08242017 business

business@tribunemedia.net

THURSDAY, AUGUST 24, 2017

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Legal battle erupts at West Bay resort

GB POWER DIGS IN ON URCA DISPUTE

* Courtyard Marriott’s manager sues owner for $556k * Claims mortgage, hotel fees not being paid * Nassau investor fearing ‘freeze out’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FURIOUS legal battle has erupted at a major Nassau hotel, with the operator suing its owner to recover $556,000 in unpaid fees amid allegations of numerous contractual breaches.

The Supreme Court action filed by Donald J Urgo and Associates, a respected and internationally-known hotel management company, lists 10 different management agreement

GOV’TS SMALL BUSINESS PLANS ‘TOO FRAGMENTED’

* Urged: Tie all initiatives to long-awaited legislation * Consultant: ‘Strategy not aligned with the vision’ * Bahamas has ‘15 strategies going 15 places’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s small business development strategy is “too fragmented”, a consultant yesterday urging it to “tie” all activities to the sector’s long-awaited legislation.

Mark Turnquest, of Mark A. Turnquest Consulting, told Tribune Business that the promised Small and Medium-Sized Enterprises (SME) Development Bill needed to drive all initiatives designed to advance entrepreneurship, not the other way around.

He suggested that the small business development strategies pursued by previous administrations had been hopelessly muddled and confused, with the likes of the Bahamas Development Bank (BDB), government-sponsored venture capital fund and Bahamas Agricultural and Industrial Corporation

* Position ‘hasn’t changed one iota’ * Still opposed to URCA regulating Port area * URCA more optimistic; talks of giving firm license

violations allegedly committed by the Courtyard by Marriott’s owner.

Urgo’s Statement of Claim, filed on August 21, 2017, and seen

by Tribune Business, claims that Sunset Equities, owner of the West Bay Street property located opposite Junkanoo Beach, had failed to make due payments to Marriott and the financiers that own the Courtyard by Marriott’s mortgage.

This newspaper’s records show that the original mortgage SEE PAGE B2

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THE Courtyard by Marriott on West Bay Street. Photo: Terrel W. Carey/Tribune Staff

CHAMBER EXECUTIVE: BPL PLAN ‘DOESN’T PROTECT CONSUMER’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CHAMBER of Commerce executive yesterday called for Bahamas Power & Light’s (BPL) proposed consumer protection plan to be renamed, arguing: “The consumer is not protected.”

Debbie Deal, head of the Chamber’s Energy and Environment Division, said BPL’s draft plan listed numerous situations where it “will not honour claims for damages” to consumers’ properties, electronic goods and equipment.

The plan, which is currently undergoing public consultation, details how consumers can submit claims for

* Suggests it be renamed, due to recovery limits * Bahamians demanding more ‘transparency’ * Concerns on meters, billing and deposits

damages to electrical equipment and spoilage “in the event of a negligent act by an authorised employee executing the installation or maintenance of any part of the network”.

However, it quickly adds: “The Bahamas Power & Light Company will not SEE PAGE B3

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama Power Company has “not changed its position one iota”, despite URCA executives yesterday expressing hope it will negotiate a settlement to their regulatory dispute.

Well-placed Tribune Business sources said that while the Freeport-based energy monopoly was willing to listen to the regulator’s viewpoint, it had not changed its stance that the Grand Bahama Port Authority (GBPA) - not URCA - has the exclusive right to regulate utilities in the Port area.

“The litigation is still afoot,” one contact, speaking on condition of anonymity, told this newspaper. “There have been SEE PAGE B3

MARK Turnquest (BAIC) all doing their own thing with no central co-ordination.

Disclosing that Cabinet Ministers had “signalled” they were prepared to bring the promised legislation forward, Mr Turnquest said the SME Development Act could serve as the tool that would prevent government agencies operating in isolation.

SEE PAGE B4

EX-HARD ROCK NASSAU FRANCHISEE LOSES APPEAL * US court tosses $18.877m damages claim

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HARD Rock Cafe’s former Nassau franchisee has lost its bid to overturn the dismissal of its $18.877 million damages claim for “deceptive and unfair business practices”.

HRCC Ltd and its principals, Keith and Kevin Doyle, saw the US 11th district court of appeals in a July 2017 ruling affirm a prior verdict that their damages claim was incompatible with Florida law.

The Florida middle district court’s initial ruling found in favour of the Hard Rock franchisor and two of its senior executives, agreeing that HRCC’s claim provided no evidence that Florida’s Deceptive and Unfair Trade Practices Act (FDUPTA) had been breached.

The court found that this Act limited damages to direct losses, not “consequential” ones such as lost future profits, and that the Doyles had failed to provide evidence of such actual damages.

The US appeals court affirmed the initial judge’s ruling after “careful review”, dismissing HRCC Ltd’s claim that the FDUPTA Act should be interpreted more broadly to include “compensatory” claims.

As to the former Nassau franchisee’s second ground of appeal, the court said: “HRCC did not argue the issue of actual damages, and neither did it point to evidence of actual damages, in its response to the defendants’ summary judgment motion.

SEE PAGE B2

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THE TRIBUNE

LEGAL BATTLE ERUPTS AT WEST BAY RESORT FROM PAGE ONE

financing for the thenNassau Palm Resort’s 2013 purchase by Sunset Equities, a private equity-type consortium of Caribbean and international investors, came from Sterling Financial Group (SFGI) through its New Providence Income Fund.

However, Sterling’s Nassau-based principal, David Kosoy, yesterday told Tribune Business that the mortgage financing provided by its fund had been “paid off” and replaced with new financing.

He revealed that Sterling had launched its own litigation against Sunset and its principals, seeking “millions”, on October 26, 2016, last year.

And Mr Kosoy said that despite being an equity investor in Sunset, he and and Sterling feared they were being “frozen out” by its principal, who

is understood to be New York, Brooklyn-based real estate developer, Ron Hershco.

Valentine Grimes, Sunset Equities’ attorney, did not return numerous Tribune Business messages left at his office, and on his cell phone, seeking comment before press deadline.

However, Urgo’s lawsuit raises serious questions as to whether the increasing behind-the-scenes turmoil will ultimately impact the smooth running and profitability of the 174-room hotel, based at the corner of West Bay and Nassau Streets, which employs more than 100 staff.

The contents also raise issues around whether both Marriott and Urgo will remain as ‘brand flag’ and operator respectively, given the monies allegedly owed to them.

Urgo alleged that it signed a management

THE Courtyard by Marriott on West Bay Street. Photo: Terrel W. Carey/Tribune Staff

agreement with Sunset Equities, believed to be for 10 years, on December 17, 2015, to act as the

operating partner for the Marriott Courtyard.

“Urgo, as manager of the hotel, would operate, supervise and direct its effective and efficient running on a commercial basis,” the US-based operator, which oversees thousands of hotel rooms in the Caribbean and US, alleged.

Under the agreement’s terms, it claimed that it was supposed to be paid a base management fee equivalent to 3 per cent of the Courtyard by Marriott’s gross revenues. Incentive fees were set at 1 per cent of annual gross revenues, with other fees and reimbursements also included in the deal.

“Urgo carried out its contractual duties pursuant to the agreement to the best of its abilities, and as far as was permitted [by regulation] and not precluded or actively subverted by Sunset,” Urgo alleged.

“As a result of Urgo meeting its contractual duties and induced thereby, the hotel has managed to be run on a commercial basis and make a profit.”

Urgo, though, is alleging that Sunset Equities owes it a collective $556,000 up to July 27, 2017. It breaks this down into $239,492 under the base management fee; $44,639 in incentive fees; and $271,820 for accounting and service fees, including $90,867 worth of pre-opening expenses.

It alleged that Sunset Equities had failed to respond to its requests for payment and an end to breaches of the

management agreement, prompting its August 21 legal filing.

Detailing the alleged violations, Urgo claimed that Sunset Equities and its principals had directly interfered with the Courtyard by Marriott’s operations and management.

“The owner [Sunset] has refused to make the mortgage payments, resulting in litigation with the lender [not Sterling],” Urgo alleged, “and franchise fee payments to Marriott, again placing it in breach of the agreement and prejudicing the plaintiff’s ability to perform its obligations under the agreement.’

Urgo then claimed that Sunset Equities had failed to meet its commitments to provide $150,000 in initial working capital and inventories, and “$300,000 upon opening as a Marriott Courtyard”.

“The manager was never able to establish the required reserve account, which was never funded by owner despite it being a specified owner’s contractual obligation,” it continued.

“The owner refused to co-operate in order to establish requisite bank accounts to be controlled and administered by the manager. The owner prevented the manager from operating the hotel and paying expenses pursuant to the approved operating budget.

“The owner prevented the manager from satisfying requirements of the Marriott franchise agreement due to lack of any

working capital. The owner hired, directed and controlled (and threatened to terminate) employees at the hotel, while preventing the manager from supervising those employees. The owner directed employees to act in contravention of the agreement, and contrary to manager’s direction or instruction.”

Urgo is alleging that Sunset Equities has been “unjustly enriched”, and benefited from the fees and expenses spent by the management in promoting the Courtyard by Marriott to the global travel market.

Besides the payment of due fees, it is also seeking damages “and a full accounting for loss of profits” for the remaining eight-plus years of its management contract.

Mr Kosoy, who was initially contacted for comment by Tribune Business over the mortgage financing, confirmed that the debts owed to Sterling had been paid off and replaced.

Disclosing his own legal action against Sunset Equities and its principals, he said: “We issued a substantial lawsuit against them last year before Urgo. We know Urgo, and they’re a very reputable company.

He’s a pretty good guy, and we’re very friendly with them.”

Mr Kosoy indicated his concern with Sterling’s own equity holdings in Sunset, adding: “They have not shown us any [financial] statements, anything, which bothers us/ “They’re freezing us out.

If you look at all this stuff, it’s crazy.”

EX-HARD ROCK NASSAU FRANCHISEE LOSES APPEAL FROM PAGE ONE

“In this appeal, HRCC makes arguments about actual damages based on evidence in the record from below, but never cited to the district court before that court entered judgment.”

The US appeals court said the failure to cite such evidence was entirely HRCC’s fault, and that to survive a summary judgment bid it had to provide damages evidence to the lower court. This it failed to do.

HRCC Ltd and the Doyles had initially alleged they were the victim of a conspiracy, involving Hard Rock International and two executives, Hamish Dodds and Michael Beacham.

They claim they were forced or squeezed out of the Charlotte Street, downtown Nassau business so that the franchise, whose landlord is ex-MP Marvin Pinder, could be “resold to a third party for profit”.

However, the Florida court previously ruled that the “personal animosity”, which the Doyles and HRCC claimed were directed against them by the Hard Rock executives, did not amount to a ‘conspiracy’ that would result in “personal gain” for the latter from terminating the Nassau franchisee’s agreement.

HRCC had claimed it was “induced” by Hard Rock to open a restaurant to complement the existing store, which was already profitable on a standalone basis.

It argued that it was solely the restaurant operation that caused it to “incur millions of dollars in damages”, and that the middle district Florida court had been wrong to lump this together with the retail store in its ruling.

HRCC alleged it had invested $4 million into the restaurant franchise alone prior to its 2014 termination, and paid $5 million in royalties to Hard Rock.

The restaurant lost its Nassau franchisee some $7.127 million prior to its closure, with the enforced night openings resulting in losses of between $600,000 to $800,000 over the period December 2011 to endMarch 2014.

Besides the royalty rights and restaurant losses, HRCC argued that the damages it incurred also included a $1 million payment to Mr Pinder; $3 million in “development costs”; capital loans and interest worth $2 million; and $500,000 in expenses.

THE TRIBUNE

GB POWER DIGS IN ON URCA DISPUTE

FROM PAGE B1

overtures from URCA to have discussions with GB Power and its representatives regarding the application of the Electricity Act to the Port Area.

“Those discussions have not taken place. Both sides need to fix a date for them to happen, but GB Power’s position is as reflected in the court process; it has not changed one iota.

They’re not sure what URCA hopes to achieve, but as a good corporate citizen GB Power is prepared to sit down and listen.”

Dismay GB Power’s seemingly ‘dug in’ position is likely to dismay the Utilities Regulation and Competition Authority (URCA), which is hoping that negotiations will resolve the dispute over whether it or the GBPA has regulatory authority in Freeport.

Shevonn Cambridge, URCA’s head of energy regulation, yesterday told Tribune Business: “I think that right now we’re at a position where there’s discussions between the parties to try and reach an amicable resolution of the matter.

“I don’t think it’s a full legal-type dispute right now. There’s discussions going on about it. I don’t think they’re [GB Power] objecting to being regulated. It’s a matter of whether they’re regulated by the Port Authority or URCA, or if it’s going to be a shared responsibility.”

Mr Cambridge denied that the ongoing litigation, launched more than a year ago, was an impediment to URCA’s ability to fulfill its mandate under the Electricity Act and regulate the entire Bahamian energy sector.

“The important thing is ensuring the quality of service to the consumer,” he added.

“As we deal with other licensees, consumers will see the benefits of it, and whether it’s a legal thing or push from the consumer base that’s how this thing works.”

Yet GB Power’s position seemingly undermines URCA’s optimism that it will itself be able to license the Freeport-based utility via a Public Electricity Supplier License (PESL), once its August 16 licensing consultation is completed.

Acknowledging that the one-year license it was supposed to issue to GB Power last year never happened, URCA’s consultation document stated: “After this consultation process, URCA proposes to renew the PESL issued

to BPL (Bahamas Power & Light) and also grant a PESL to GB Power.”

The URCA document also proposes the creation of an Authorised Public Supplier License (APSEL), which could be interpreted as an attempt to get around GB Power’s legal action and the provisions of Freeport’s founding treaty, the Hawksbill Creek Agreement.

This states that URCA can grant such a license to an entity or person “who has been granted an approval in writing by the Grand Bahama Port Authority to construct and operate an electricity supply system, and perform GTDS (generation and transmission/distribution services) functions in the Port area”.

However, Tribune Business was told that GB Power is holding firm to its position that the Hawksbill Creek Agreement gives the GBPA absolute regulatory authority for energy and utilities in the Port area.

“That agreement is really clear from our perspective,” said one contact, speaking on condition of anonymity.

“The Port Authority has the sole and exclusive right to supply, and establish the terms and conditions of supply, for electricity and utilities situated in the Port area.”

Provision To modify that provision, the source pointed out that approval by fourfifths of the GBPA’s 3,500 licensees, together with the Government and GBPA itself, would be required.

GB Power initiated its legal action last summer to prevent URCA “from regulating, or seeking to exercise licensing and regulatory authority”, over it.

Its amended statement of claim, filed on July 7, 2016, wants the Supreme Court to declare that GB Power can carry on its business without requiring a public electricity supplier licence from URCA. GB Power’s action is founded on the basis that, as a GBPA licensee, it is licensed and regulated by the latter via the Hawksbill Creek Agreement - and not by URCA and the Electricity Act 2015.

It is arguing that the Electricity Act’s sections 44-46, which give URCA the legal right to license and oversee energy providers, “are inconsistent, and conflict with, the rights and privileges vested in [GB Power] and the Port Authority” by the Hawksbill Creek Agreement.

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Thursday, August 24, 2017, PAGE 3

CHAMBER EXECUTIVE: BPL PLAN ‘DOESN’T PROTECT CONSUMER’

FROM PAGE B1

honour claims for damages” caused by “normal wear and tear failure” on its transmission and distribution system, or “third party damage or interference” with its network - including acts of vandalism and sabotage.

Other instances in which BPL will not pay damages claims include trees on a neighbouring property that interfere with power lines; so-called “switching surges”; and “voltage deviations due to transient faults”.

Ms Deal argued that BPL’s plan effectively required consumers to identify persons responsible for vandalism and sabotage, should such acts deprive specific areas and communities of power.

“The consumer is not protected,” she said.

“What BEC or BPL is saying is they’re not responsible for any of this stuff, so you have to go and figure out who is responsible for it.”

The Chamber executive argued that, as a result, the ‘consumer protection plan’ title was a misnomer that should be renamed, given the limited recovery possibilities for Bahamian businesses and households who suffered damages during BPL outages, surges and ‘brownouts’.

“This has to be adjusted in some form as this is not a consumer protection plan,” Ms Deal told a Bahamas Society of Engineers (BSE) luncheon.

“As long as this says it’s a consumer protection plan, this needs to be adjusted.”

Bahamians have frequently found it difficult, if not impossible, to obtain financial compensation from BPL’s predecessor,

the Bahamas Electricity Corporation (BEC), for electrical equipment damaged by inconsistent power supply.

DeCosta Bethel, the BSE’s president, reiterated these concerns yesterday, saying: “A lot of the public have frustrations going to BPL that they’re not going to get any compensation...

That’s been an ongoing issue for years.”

Presentation He was speaking following a presentation given by Shevonn Cambridge, the Utilities Regulation and Competition Authority’s (URCA) head of energy regulation, on BPL’s proposed consumer protection plan and ongoing public consultation.

Mr Cambridge responded to Mr Bethel’s concerns by disclosing that URCA, as BPL’s regulator, received few formal complaints from Bahamians regarding the energy monopoly’s service quality.

“Believe it or not, our complaints department at URCA does not field that many complaints,” he added.

“Bahamians complain among each other, but when it comes down to filling out forms and filing complaints.....”

Mr Cambridge, though, acknowledged that the initial Town Meetings on BPL’s consumer protection plan had identified significant public concerns.

“Some of the feedback coming so far is a longing for transparency in the process and more communication,” he confirmed.

“One of the things we see developing out of the recommendations is a more clearly defined reporting process for damages claims.

“Rather than just rejecting the claim, [BPL] have to be more explanatory in their interaction with the customer...It’s just more engagement to explain things; communicating with people.”

Mr Cambridge said BPL, for example, could not be held liable for power outages that were caused by “third parties”, such as contractors or other utility companies.

He added that Town Meeting attendees had also criticised BPL’s security deposit calculations as being “willy nilly and drawn out of hand, based on the previous consumer’s consumption”.

“They’ve taken steps to make it more reasonable and logical, and risk-based,” the URCA executive said. BPL’s proposal is that deposits will be calculated “based on twice the expected average monthly charge (including fuel) incurred by any of its 108,000 customers.

The calculation will also incorporate what the utility is describing as a ‘risk factor’, with consumers assessed as having a poor payment history given a 1.5 score.

In contrast, BPL consumers where there are no issues or concerns will receive a ‘risk factor’ of 1.

Persons with a record of meter tampering will receive the highest ‘risk factor’ of 2, as will second homeowners and other “transient account holders” - likely renters and work permit holders.

Properties where there are difficulties accessing meters will receive a 1.5 score.

“What we’re finding out with the metering is that I’m surprised at the number of people who go out daily to read meters and get their consumption,” Mr Cambridge said.

Bills “They’re allegedly finding inconsistencies between what they read and what is ending up on their bills.”

Lelawattee Manoo-Rahming, of The Engineering Group, said this matched her experiences.

“I read my meter once a month,” she said, “and in the past the bill more or less lined up with my reading.

Now it’s not happening, and I don’t know why.

“Months go by without receiving a bill, and the bill is not clear what the last reading was and what they billed me. My meter readings are different from their meter readings.”

Mrs Manoo-Rahming said she had “no way of knowing whether my meter has been read or the bill estimated”, although Mr Cambridge and BPL executives said this should be indicated on the bill.

Another potential problem identified was discrepancies between BPL’s online and postal billings.

PAGE 4, Thursday, August 24, 2017

US ENERGY DEPT: GOVT SHOULD EASE RULES ON POWER PLANTS

By DAVID KOENIG, AP Business Writer THE Energy Department said Wednesday the government should make it easier and cheaper to operate power plants, including coal and nuclear plants, to strengthen the nation’s electric grid.

The department said in a new report that the closure of many plants that once formed the backbone of the grid has raised the risk that consumers might not have reliable electricity.

In a letter accompanying the report, Energy Secretary Rick Perry said the U.S. is fortunate to have many sources of energy and should use them all.

Drafts Advocates for renewable energy have been bracing for the report since drafts that leaked to the press in recent weeks hinted that the Energy Department would conclude that renewable energy and federal regulations have done little to improve grid reliability.

In a key recommendation, the report urges the federal government to make licensing and permitting faster and cheaper for facilities “such as nuclear, hydro, coal, advanced generation technologies, and transmission.”

The report likely marks the beginning of a fierce battle as supporters of competing technologies seek preferential treatment from politicians and regulators.

Most sounded guarded in their initial review of the report.

A group of electric utilities that supports coal generation said the report encouraged proper planning to maintain a reliable grid. Scott Segal, the director of the group, the Electric Reliability Coordinating Council, said coal and nuclear provide reliability while renewables will ensure a diverse energy mix.

Tom Kiernan, CEO of the American Wind Energy

THE TRIBUNE

GOV’TS SMALL BUSINESS PLANS ‘TOO FRAGMENTED’ FROM PAGE ONE

ENERGY Secretary Rick Perry Association, said valuing reliability and lowering regulatory barriers will help his industry grow.

Abigail Ross Hopper, CEO of the Solar Energy Industries Association, said renewables improve performance of the grid and that policymakers must “account for the many benefits solar energy offers.”

The U.S. energy market has undergone dramatic changes in the past 15 years.

About 15 percent of the generating capacity that existed in 2002 has been retired, including many coal-fired plants that were replaced by plants burning cheap natural gas. Natural gas replaced coal as the leading fuel for electricity in 2016.

Wind and solar power have also undermined coal and nuclear, the Energy Department report concluded.

Helped by federal tax credits and favorable state policies, the department said, renewables have lower variable costs than so-called baseload plants — the coal and nuclear behemoths that steadily churned out electricity at high rates for many years.

The Energy Department report also heaped blame on environmental regulations. It said that the largest number of coal plant retirements occurred in 2015, the deadline for operators to install new pollution-control equipment.

Perry ordered the report back in April, saying a review of electricity reliability and markets was overdue.

“If you want to develop Over-the-Hill, plug that into the Small Business Act,” he told Tribune Business. “If you want to develop the Family Islands, plug that into the Small Business Act. If you want small business centres, plug that in.

“Every initiative should be tied directly to the Small Business Act. It’s supposed to speak directly to the entrepreneurship centres, the tourism centres; everything is supposed to be tied into the Small Business Act, all of them, not the Act tied to them.

“It’s too fragmented,” Mr Turnquest said of the current small business support structure. “Every strategic initiative to drive small business now is fragmented - BAIC, BDB and the venture fund. All of them are supposed to be tied into the Small Business Act, not the Small Business Act tied into them.”

The Small and MediumSized Enterprises (SME) Development Bill is now into its third administration, having initially been conceived under the last Ingraham government between 2007-2012. Its Christie administration also failed to bring it to Parliament, meaning the proposed legislation has now been around a decade in the making.

The SME legislation, as initially drafted, proposed the creation of the Small and Medium-Sized Enterprises Development Agency (SMEDA), which was to function as the ‘one-stop shop’ for

providing and co-ordinating assistance to the sector.

SMEDA’s proposed role was to assist small businesses with crafting business plans and access to capital, as well as coordinating the necessary support they required from other government agencies and the private sector, such as marketing,

“Every initiative should be tied directly to the Small Business Act. It’s supposed to speak directly to the entrepreneurship centres, the tourism centres; everything is supposed to be tied into the Small Business Act, all of them, not the Act tied to them. It’s too fragmented.”

Mark Turnquest accounting and human resource functions.

The Christie administration initially conducted much work on the draft SME Act, engaging consultants to develop the draft legislation and support agencies/structures, and consulting with the private sector.

However, the momentum stalled and the initiative appeared to be overtaken by the National Development Plan (NDP).

Khaalis Rolle, former minister of state for investments, previously told Tribune

Business that the Government wanted to ensure the SME Act aligned properly with the NDP’s objectives.

The Minnis administration’s manifesto committed the Government to assist Bahamian small businesses and entrepreneurs, placing emphasis on former FNM initiatives such as the Fresh Start and Jump Start programmes. Since taking office, it has also focused on the Small Business Entrepreneur Centre planned at the University of the Bahamas in partnership with the US Small Business Development Centres.

Mr Turnquest yesterday said his Deputy Prime Minister namesake had indicated to him that the Government would put the SME Bill forward for legislating prior to yearend 2017.

“I saw what I call signals that it was going to be legislated between now and December,” he told Tribune Business.

However, he criticised the Government’s failure to-date to seek input and advice from entrepreneurs in the sector and consultants such as himself.

Mr Turnquest urged it to speak to those who have “skin in the game” and “understand the dynamics” before it finalised its strategy to support Bahamian small businesses.

“They don’t have to reinvent the wheel,” he added. “It takes too much time. As I speak, we don’t have a national definition of what is a small business in this country.

“I don’t want the FNM government to run into

the same problems as the PLP. We’re not asking for money; we understand the country is broke. But right now I have people, small businesses coming to me and saying they’ve about given up again; there’s nothing happening.”

Mr Turnquest urged the Government to first focus on passing the SME Bill as enabling legislation, plus come up with a definition for what constitutes a small business in the Bahamas.

Once that was accomplished, it could then target strategies to cure the sector’s ills.

Strategies “The Government is working from the top down, not the bottom up, and that has failed the country for 10 years,” he said. “You have to get the Small Business Act framework first, and then plug into that all the development strategies and clearly articulate what is going on.

“We have 15 different strategies going 15 different places without any co-ordination.

“The Government thinks they know what they’re doing, but they’re going on the same path with no one direction and it’s not focused.

“I must thank them for signalling they’re willing to help small businesses, and I know they have the motivation to do so, but the problem is that the strategy is not aligned with the vision, and that will cost us time, money and waste a lot of resources.”

THE TRIBUNE

Thursday, August 24, 2017, PAGE 5

US STOCK INDEXES SAG AS A TWO-DAY RALLY PETERS OUT Steep drops for advertising companies, retailers

By STAN CHOE, AP Business Writer NEW YORK (AP) — Stocks retreated on Wednesday and gave back some of their gains from a day earlier, when the Standard & Poor’s 500 index had one of its best days of the year.

Advertising companies and retailers had some of the steepest drops on worries about their earnings, while prices for Treasury bonds and gold rose modestly as investors sought safer ground. It’s the latest move lower for a stock market that’s yo-yoed since setting a record high earlier this month.

The Standard & Poor’s 500 index fell 8.47 points, or 0.3 percent, to 2,444.04, relinquishing about a third of its big gain from Tuesday. The loss snapped a two-day winning streak that followed a nearly twoweeklong slump. After all its back and forth, the S&P 500 is still within 1.5 percent of its record.

Index The Dow Jones industrial average fell 87.80 points, or 0.4 percent, to 21,812.09, and the Nasdaq composite lost 19.07, or 0.3 percent, to 6,278.41.

The Russell 2000 index of small-cap stocks fell 1.80, or 0.1 percent, to 1,369.74.

Advertising companies had the biggest losses in the S&P 500 after an industry giant cut its forecast for revenue this year.

WPP warned that its clients are feeling pressure to control their spending, and its shares plunged 10.9 percent in London. In the U.S., Omnicom Group fell $5.47, or 7 percent to $72.66, and Interpublic Group lost $1.32, or 6.3 percent, to $19.58.

Lowe’s, the homeimprovement retailer, also dragged down the S&P 500 after it reported profit and revenue for the latest quarter that were weaker than analysts expected. It gave a profit outlook for the year that fell short of Wall Street’s forecast, and its stock fell $2.81,

or 3.7 percent, to $73.01.

A report showing that sales of new homes were weaker in July than economists expected didn’t help.

Worries about politics were a big reason for the market’s stumbles in recent weeks. In Washington, the concern is about whether the government can push through tax cuts and other pro-business policies that were considered slam dunks early this year.

Washington Now, the market seems to have little to no expectation for much help coming from Washington, said Katie Nixon, chief investment officer at Northern Trust Wealth Management.

“Actions speak louder than words, and when we see actual action, you’ll see markets sit up and take notice,” she said.

“But so far it’s been a rhetorical exercise.”

She said she noticed CEOs talking a lot about their hopes for tax reform or infrastructure spending earlier this year, when companies were reporting their results for the January-through-March quarter. But in conference calls the last few weeks,

THE NEW York Stock Exchange. (AP Photo/Mary Altaffer, File)

as CEOs reported their results for the spring quarter, Nixon heard much less of such talk.

The government is coming close to some crucial deadlines, including one to increase its borrowing authority in order to avoid a default on its debt and another to prevent a government shutdown.

In a speech late Tuesday, President Donald Trump said that “if we have to close down our government, we’re building that wall” that he wants on the border between Mexico and the United States. He also said that he thinks the U.S. government will “end up probably terminating” the North American Free Trade Agreement with Canada and Mexico, though he also said that

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that, NYGARD REVERSE AGING LTD. is in dissolution and that the date of commencement of the dissolution is the 21st day of August A. D. 2017 ENERVO ADMINISRATION LIMITED LIQUIDATOR Montague Sterling Centre East Bay Street Nassau, The Bahamas

he has yet to make up his mind.

Besides Washington, markets are also looking toward the mountains of Wyoming, where central bankers from around the world are gathering soon.

Symposium The heads of the Federal Reserve and the European Central Bank are expected to speak at a symposium, which begins Thursday, and investors are waiting to hear if any change is upcoming in their support for the global economy.

Most analysts expect to hear nothing surprising from the meeting. The Fed has already begun raising interest rates and is

preparing to pare back the $4.5 trillion in Treasurys and other investments it’s amassed.

Prices for Treasurys rose, which in turn pushed down yields. The 10-year Treasury yield fell to 2.16 percent from 2.21 percent late Tuesday.

The two-year yield dipped to 1.31 percent from 1.33 percent, and the 30-year yield dropped to 2.75 percent from 2.79 percent.

In overseas stock markets, the French CAC 40 fell 0.3 percent, Germany’s DAX dropped 0.5 percent and the FTSE 100 in London was close to flat.

Japan’s Nikkei 225 rose 0.3 percent, while South Korea’s Kospi was virtually flat.

The dollar fell to 109.01 Japanese yen from 109.52 yen late Tuesday. The euro rose to $1.1821 from $1.1752, and the British pound fell to $1.2804 from $1.2828.

Benchmark U.S. crude oil rose 58 cents to settle at $48.41 per barrel.

Brent crude, the international standard, rose 70 cents to $52.57 per barrel.

Gold rose $3.70 to settle at $1,294.70 per ounce, silver gained 6 cents to $17.05 per ounce and copper slipped a penny to $2.98 per pound.

Natural gas fell 1 cent to $2.93 per 1,000 cubic feet, heating oil rose 3 cents to $1.62 per gallon and wholesale gasoline gained 3 cents to $1.62 per gallon.

In the Estate of SIMONE CLAUDINE OUTTEN late No. 10 Contential Avenue, Twynam Heights in the Eastern 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 28th day of October, A.D. 2017, after which date the Executors will proceed to distribute the estate having regard only to the claims of which they 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 Executor 9 Harcourt (Rusty) Bethel Drive Nassau, Bahamas

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PAGE 6, Thursday, August 24, 2017

THE TRIBUNE

FRENCH LEADER PRESSES LABOUR RULES IN CENTRAL EUROPE TOUR

By KIRSTEN GRIESHABER, Associated Press BERLIN (AP) — French President Emmanuel Macron on Wednesday pushed for tighter European Union rules to protect workers in France and other prosperous countries in Western Europe from cheaper labour stemming from the continent’s eastern nations, so-called “posted workers.”

Macron said after meeting Austrian Chancellor Christian Kern in Salzburg

that France and Austria “have the exact same views on this issue.”

He said he considered the current rules as a “betrayal of the European spirit”, insisting the European free market isn’t supposed to benefit countries that have less protective workers’ rights.

While abroad, posted workers continue to pay into the tax and social security systems of their home countries, allowing employers to hire them for less than in Western countries where welfare costs are

higher. The largest number work in construction, but many also work as welders,

electricians or caring for the elderly.

Macron wants to require companies to pay posted and local workers the same salaries and limit postings abroad to up to one year.

“I have good hope that we will be able to keep pushing forward on that issue”, he said.

Kern stressed that Europe needs to tackle the issue together. “We don’t want Europe to get split up into old and new.”

Although posted workers account for only a small fraction of the EU’s total

FRENCH President Emmanuel Macron, right, and Austrian Chancellor Christian Kern attend a news conference after their meeting in Salzburg, Austria, Wednesday. Macron is meeting with the leaders of Austria, the Czech Republic and Slovakia as part of a tour of central and eastern Europe aimed at reinvigorating European Union unity after Britain’s decision to leave. (AP) workforce, they are perceived as pricing out local workers in Western Europe, putting downward pressure on wages and exacerbating inequalities in wealth.

Last year, the European Commission proposed new rules to regulate the issue, requiring companies to pay posted and local workers the same. But the proposals haven’t won the support

many formerly communist member states in central and eastern Europe.

Macron and Kern were set to meet with the Czech and Slovak prime ministers later in the day.

Macron is on a three-day tour of central and eastern Europe, which is also aimed at reinvigorating European Union unity after Britain’s decision to leave.

BRITAIN SAYS TOP EU COURT COULD STILL HAVE ROLE AFTER BREXIT

By JILL LAWLESS, Associated Press

Charismatic, Creative, Team Player, Driven To Succeed If you possess these qualities, we invite you to apply for the position of:

TRAINING & DEVELOPMENT COORDINATOR Position Summary: The Training & Development Coordinator conducts detailed training Needs Analysis, and works directly with Department Heads to identify developmental areas. Based on needs analysis, creates training proposals and/or other development activities designed to close gaps related to employees' knowledge, skills, or behavioral competencies.

Main Duties and Responsibilities include: • Assisting with the design, delivery, and continuous improvement of the New Hire Training Programs, and training sessions across the Group • Utilizing a variety of the training methodologies, techniques, concepts, learning tools, and practices to ensure maximum effectiveness of training programs • Maintaining and updating all training materials, job aides and SOPs • Creating process documents/policies and procedures templates

Requirements/Qualifications: • Bachelor’s degree or equivalent, with education and training in instructional design, adult learning theory and training techniques • Demonstrated ability to successfully develop and deliver training programs utilizing skills in instructional design, and training technologies • Strong organizational, project management, problem solving, communication, presentation, coaching, and influencing skills • Experience in Commercial Banking Operations • Ability to work well under pressure and prioritize workload according to business needs • Available for travel to facilitate training across the Group

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LONDON (AP) — The European Union’s highest court could still carry weight in Britain after Brexit even though the country will leave its “direct jurisdiction,” the U.K. government said Wednesday.

Prime Minister Theresa May’s government has repeatedly said Britain will no longer be bound by rulings of the Luxembourg-based European Court of Justice once it quits the bloc in 2019.

May said Wednesday that Britain’s Supreme Court “will be the arbiter” of British laws.

The reality is more complex, and illustrates some of the challenges involved in disentangling the country from the EU. The 27 other EU states want the European court to retain authority over the interpretation and implementation of the Brexit agreement, and have oversight over the treatment of their citizens in the Britain.

Alexander Winterstein, a spokesman at the EU’s executive Commission, said Wednesday that the bloc’s position was “transparent and unchanged.”

The British government, however, says the EU’s proposal would not be “fair and neutral.”

In a paper released Wednesday, the Department for Exiting the European Union said a new committee or

arbitration panel would have to be created to deal with disagreements over the interpretation and application of the Brexit deal.

Outlining a series of precedents without recommending one in particular, it said one possible model was the one used by non-EU countries such as Iceland and Norway, which requires that “due account” be taken of EU court rulings.

Opponents of Brexit said the paper showed the government was softening its stance.

Labour peer Andrew Adonis, a supporter of the pro-EU Open Britain campaign, said the paper made it clear that “European judges will still have considerable power over decisions made in the U.K.” Britain is releasing a series of position papers on aspects of Brexit ahead of a new round of negotiations in Brussels at the end of August.

Britain triggered the two-year countdown to leaving the EU in March, and the country’s negotiators are eager to move the divorce talks on to details of a future trade relationship with the bloc.

EU officials say that can only happen once there has been “sufficient progress” on key issues including how much Britain must pay to settle its accounts with the bloc, and the status of 3 million EU citizens living in Britain.

THE TRIBUNE

Thursday, August 24, 2017, PAGE 7

WALMART JOINS FORCES WITH GOOGLE ON VOICE-ACTIVATED SHOPPING Move is Google’s biggest retail partnership as it tries to broaden the reach of its Home speaker

By ANNE D’INNOCENZIO, AP Retail Writer NEW YORK (AP) — Walmart is diving into voice-activated shopping.

But unlike online leader Amazon, it’s not doing it alone.

The world’s largest retailer said Wednesday it’s working with Google to offer hundreds of thousands of items from laundry detergent to Legos for voice shopping through Google Assistant. The capability will be available in late September.

Compete It’s Google’s biggest retail partnership — and the most personalised shopping experience it offers — as it tries to broaden the reach of its voice-activated assistant Home speaker. And it underscores Walmart’s drive to compete in an area dominated by Amazon’s Alexa-powered Echo device.

“Voice shopping is becoming a more important part of everyday shopping behavior,” said Marc Lore, CEO of Walmart’s U.S. e-commerce business.

The voice-activated devices are becoming more mainstream as they become more accessible.

Even Apple has one coming out this year.

Walmart has said Google’s investment in natural language processing and artificial intelligence will help make voice-activated shopping more popular.

And Lore said the personalisation of the partnership means people can shout out generic items like milk, bread and cheese, and Google Assistant will know exactly the brands and the size that the user wants.

Google introduced shopping to Home in February, letting people use

voice to order essentials from more than 40 retailers like Target and Costco under its Google Express programme. But that was far behind the Echo, available since late 2014.

Walmart, which has more stores than any other retailer and the largest share of the U.S. grocery market, is also working hard to close the gulf online between itself and Amazon.

It has overhauled its shipping strategy and is expanding store-curb pickup for groceries ordered online.

But it’s also had to look beyond itself and form partnerships.

Walmart announced Monday that it’s expanding its grocery delivery service with ride-hailing service Uber, and it’s been testing same-day delivery service with Deliv at Sam’s Club in Miami.

Amazon generally has been building its network of services on its own, using its $99-a-year Prime membership with same-day and even onehour shipping options to develop loyalty.

It’s also been drawing in customers with its Alexa devices. Amazon doesn’t give sales figures for Echo, but Consumer Intelligence Research Partners estimated that it’s sold more than 10 million Echo devices in the U.S. since late 2014.

That includes the core $179 Echo as well as the less expensive and smaller Echo Dot and the portable Amazon Tap. To be more competitive with Amazon, Google Express is scrapping the $95-a-year membership starting Wednesday, allowing shoppers to get free delivery within one to three days on orders as long as the purchase is above each store’s minimum.

Walmart is integrating its Easy Reorder feature — which has data on both store and online purchases

GRAIN MIXED, LIVESTOCK LOWER CHICAGO (AP) — Grain futures were mixed Wednesday on the Chicago Board of Trade.

Wheat for Sept. was 1 cent higher 4.0325 bushel; Sept. corn was off 4 cents at 3.42 bushel; Sept. oats fell .25 cent at $2.3875 a bushel; while Aug. soybeans rose 1.25 cents at $9.35 a bushel.

Beef and pork were lower on the Chicago Mercantile Exchange Aug. live cattle was off 1.07 cents at $1.0565 a pound; Aug. feeder cattle fell .45 cent at $1.4162 a pound; while Oct. lean hogs lost .32 cent at $.6355 a pound.

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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TAHLIA DEANDRA ROYALL THOMAS of Bimini, The Bahamas intend to change my name to TAHLIA DEANDRA ROYALL WILLIAMS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

— into Google Express.

Shoppers who want to reorder their favourites have to link their Walmart account to Google Express.

Shoppers With other Google Express retailers, personalisation takes time as the assistant learns shoppers’ preferences, says Brian Elliott, general manager of Google Express.

So the quick personalisation with Walmart should make voice-activated shopping more attractive, he says.

While one of Walmart’s biggest advantages over Amazon is its massive

number of stores, Amazon’s nearly $14 billion offer for Whole Foods could shake up the landscape.

Whole Foods shareholders voted Wednesday to approve the Amazon bid.

Walmart says it will be tapping its 4,700 U.S. stores and its fulfillment network next year to offer more kinds of customer experiences using voice shopping.

For example, shoppers can tell Google Assistant they want to pick up an order in a store.

Lore said the company wants to make voice shopping as easy as possible, and “that’s why it makes sense for us to team up with Google.”

Internet analyst Sucharita Mulpuru-Kodali praised the partnership, but believes voice-ordering is still in its nascent stages and not likely to drive a lot of business in the short term.

“I like that Walmart and Google are partnering,” she said.

“That is the sort of complementary relationship that Walmart needs to have any hope in winning in online retail.”

She believes relatively few people have even tried voice ordering for e-commerce, though, and beyond being early it’s “quite an imperfect experience at that.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, D’ANGELO KENITH JOHNSON of #18 Sunshine Park, New Providence, Bahamas intend to change my name to D’ANGELO DAMIAN FERNANDER. 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.

EMPLOYMENT OPPORTUNITY SECURITIES COMMISSION OF THE BAHAMAS

The Securities Commission of The Bahamas (the Commission), a statutory agency responsible for the oversight, supervision and regulation of the investment funds, securities and capital markets in or from The Bahamas, as well as the supervision of financial and corporate service providers, invites applications from qualified Bahamians for the following positions:

SENIOR OFFICER, INSPECTIONS DEPARTMENT OFFICER, INSPECTIONS DEPARTMENT

APPLICATIONS: Full details of the job opportunities, guidelines for the submission of applications and general information about the Securities Commission of The Bahamas may be obtained from the Commission’s website at www.scb.gov.bs under Career Opportunities.

The closing date for applications is 8 September 2017.

PAGE 10, Thursday, August 24, 2017

THE TRIBUNE

REGULATORS, WHOLE FOODS SHAREHOLDERS APPROVE AMAZON DEAL NEW YORK (AP) — Whole Foods shareholders and federal regulators approved Amazon’s $13.7 billion acquisition of the organic grocer, a deal that could bring big changes to the supermarket industry and how people order groceries online.

By buying Whole Foods, Amazon is taking a bold step into brick-and-mortar, with more than 460 stores and potentially very lucrative data about how shoppers behave offline.

Two moves forward came Wednesday. Whole Foods shareholders gave their blessing to a union that its CEO had called “love at first sight.” And the Federal Trade Commission said in a brief statement that it had looked into competition concerns and would not block the deal.

The FTC investigated whether the takeover “substantially lessened competition” or “constituted an unfair method of competition,” said Bruce Hoffman, the acting director of the agency’s Bureau of Competition.

WHOLE Foods Market in San Antonio. Whole Foods shareholders voted Wednesday to bless a $13.7 billion union with Amazon that the organic grocery chain’s CEO had called ‘love at first sight’. By buying Whole Foods, Amazon will get more than 460 stores and potentially very lucrative data about how shoppers behave offline.

(AP Photo/Eric Gay) “Based on our investigation we have decided not to pursue this matter further.”

A union that represents food-industry workers had asked the FTC to scrutinize the deal closely, saying it could hurt competition and lead to job cuts. Regulators tend to block deals when two direct competitors are combining, and Amazon — despite its dominance in the online marketplace — doesn’t currently have a big groceries business.

Still, rivals are scrambling to catch up with the e-commerce giant.

Walmart, which has the largest share of the U.S. grocery market,

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Equity Side

2017/CLE/QUI/00487

BETWEEN IN THE MATTER of all that piece parcel or Lot of land being Lot No. 21 containing 7,000 Sq. Ft situated on the Northern side of Berry Avenue in Yamacraw Beach Estates in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas bounded on the NORTH

by Lot 6 by Land the property of Deborah Bastian, the Petitioner and running thereon Seventy Feet (70.00) and bounded on the EAST by Lot 22 and running thereon One Hundred feet (100.00) and bounded on the SOUTH by a road reservation and running thereon Seventy Feet(70.00) and bounded on the WEST by Lot 20 and running One Hundred Feet (100.00) and which said piece parcel or Lot of Land has such position shape marks boundaries and dimensions as are shown on the diagram or plan filed in this matter being recorded as Lot 7 of Block 4 at the Department of Lands and Surveys.

AND IN THE MATTER of the Quieting Title Act, 1959 CH. 393 AND IN THE MATTER of the Petition of Deborah Bastian NOTICE The Petition of Deborah Bastian of Nassau, New Providence Bahamas in respect of all that piece parcel or Lot of land being Lot No. 21 containing 7,000 square feet situated on the Northern side of Berry Avenue in Yamacraw Beach Estates in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas bounded on the NORTH by Lot No. 6 by land the property of Deborah Bastian, the Petitioner and running thereon Seventy feet (70’) and bounded on the EAST by Lot 22 and running thereon One Hundred feet (100’) and bounded on the SOUTH by a road reservation and running thereon Seventy (70.00’) Feet and bounded on the WEST by Lot 20 and running thereon One Hundred Feet (100.00’) and which said piece parcel or Lot of Land has such position shape marks boundaries and dimensions as are shown on the diagram or plan filed in this matter being recorded as Lot 7 of Block 4 at the Department of Lands and Surveys.

Deborah Bastian Claims to be the Owner of the fee simple estate by being in possession of the said land free from encumbrances for over 20 years.

And the Petitioner has made application to the Supreme Court of the Commonwealth of the Bahamas under Section 3 of the Quieting Titles Act, 1959 to have her title to the said land investigated and the nature and the extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Notice is hereby given that any person or persons having an adverse claim shall on or before the 25th day of September, A.D. 2017 file in the Supreme Court and serve on the Petitioner or the undersigned a form verified by an affidavit to be filed therewith. Failure of any such person to file any such claim on or before Monday the 25th day of September, A.D. 2017 shall operate as a bar to such Claim.

A copy of the filed plan may be inspected at: 1. The Registry of the Supreme Court, British American Bank Building, Marlborough Street, Nassau, Bahamas; 2. Raymond A. Rolle & Co., No. 39 Kemp Building, East Street, Nassau, Bahamas.

Dated the 2nd day of August, A.D. 2017 Raymond A. Rolle & Co. Chambers No. 39 Kemp Building East Street Nassau, Bahamas Attorneys for the Petitioner

is expanding its grocery delivery service with ridehailing service Uber and announced Wednesday that it will join forces with Google to let shoppers order goods by voice on Google devices.

Before the deal was announced in June, Whole Foods had been under intense shareholder pressure to improve results and retain customers who have more choices about where to get natural foods.

As Whole Foods grew, more supermarkets offered similar organic and natural foods, but at cheaper prices.

Amazon and Whole Foods have not given many details about what might change for customers, though Whole Foods CEO John Mackey gave some general clues at a town hall with employees after the deal was announced. He said he thought Amazon would help with efforts on cost-cutting and a loyalty programme. He noted Amazon is known for its innovation and said that

company could turn Whole Foods from “the class dunce” to “valedictorian.”

Mackey had said the deal came about after a “whirlwind courtship” and that “it was truly love at first sight.”

As part of the deal, Amazon will pay Whole

Foods shareholders $42 for each share they own.

That was an 18 percent premium from its stock price the day before the tie-up was announced on June 16. Shares of Whole Foods Market Inc., which is based in Austin, Texas,

ended Wednesday at $41.68.

Earlier this month, Amazon.com Inc. sold $16 billion of bonds in order to pay for Whole Foods.

Seattle-based Amazon has said it expects the deal to close before the end of the year.

THE TRIBUNE

Thursday, August 24, 2017, PAGE 11

US NEW-HOME SALES FELL IN JULY, YET STILL AHEAD OF LAST YEAR

By CHRISTOPHER S. RUGABER, AP Economics Writer

WASHINGTON (AP) — Sales of new U.S. homes plummeted 9.4 percent in July, the sharpest one-month drop in nearly a year. But the decline followed strong sales in previous months, and sales so far this year are outpacing last year’s.

The Commerce Department said Wednesday that new-home sales fell to a seasonally adjusted annual rate of 571,000 in July, down from 630,000 in June.

Last month’s figure was the weakest since December.

Still, sales in the first seven months of the year are 9.2 percent higher than in the same period last year.

More buyers are turning to newly built houses as the supply of existing homes for sale has fallen steadily.

The housing market overall is mostly healthy, but sales have stumbled this summer as a supply crunch has elevated average home prices nationwide.

The rising prices have made homes too expensive for some would-be buyers, even as healthy hiring has lowered the unemployment rate to a 16-year low of 4.3 percent.

Builders are ramping up the supply of new homes, providing a crucial outlet.

But the number of newly built properties available is still below historical levels.

Even so, the supply of new homes for sale ticked up 1.5 percent in July from June to 276,000. That’s 16.5 percent higher than a year earlier.

That level is considered enough to last 5.8 months at the current sales pace — near the 6 months that is typical in a healthy market.

By contrast, the number of existing homes for sale plunged 7.1 percent in June from a year earlier. The larger supply of new homes has kept prices from rising

PUERTO RICO CREATES NEW PENSION PLAN FOR STRUGGLING RETIREES

By DANICA COTO, Associated Press

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor on Wednesday signed a law that establishes a pay-as-you-go pension plan and sets aside $2 billion this year for tens of thousands of retirees who depend on a public pension system that’s expected to run out of money next month.

Gov. Ricardo Rossello said the government’s general fund will now be responsible for ensuring retirees get a monthly check, and that the new defined-contribution plan will operate similar to a 401K retirement savings programme. The current system faces nearly $50 billion in liabilities.

“If we had left things as they are, our retirees starting as early as September would not have received pension payments that they worked decades for in public service,” he said.

The announcement comes just weeks after a federal control board overseeing Puerto Rico’s finances said the pension system will face a 10 percent cut given the island’s deep economic crisis. Government officials rejected that measure and said they would create their own law to protect retirees.

Board members did not immediately respond to a request for comment. The board also has said that all newly hired employees in Puerto Rico will be enrolled in Social Security. Currently, local teachers

and police officers do not receive Social Security and depend solely on the public pension system.

Those representing retired Puerto Rico union workers lamented the new law was approved without any public hearings or input from retirees. They also said that any cut to the public pension system would be devastating.

“We have retirees who receive $500, $800 a month, and they can’t live off of that,” said Dwight Rodriguez, president of a federation representing retirees of the Puerto Rican Workers Central union.

Andres Miranda, vice president of that federation, said in a phone interview that his organization also wants an investigation into why the public pension system is nearly depleted.

“The crisis that the system faces is caused by the government, not the retirees,” he said.

Puerto Rico is entering its 11th year of recession and seeking to restructure a portion of its $73 billion public debt load, accumulated in part because previous administrations borrowed billions of dollars to cover increasing deficits. The board already has voted to impose furloughs that will affect tens of thousands of employees starting in September.

A large protest is planned for next week to reject furloughs as well as looming pension cuts and the privatisation of certain government operations.

NEW home construction underway in a housing plan in Zelienople, Pa. On Wednesday, the Commerce Department reported on sales of new homes in July in the US. (AP)

as much as in the market for existing houses. A typical new home sold for $313,700 in July — below

the $316,200 typical price for all of last year.

Prices for existing homes rose 5.6 percent in May

from the previous year, the latest data available, according to the S&P CaseShiller home price index.

VA C A N C Y

SOUS CHEF A fantastic opportunity has arisen to become part of our team. We are looking for an individual that not only demonstrates the skills listed below, but also has the ability to apply individual leadership and decision making to ensure our goals are achieved.

As our Sous Chef you will be required to meet the following requirements: • Manage the day-to-day operation of the kitchen.

• Assist with menu development and food cost.

• Roster staff to control labour cost.

• Ensure excellent Food Hygiene and Health & Safety standards at all times.

• Lead a team of experienced cooks, motivating and coaching the staff to support their personal development.

• Assist with the anticipation of trends, enacting approved

profit-oriented and cost saving ideas/activities.

Position Requirements: • A minimum of three (3) years of culinary and supervisory

experience required.

• An associate’s degree from a Culinary School of Arts or an equivalent is required.

Competitive salary and benefits package are commensurate with experience.

Interested persons should submit their resumes via e-mail to souschef2017@outlook.com

PAGE 14, Thursday, August 24, 2017

THE TRIBUNE

FLINT SCHOLARSHIP PLAN GETS $2M FROM PISTONS OWNER, UTILITY

By DAVID EGGERT, Associated Press

LOWE’S NOT CATCHING THE SAME TAIL WIND HOME DEPOT IS RIDING MOORESVILLE, N.C. (AP) — Lowe’s second-quarter profit got a boost from the sales of an Australian joint venture, but its performance was weak by most measures in a vibrant housing market, and its profit outlook for the year was well below the expectations of industry analysts.

Shares fell 5 percent Wednesday in premarket trading.

For the period ended Aug. 4, Lowe’s Cos. earned $1.42 billion, or $1.68 per share. A year ago the Mooresville, North Carolina, company earned $1.17 billion, or $1.31 per share.

The current quarter included a $96 million gain related to the sale of its interest in the Australian joint venture.

Earnings, adjusted for one-time gains, were $1.57 per share. That’s below the $1.62 per share that analysts polled by Zacks Investment Research predicted.

Revenue rose to $19.5 billion from $18.26 billion. It fell short of the $19.52 billion in revenue analysts surveyed by Zacks expected.

Sales at stores open at least a year increased 4.5 percent, one of the few areas that it did a little better than

NOTICE SLATEK HOLDING LTD. In Voluntary Liquidation

expected, according to FactSet. Comparable-store sales are a key gauge of a retailer’s health because the remove the volatility of stores recently opened or closed.

Lowe’s doesn’t appear to be catching the same housing market tail wind of rival Home Depot Inc. Last week, it dazzled investors with its strongest quarterly sales ever and the richest profit in its history.

Lowe’s foresees full-year earnings of $4.20 to $4.30 per share, with sales rising about 5 percent. Analysts anticipate earnings of $4.62 per share, according to a FactSet poll.

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that, NYGARD BAHAMAS LIMITED is in dissolution and that the date of commencement of the dissolution is the 7th day of August A. D. 2017

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SLATEK HOLDING LTD. is in dissolution as of August 22nd 2017.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

ENERVO ADMINISTRATION LIMITED LIQUIDATOR Montague Sterling Centre East Bay Street Nassau, The Bahamas

LIQUIDATOR ______________________

MARKET REPORT WEDNESDAY, 23 AUGUST 2017

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

BISX ALL SHARE INDEX: CLOSE 1,834.33 | CHG -0.02 | %CHG 0.00 | YTD -103.88 | 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 4.05 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 2.50 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 100.00 100.00 100.00 108.25 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.70 1.47 0.12 3.92 8.60 6.10 9.98 10.01 2.47 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 -0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.44 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.19 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

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 24.2 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% 2.43% 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

LANSING, Mich. (AP) — Detroit Pistons owner Tom Gores and a major Michigan utility’s foundation each committed $1 million Wednesday to covering college tuition for Flint high school graduates in the wake of the city’s water crisis.

The $2 million in combined pledges for a fledgling “Flint Promise” program are the first to be publicly announced since work began more than a year ago. It is not clear how much more has been promised privately.

Gores, the founder of Los Angeles-based Platinum Equity and a Flint native, previously pledged $10 million to address needs in his hometown and in 2015 partnered with Magic Johnson on a similar scholarship campaign in Michigan’s capital city of Lansing.

Degree He said in a statement: “Every student who works hard deserves a chance to earn a college degree. We want to give those kids and their families a reason to dream and provide them the resources to make those dreams come true.”

Consumers Energy CEO Patti Poppe called the foundation’s grant a “down payment on a bright future” for Flint, an economically struggling city of nearly 100,000 residents who used a lead-contaminated water supply for 1 ½ years.

Local foundations, school districts, colleges and business groups are still determining details such as which high schools’ graduates will be eligible and which colleges will initially participate. Those plans are expected to be announced in coming weeks.

“We still have a lot of work to do, but this commitment from the Gores family and the Consumers Energy Foundation ensures that Flint students will have an opportunity many didn’t think possible,” said Isaiah Oliver, president and CEO of the Community

Foundation of Greater Flint President, which is helping to spearhead the initiative.

“It’s an investment in Flint’s future and a vote of confidence in our children. It will also make our community even more attractive for additional investment.”

A top aide to Gov. Rick Snyder has said that the administration, which has been blamed for the emergency, is hoping to help raise $5 million in private donations for the scholarship program.

Some obstacles still remain.

Advocates so far have been unable to persuade the Republican-led Legislature to make Flint the state’s 11th “Promise Zone.”

The programme — inspired by the anonymously funded Kalamazoo Promise — allows communities that secure enough private funding to also use state tax revenue to pay students’ college tuition. It is limited to 10 high-poverty areas currently.

The programs vary but at a minimum must cover tuition and fees to obtain at least an associate’s degree from a community college.

Some also cover the cost of a bachelor’s degree. The initiatives typically require low-income students to first apply for need-based federal Pell Grants or state scholarships.

The Flint legislation overwhelmingly cleared the Senate twice in the last 10 months but has languished in the GOP-controlled House.

“After everything these kids have been through with the water crisis, the least they should have to worry about is finding a way to pay for the next step in their education,” said Senate Democratic Leader Jim Ananich of Flint, the bill sponsor who called the $2 million in commitments “absolutely incredible news.”

Oliver and others involved in structuring the scholarships said while the measure would provide a financial boost on a recurring basis, they will rely solely on private contributions if needed.

PAGE 16, Thursday, August 24, 2017

THE TRIBUNE

UP FROM THE ASHES: SAMSUNG UNVEILS SUCCESSOR TO THE NOTE 7 PHONE NEW YORK (AP) — Samsung is trying to move past last year’s disastrous Galaxy Note 7 launch with a successor sporting a dual-lens camera, animated messages, expanded note-taking — and lower battery capacity.

So far, the success of last spring’s

Galaxy S8 phone suggests that Samsung has recovered from the Note 7 debacle. One analyst believes the new Note 8 could help Samsung win market share from Apple, though Apple is expected to come out with new iPhones of its own next month.