1.4 percent, to 6,297.48. It’s the latest example of investors seeing drops in the market as opportunities to buy, not reasons to unload stocks. “We’ve seen these blips of volatility this year, and we have tended to calm down very quickly afterward,” said Jon Adams, senior investment strategist at BMO Global Asset Management.
PROFITS CONTINUE TO RISE FOR ATLANTIC CITY’S 7 CASINOS ATLANTIC CITY, N.J. (AP) — Atlantic City’s casinos have seen their gross operating profits increase by nearly 20 percent in the first six months of this year, according to new state date released Tuesday. The figures from the New Jersey Division of Gaming Enforcement also showed that the seven casinos reported a collective second-quarter profit of $169.3 million, compared with $145.7 million for the same period last year. That’s an increase of 16 percent. New Jersey Casino Control Commission Chairman Matt Levinson was pleased with the results. “For three consecutive quarters now, the current operators reported double-digit growth in gross operating profits. They must be doing something right,” Levinson said. “Revenue, occupancy rates and profits all increased, and with everything else that’s going on or going up in Atlantic City right now I think the industry’s future looks a little bit brighter every day.” The data showed gross operating profits for the year are up 19.1 percent to $308.6 million over the same period last year. Gross operating profit reflects earnings before interest, taxes, depreciation and other charges. It’s a widely accepted measure of profitability in the gambling industry. Five of the seven casinos reported increased gross operating profits through the second quarter of the year. The Tropicana reported the biggest increase, up 105 percent in the second quarter to $35 million, compared with the same period last year. Resorts reported profits of $9.5 million, up 63 percent; Golden Nugget posted a profit of nearly $17 million, an increase of 27 percent; Caesars saw a profit of $45.6 million, up 25 percent; and Borgata was up to $129 million, or up about 22 percent. Ballys reported nearly $16 million in profits, down 5.8 percent from last year. Harrah’s profits were down 13 percent to $50 million.
He pointed in part to increased optimism that Washington will avoid a default on the federal debt. The Senate’s majority leader said on Monday there is “zero chance” that Congress will vote against increasing the country’s borrowing limit. Many analysts are expecting markets to drift sideways in upcoming weeks, with few market-moving events on the calendar. One highlight could be the symposium for central bankers from around the world in Jackson Hole, Wyoming, at the end of this week. The Federal Reserve is raising interest rates and is preparing to pare back the $4.5 trillion it holds on its balance sheet, and investors are wondering when the European Central Bank will follow suit. The heads of both the Fed and the European Central Bank are expected to speak at the symposium, and if either suggests a more aggressive pace than investors are
expecting, it would likely mean another tumble for markets. But investors say the Fed in particular has been meticulous in setting
We’ve seen these blips of volatility this year, and we have tended to calm down very quickly afterward.” Jon Adams, senior investment strategist at BMO Global Asset Management expectations so markets aren’t taken by surprise. “We wouldn’t expect much market moving overall,” Adams said. If markets do end up calming down, it would mark a return to a smooth ride for investors. The S&P 500 is up 9.5 percent for the year, and the climb had been a remarkably placid one until two weeks ago. It had just two days this year where it fell by 1 percent or more, before
NOTICE International Business Companies Act No.45 of 2000 MP Investment Fund Ltd. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of MP Investment Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 14th day of August, 2017. Moise Politi Liquidator
doubling its tally during the last two weeks. Technology companies led the way, and those in the S&P 500 rose 1.5 percent for the biggest gain among the 11 sectors that make up the index. Macy’s jumped to one of the largest gains in the index after it said an eBay executive, Hal Lawton, would become its president. Traditional retailers have been struggling to compete with online rivals, and Macy’s also said it is restructuring its organisation to drive more sales and cut costs. Its stock rose 89 cents, or 4.6 percent, to $20.42. Shoe retailer DSW surged $2.74, or 17.5 percent, to $18.43 after it reported stronger earnings and revenue for the latest quarter than analysts had forecast. Markets abroad were likewise strong. In Europe, Germany’s DAX jumped 1.4 percent, France’s CAC 40 rose 0.9 percent and the FTSE 100 gained 0.9 percent in London.
In Asia, Hong Kong’s Hang Seng climbed 0.9 percent, South Korea’s Kospi added 0.4 percent and the Nikkei 225 in Japan was virtually flat. The ebullient tone led investors to sell Treasury bonds, which are considered among the safest investments. That in turn pushed up yields. The 10-year Treasury note’s yield rose to 2.21 percent from 2.18 percent late Monday. The dollar rose to 109.52 Japanese yen from 108.85 yen late Friday. The euro fell to $1.1752 from $1.1813, and the British pound fell to $1.2828 from $1.2901. Benchmark U.S. crude rose 27 cents to settle at $47.64 per barrel. Brent crude, the international standard, gained 21 cents to settle at $51.87 a barrel. Natural gas fell 2 cents to $2.94 per 1,000 cubic feet, heating oil was virtually flat at $1.59 per gallon and wholesale gasoline rose a penny to $1.59 per gallon.
PAGE 6, Wednesday, August 23, 2017
THE TRIBUNE
FORD TO OFFER INCENTIVES TO SCRAP OLDER CARS
LONDON (AP) — Ford is offering car buyers in Britain a 2,000pound ($2,570) incentive to trade in older vehicles for newer, less polluting models. The offer announced Tuesday is available to new car buyers who trade in vehicles registered before Dec. 31, 2009. The cars will then be taken off the road and scrapped. The move comes amid pressure from governments to reduce air pollution and end the sale of the most polluting types of diesel engines. Automakers are also rushing to adapt to new technology, such as electric cars, in part to address air quality concerns.
Andy Barratt, managing director of Ford in Britain, said that removing the most polluting vehicles would have an immediate and positive effect on air quality. “We will ensure that all trade-in vehicles are scrapped,” Barratt said. “Acting together we can take hundreds of thousands of the dirtiest cars off our roads and out of our cities.” Replacing old gasoline and diesel cars alone could save 15 million tons of CO2 annually, the company said.
A WORKER cleans cars that are on display at a Ford car forecourt in London. Car manufacturer Ford is offering car buyers in Britain a 2,000-pound ($2,570) incentive to trade in older vehicles for new, less polluting models. (AP Photo/Frank Augstein)
UK SEEKS SMOOTH RULES TO RESOLVE LEGAL DISPUTES AFTER BREXIT
PEOPLE record the last bong of Big Ben at Elizabeth Tower in London before it goes under renovation work. Britain is currently negotiating its exit from the European Union. (AP)
MARKET REPORT TUESDAY, 22 AUGUST 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,834.35 | CHG 0.06 | %CHG 0.00 | YTD -103.86 | YTD% -5.36 52WK LOW 4.05 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 4.28 17.43 9.09 3.70 1.47 0.12 3.92 8.60 6.10 9.98 10.01 2.50 1.55 6.00 9.75 7.01 9.75 7.01 12.50 10.00
CHANGE 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 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
108.25 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.12 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 2,500
2
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 9.2 18.7 N/M 6.9 N/M N/M -4.6 15.0 9.0 18.5 17.9 24.5 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
YIELD 1.87% 5.74% 0.00% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 3.61% 5.69% 2.40% 3.87% 4.83% 4.62% 0.00% 3.49% 2.00% 4.96% 0.00% 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
civil disputes, which laws apply and how judgments are enforced. In a paper Tuesday, the government did not say in detail how that could happen. Britain says it will leave the jurisdiction of the European Court of Justice once it quits the bloc in Mach 2019, meaning new structures will be needed for resolving international disputes. Negotiations between Britain and the bloc are to resume in Brussels at the end of August.
EVERY MONDAY IN THE TRIBUNE
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
LONDON (AP) — Britain says rules governing judicial cooperation with the European Union should stay much as they are now after Brexit to prevent international business disputes and divorce battles from becoming longer and more complicated. Britain’s Department for Exiting the European Union says the country wants to “mirror closely the current EU system” governing which country’s courts deal with
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
INSIGHT
FOR THE STORIES THAT MATTER PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, BETH NICOLE CULMER of the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas intend to change my name to BETH NICOLE MOREE. If there are any objections to the 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 ERIC TREVOR MOORE of
#26 College Garden Drive, P.O Box N-459, Nassau, Bahamas is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd 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 William Tibe Jr. of #36 Wisteria Road, 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 twentyeight days from the 16th 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 CHRISTAL LEASER SWABY of Washington Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 16th day of August, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Wednesday, August 23, 2017, PAGE 7
CHINA TO AGAIN HAVE ONE OF THE WORLD’S FASTEST BULLET TRAINS BEIJING (AP) — After cutting back the speed of the Beijing to Shanghai bullet train following a deadly crash, China is set to again make it one of the world’s fastest. New generation trains will service the route starting next month, making the 1,250-kilometre (777-mile) journey from the capital to Shanghai in just 4 hours, 30 minutes. The latest trains were unveiled in June and have a top speed of 400 kilometres per hour (250 mph), according to the official Xinhua News Agency. China first ran trains at 350 kilometres per hour in August 2008, but cut speeds back to 250-300 kilometres per hour in 2011 following a two-train collision near the city of Wenzhou that killed 40 people and injured 191. China has laid more than 20,000 kilometres (12,400 miles) of highspeed rail, with a target of adding another 10,000 kilometre s (6,214 miles) by 2020. China has spent an estimated $360 billion on high-speed rail, building by far the largest network in the world.
VERMONT’S DEALER.COM LAYS OFF 45 AS PART OF COST CUTS BURLINGTON, Vt. (AP) — A Vermont company that produces and manages digital products for the auto industry is laying off 45 employees from its Burlington headquarters as part of cost-cutting measures being implemented by its Atlanta-based parent company, Cox Automotive. Dealer.com spokeswoman Alison Von Puschendorf tells the Burlington Free Press the company held discussions with affected employees Tuesday and is “working closely with them during this transition.” She says the company is also working with local and state agencies to help the laid-off employees. Dealer.com was founded in Burlington in 1998. The company was acquired by Cox Automotive in 2015. The company’s website says it now employs about 800 people with “bicoastal” offices. Von Puschendorf says Dealer.com is committed to staying in Burlington.
A WORKER walks past Haval SUV models parked outside the Great Wall Motors assembly plant in Baoding in north China’s Hebei province. Chinese SUV maker Great Wall Motors is considering making a bid to acquire Fiat Chrysler’s Jeep unit, two employees of the Chinese company said Monday, in an ambitious new move for the country’s fast-growing domestic auto brands. Great Wall has yet to make a formal announcement of its interest in Jeep but a possible acquisition would be in line with chairman Wang Jianjun’s goal, announced in February, of becoming the top specialty SUV producer by 2020. (AP Photo/Andy Wong, File)
China’s Great Wall considers bid for Fiat Chrysler Jeep unit By JOE McDONALD, AP Business BEIJING (AP) — Chinese SUV maker Great Wall Motors is considering making a bid to buy Fiat Chrysler’s Jeep unit, spokespeople for the company said Monday, in a possible ambitious new step onto the global stage for China’s fast-growing auto brands. Great Wall has yet to formally declare its interest in Jeep, but a possible acquisition would be in line with chairman Wang Jianjun’s goal, announced in February, of becoming the top specialty SUV producer by 2020. Great Wall “has this intention,” said the public relations director for its Haval SUV brand, Zhao Lijia, when asked about a report by Automotive News that the Chinese automaker wants to buy Jeep. An employee of the press office for the company headquarters, who would give only his surname, Zhang, said, “Yes, we are interested in Jeep.” Zhao and Zhang said they had no other details when asked about a possible price. Zhao said it may take some time to assemble a formal bid. Fiat Chrysler CEO Sergio Marchionne has said the company is for sale and cannot compete globally without a tie-up to a bigger partner due to the high
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.
Possible acquisition in line with chairman’s goal costs of developing and marketing vehicles. In a statement Monday, Fiat Chrysler Automobiles NV said it had not been approached by Great Wall. Marchionne said in April that Jeep and Chrysler’s Ram truck brand are strong enough to stand alone. The company spun off its Ferrari brand in 2015 into a separate business. Chinese companies in industries from autos to robots are spending billions of dollars to acquire brands and technology to strengthen their competitive position at home and speed their development. Great Wall Motors Ltd., headquartered in Baoding,
southwest of Beijing, is one of a series of independent Chinese automakers that have grown up alongside state-owned giants such as Shanghai Automotive Industries. If it goes ahead with a Jeep bid, Great Wall could become the second Chinese automaker, after Geely Holding Group, to expand onto the global stage by acquiring an established foreign brand. Geely bought Sweden’s Volvo Cars from Ford Motor Co. in 2010 and has launched a third brand, Lynk & Co., as a partnership between Volvo and Geely’s Chinese brand.
In June, Geely bought a 49.9 percent stake in Malaysian automaker Proton and a controlling interest in British sports car maker Lotus. In 2011, a state-owned Chinese automaker, Dongfeng Motor Group, bought 14 percent of France’s PSA Peugeot Citroen, Europe’s second-largest automaker. Great Wall sold just under 1.1 million SUVs last year, behind Jeep’s 1.4 million. Its revenue of 98.6 billion yuan ($14.4 billion) was a fraction of FCA’s global total of $118 billion (111 billion euros), but its $1.5 billion profit was almost equal to the Italian-U.S. automaker’s $1.8 billion. Great Wall also can draw on strong demand in China, the biggest auto market by units sold. Total SUV sales rose 16.8 percent over a
year earlier to 4.5 million in the six months ending in June. Great Wall emerged from a collective founded in the 1980s to repair and customize vehicles. Wei, then 26, took control in 1990 and shifted into auto manufacturing. The company launched its first sedan in 1993 but narrowed its focus a decade ago to SUVs. Wei said in February that the company’s “globalization strategy” included improving technology to meet U.S. safety standards. But he gave no indication when Haval might export to the United States or major European markets such as Germany. Great Wall shares rose 1.6 percent in Hong Kong, while Fiat Chrysler Automobiles NV gained 2.8 percent in Milan.
PAGE 8, Wednesday, August 23, 2017
THE TRIBUNE
MCDONALD’S TO CLOSE 169 OUTLETS IN INDIA IN FRANCHISE BATTLE
EU PROBES BAYER’S PLANNED BUYOUT OF MONSANTO BRUSSELS (AP) — The European Union’s anti-trust watchdog said Tuesday that it has launched a probe into German chemical maker Bayer’s planned acquisition of U.S. seed and weed-killer company Monsanto. The European Commission, which polices competition in Europe, said it has concerns that the merger may reduce competition in areas like pesticides and seeds. “We need to ensure effective competition so that farmers can have access to innovative products, better quality and also purchase products at competitive prices,” Competition Commissioner Margrethe Vestager said. Monsanto in September last year accepted an offer from Bayer to pay $57 billion to its shareholders and assume $9 billion in debt. Were it to go ahead, the buyout would create the world’s largest integrated pesticides and seeds company. The Commission says it will also look into whether the move would hinder the access of competitors to distributors and farmers. Bayer said in a statement that it “had expected further review of the proposed acquisition of Monsanto due to the size and scope of the transaction.” “Bayer believes that the proposed combination will be highly beneficial for farmers and consumers,” it said, adding that it “looks forward to continuing to work constructively with the Commission with a view to obtaining the Commission’s approval of the transaction by the end of this year.”
A MCDONALD’S outlet in New Delhi, India. McDonald’s India has announced it will close nearly 170 McDonald’s outlets in northern and eastern India after the American fast food giant decided to terminate a franchise agreement with its Indian partner. (AP Photo/Altaf Qadri)
NEW DELHI (AP) — McDonald’s India has announced it will close nearly 170 McDonald’s outlets in northern and eastern India after the American fast food giant decided to terminate a franchise agreement with its Indian partner. McDonald’s said its partner Connaught Plaza Restaurants violated the terms of the franchise agreement, including reneging on payment of royalties. Connaught Plaza Restaurants, which runs 169 McDonald’s outlets in northern and eastern India, said Tuesday it is considering legal action in the longdrawn legal battle. In June, it shut 43 McDonald’s outlets in the capital, New Delhi, after it failed to renew their licenses. McDonald’s said its Indian partner would have to “cease using the McDonald’s
name, trademarks, designs, branding, operational and marketing practice and policies” within 15 days of the termination notice. The decision to close nearly a third of the 430 McDonald’s outlets in India creates a challenge for the company, disrupting operations in the world’s second most populous country. Vikram Bakshi, the managing director of Connaught Plaza Restaurants, described the McDonald’s decision as “mindless and ill-advised.” “Appropriate legal remedies that are available under law are being explored,” Bakshi said in a statement. McDonald’s said it is looking for a new partner to work with in north India. McDonald’s franchises in southern and western India are run by a separate company.
A STRAY dog sleeps at the entrance to a partially closed McDonald’s outlet in New Delhi, India. (AP)
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