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THURSDAY, AUGUST 31, 2017

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Bahamas must ‘plant seeds’ beyond Baha Mar growth impact By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank’s governor yesterday said the Bahamas needs to “plant seeds” for economic growth beyond Baha Mar to ensure it satisfies the credit rating agencies. While expressing optimism that the Bahamas’ “can deliver” on its fiscal and economic reform package, John Rolle suggested the GDP growth benefits from Baha Mar’s opening have already been accounted for in Moody’s analysis. As a result, he said this nation needed to focus on medium-term growth opportunities beyond the $4.2 billion project’s full opening - something the rating agency will likely be looking for when it revisits the Bahamas in 12-18 months’ time. Mr Rolle said it was also essential that the Minnis administration “chaperone” See PG B2

Governor: Bahamas ‘can deliver’ on Moody’s But Govt needs to ‘chaperone’ GB recovery Approvals wait ‘demoralising’ investors

A SENIOR insurance executive yesterday slammed the Bahamas’ “ridiculous” Know Your Customer (KYC) regime, describing it as “one of the biggest impediments” to economic growth. Tim Ingraham, Summit Insurance Company’s president, challenged John Rolle, the Central Bank’s governor, to survey the Bahamian public on whether they thought the financial services’ due diligence regime was “reasonable”. Their exchange occurred at a Rotary Club of south-east Nassau luncheon, after Mr Ingraham

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Govt warned: Don’t take local investors for granted By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday warned it cannot take unlimited access to the Bahamian debt markets for granted, despite Moody’s optimistic liquidity assessment. Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that local investors are no different from their international counterparts when it comes to assessing Bahamian sovereign debt risk. Implying that he disagreed with Moody’s analysis, Mr Bowe said new international financial

BICA chief: Moody’s too optimistic on liquidity New accounts standard may limit debt take-up ‘Credible policies’ key to further support GOWON BOWE reporting standards (IFRS) and their own regulatory requirements could limit future appetite for government debt among institutions that have

traditionally been its largest purchasers. The credit rating agency, in electing to preserve the Bahamas’ ‘investment grade’ rating, said that despite the Government’s

increased borrowing needs “liquidity risks remain low on account of a favourable debt profile and a relatively captive domestic investor base”. Moody’s added: “As of March 2017, domestic debt accounted for 73 per cent of total government debt, with commercial banks holding 40 per cent of the domestic debt, and the Central Bank and other public corporations, 28 per cent. “The overall maturity profile is favourable. Short-term domestic debt represents only 12 per cent of total debt. External market debt - four global bonds - have an average maturity of 12 years, while See PG B3

Governor: ‘No persuasive case’ price controls work By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net JOHN ROLLE

Insurance chief: KYC regime ‘huge obstacle’ to economic growth By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Brands process ‘ridiculous’; challenges Governor

THE Central Bank’s governor yesterday said “a persuasive case” cannot be made that price controls work properly, as he reiterated his stance against their imposition on bank fees. John Rolle, addressing the Rotary Club of south-east Nassau, warned

that placing price controls on commercial bank fees “is not an outcome” the Bahamas should seek, as it will not protect consumers. Rather than impose such restrictions, he said competition was critical to keeping bank fees in check, adding that price controls will “not accomplish much” unless the underlying structural issues and costs relating to the provision of financial

services in the Bahamas are addressed. Responding to complaints from Rotarians that banks are providing “less service for more cost”, the Governor replied: “These fees are not regulated in the Bahamas in terms of their level. “It [price controls] is not something we should want to see as an outcome. The See PG B4

Imposition on bank fees ‘not outcome’ desired But Labour Minister says fees major concern Credit Bureau will ease fees ‘pressures’

Central Bank head eyeing better riskbased process Regulator also planning financial ombudsman suggested that a Bahamian grandmother was required “to prove she’s not a criminal” before she can open a bank account to receive her National Insurance Board (NIB) pension. See PG B3

Bahamian manufacturers aiming to be ‘top of mind’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN manufacturing organisation is seeking to become “top of the mind” again with policymakers, having this week launched a marketing campaign to revitalise the sector. Representatives of the Bahamas Light Industries Development Council (BLIDC) yesterday told Tribune Business the organisation has launched its own website, and is developing a policy/position paper for government, to raise the profile of local manufacturing.

Light Industries Council launches marketing campaign Developing policy/position paper for Govt Bradley Watson, the BLIDC’s chairman, told Tribune Business: “I think that as an organisation we have been reactionary as opposed to proactive, and want to take a more proactive approach and want to be committed. “Our objective is to maintain a consistent See PG B5

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Bahamas must ‘plant seeds’ beyond Baha Mar growth impact From pg B1 Grand Bahama’s recovery, chiefly the Grand Lucayan resort’s re-opening, to a successful conclusion given the island’s importance to the overall economy. Explaining that Baha Mar was “likely factored in” to rating agency analyses of the Bahamas’ growth prospects, he told Tribune Business: “Some of our challenges on the growth side will be on the medium term in terms of turning things around.

“We have pressures around how quickly we can bring Grand Bahama back, and the Government will have to chaperone that to process to a successful outcome. Beyond that, they will look to see what seeds we are planting to bear fruit in a few years time.” Mr Rolle said some of these ‘seeds’ had already been much discussed, including the Government’s promised Fiscal Responsibility legislation and reform of the public sector’s

THE TRIBUNE financial management systems. A former financial secretary, he added that there was likely to “be a lot of tension” involved in modernising the Government’s financial systems and processes even though this was essential for good governance. “There is definitely going to be a lot of focus on the reforms,” Mr Rolle said. “I’m confident that we can deliver, but these things will always revolve around significant variables. “Some of the issues you’re dealing with in the economy will be costly; doing certain things no

matter when. Sometimes it’s better to just do it.” Moody’s, in electing not to further downgrade the Bahamas to ‘junk’ status, effectively gave this nation a 12-18 month ‘breathing space’ to start delivering improved GDP growth prospects and executing on the Minnis administration’s fiscal consolidation plan. Mr Rolle said the rating agency will likely concentrate on Baha Mar’s performance, and that of the wider hotel/tourism industry, when it next visits the Bahamas to assess whether the $4.2 billion project is likely to deliver increased visitor numbers as opposed to ‘cannibalising’ the market with Atlantis and existing properties. “They will look, from the Government side, at how well they are doing on the fiscal matters they have signalled,” the Central Bank governor added. “I think that if the Government can deliver on its fiscal targets that will put them in a favourable situation with them [Moody’s].” The Bahamas Chamber of Commerce and Employers Confederation (BCCEC), in its response to Moody’s, warned that potential investors are being “slowly demoralised” by the bureaucracy and uncertainty associated with the approvals process. Moody’s said the Bahamian economy has contracted by an average -0.3 per cent per year between 2013 and 2017, prompting the Chamber

to renew calls for the Minnis administration to make improving the ‘ease of doing business’ a “major priority”. “In order for the economy to move in a positive direction, and to avoid any further downgrades, there must be deliberate and strategic investments made in the country,” it said. “There are a number of proposals before the Government waiting for approvals, but the decision process is too slow. “Many of these proposals present an opportunity for the Government to remove itself from the administration and operations of various publicly-owned entities. These proposals, once approved, would provide significant financial benefits to the Government to include balance of payment improvements, and to the Bahamian and foreign investors by way of capital markets participation. “The bureaucracy in conducting business is too involved, and the process is slowly demoralising potential investors in the country,” the Chamber added. “The ‘ease of doing business’ should be a major priority of this administration, as it will likely be a catalyst to increase investor confidence in helping grow the economy.” The Chamber listed several ‘low hanging fruit’ measures that the Government could quickly implement, such as electronic interfaces that would allow all its departments to communicate with each

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other and the private sector - a development that would end businesses having to submit documents to multiple agencies. It also pointed to Immigration reform, public-private parrtnerships (PPPs) and increased investment in small and medium-sized enterprises (SMEs) as measures that would get the Bahamian economy moving. Chester Cooper, the Progressive Liberal Party’s (PLP) finance spokesman, also urged the Government to focus on “the nuts and bolts of growing this economy” as the best defense to a Moody’s downgrade. “While it is a sigh of relief that the Bahamas has been able to ward off a downgrade to its sovereign credit rating, it is now more important than ever to remain vigilant regarding the economy,” he said in a statement issued last night. “The negative outlook placed on the economy is not to be taken lightly, and carries important implications about the intense level of scrutiny with which the credit rating agencies are watching local developments.” Mr Cooper reiterated: “The only way to put the country in a sustainable fiscal position is to grow the economy. Slashing expenditure alone just won’t cut it. In fact, without the right levers to spur growth it may have the unintended consequence of dampening Government revenues. “To this end, the Government must articulate a plan for inspiring confidence in the economy, detailing areas of job creation; getting foreign direct investment out of the pipeline and pouring from the tap; and streamlining business processes so domestic entrepreneurship can thrive inclusive of launching its much-heralded incentives for driving small business development and growth. “It has been more than 100 days since the new administration took office; it is time to get down to the nuts and bolts of growing this economy.”

THE TRIBUNE

Thursday, August 31, 2017, PAGE 3

Govt warned: Don’t take local investors for granted From pg B1 maturity of 12 years, while domestic bonds have average maturities of 8.4 years. The Bahamas debt profile incorporates relatively low refinancing risks given the dominant share of local creditors and the presence of capital controls, conditions that allow the government to enjoy access to a deep pool of domestic savings.” Mr Bowe, though, said he was unsure whether the Bahamian capital markets will be “fully accessible” to the Government if its fiscal consolidation plan fails, and the $7 billion-plus national debt and associated ratios continue to rise as a result of persistent Budget deficits.

The Moody’s analysis appears to assume that Bahamian institutional and retail investors will continue to purchase government bonds (BGRS) and other debt securities come what may, given that their Bahamian dollar holdings have nowhere else to go. However, Mr Bowe argued: “Retail and institutional investors want to see credible policies by the Government to reduce the debt level. While cash is available, the mechanism for doing so [accessing it] is no different from the outside world. “They’ll [investors] be looking for credible policies, including the achievement of milestones, and that will dictate whether you’re able to access that now and in

Insurance chief: KYC regime ‘huge obstacle’ to economic growth From pg B1 “That is one of the biggest impediments to getting to the economy to move,” Mr Ingraham, a former Bahamas Insurance Association (BIA) president, said of the KYC regime. He added that his involvement with three different associations had revealed just how difficult it was to add new signatories to their bank accounts. “I challenge you on one thing,” Mr Ingraham said to Mr Rolle. “Do a survey among the Bahamian public and see how many think the KYC rules are reasonable.” Mr Rolle, who was the luncheon’s guest speaker, replied that the Central Bank was working with the commercial banks to ease the KYC process by making it more risk-based. “One of the areas we’re looking at is where the risk posed by the customer is negligible, financial

institutions will be able to open up accounts for those persons easier,” the Central Bank governor said. “Account opening procedures will be less onerous for those who do not pose a significant risk for money laundering and other criminal activity.” Mr Rolle described this as “ongoing work” with the Central Bank’s licensees, adding that financial institutions needed to understand their customers’ sources of income, and ensure this matched account activity and usage. Explaining that this was part of the Central Bank’s drive to make financial services more inclusive, the Governor added that KYC procedures were not intended “to deter” consumers. But he added: “We will not have an outcome that eliminates due diligence.” Mr Ingraham’s KYC concerns echo those of Fred Smith QC, the Callenders

the future. They’ll ultimately be looking, just like external partners, for credible policies and the quality of financial performance.” The BICA president said Moody’s analysis had focused on the fact 73 per cent of the Government’s debt was held by Bahamian investors, and denominated in local currency largely. He implied, though, that the rating agency may have placed too much weight on this in seemingly determining that the Government has an inexhaustible supply of potential funding locally. Bahamian commercial banks and insurance companies, together with the National Insurance Board (NIB) and other government corporations, have traditionally been among the largest consumers of government debt. Mr Bowe, though, said these entities all have their own capital and regulatory requirements, with some

also possessing credit ratings from the likes of A. M. Best that they need to maintain. And John Rolle, the Central Bank’s governor, yesterday said reforms had been proposed for its governing Act that will reduce the amount of government debt it can hold. He told the Rotary Club of south-east Nassau that this, together with a reduction in the Government’s deficit, would place the Central Bank’s “balance sheet on a stronger footing” and “open up the conversation a lot more” when it came to exchange control liberalisation and flexibility. Mr Bowe, meanwhile, said traditional holders of Bahamian government debt would likely be impacted by the introduction of IFRS 9 on January 1, 2018. Explaining its implications, he told Tribune

Business: “If you live in a Caribbean country where the credit rating is not investment grade, even if they’ve not defaulted, how do you justify not taking a hair cut or discount on it? “It will have an impact for local financial institutions. Everyone is having to look at the credit rating, or the credibility of the investments on their book.” The BICA president added: “The Government has benefited from always paying its financial obligations, always being a stable country, and persons seeing the prospects of the country in their entirety. Persons were willing to acquire the debt.” To preserve this, Mr Bowe said the “negative news needs to cease” concerning the Bahamas’ economic growth and fiscal performance. He added that the deficit and debt situation needed to be turned around, and any

future government borrowings and debt raisings be for income-generating projects. Mr Bowe said these included the likes of airports and bridges/roads with tolls, as investors could gain confidence from the fact they were backed by revenue streams. Moody’s added: “The Bahamas’ average annual gross borrowing requirements were previously in line with the median of the ‘Baa’ category, but an unusually large deficit in fiscal year 2016-2017 caused government financing needs to exceed historical trend levels of some 6-7 per cent of GDP. “We expect annual financing needs to decrease to some 4 per cent of GDP in the coming years if government efforts prove successful in reducing the fiscal deficit.”

& Co attorney and partner, who on Wednesday told Tribune Business that the “suffocating” due diligence procedures had blocked a five-year effort to add another lawyer as a signatory on his firm’s bank account. Mr Smith argued that the over-zealous application of the KYC regime by compliance officers and financial institutions was “stifling” routine commercial transactions in the Bahamas, with the procedures akin to “the tail that wags the economic dog”. He urged the Minnis administration to legislate a more “reasonable” KYC regime, suggesting that the current rules - and the way in which they were being applied - were deterring potential foreign direct investment (FDI). Complaints about the Bahamas’ KYC regime are nothing new, and have frequently been voiced since its introduction in 2000 as part of the Bahamas’ regulatory reform package to escape the Financial Action Task Force (FATF) ‘blacklisting’. Many Bahamians frequently suggest it is far

easier to open a bank account in Miami or New York compared to Nassau because this nation’s reforms went too far. Mr Rolle, meanwhile, said the risk-based KYC approach was part of the Central Bank’s strategy to ensure that more residents were brought into the formal banking system. “We’re putting the thrust on financial inclusion,” he added, “and the ease of opening an account in the banking system. We have a sizeable immigrant population in the Bahamas that is completely shut off. We have to reduce the exposure of this population to criminality and other ills from amassing unbanked cash.” The Governor acknowledged that developing a consumer protection framework for Bahamian financial services customers was “long overdue”, revealing that the Central Bank was recommending

the creation of an industry ombudsman. “We’re looking, from an advisory point of view, having in place in the near term a financial services ombudsman, so that there is a more defined mechanism for persons to seek recourse around disputes involving products and services,” Mr Rolle said. “While it’s most effective with supporting legislation in place, we anticipate significant benefits from such an office even before that happens.” Mr Rolle said the Central Bank expected to be “fully entrenched” in its consumer protection plans within nine months, having already sought bids from

companies to assist it on the project. The banking sector regulator is also planning to work with fellow supervisors, the Insurance Commission of the Bahamas and Securities Commission, to make sure “we’re all on the same page” on the issue. “There’s a need for consumers to better understand their rights as users of financial products and services,” Mr Rolle said. “We believe that functional financial literacy provides the best form of consumer protection. “We want citizens to have a much better understanding of debt management issues. How much debt is too much?”

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Governor: ‘No persuasive case’ price controls work From pg B1 issue here is being able to have a choice, to have a more competitive environment to exercise choice when necessary.” He added: “There are some elements of a consumer protection framework in the Bahamas, but a lot of it is built around price controls on fuel, food and a few other areas. “In this area, we cannot argue persuasively that these controls accomplish as much as we would like.” Price controls were first imposed in the Bahamas in 1971 by the then-Pindling administration, on the grounds they would ensure essential food-stuffs and other commodities remained affordable for lower income Bahamians. These measures were also sold as protecting consumers from ‘price gouging’ by unscrupulous merchants, but - as with many government policies - their imposition brought unintended consequences. Many price-controlled items have to be sold by businesses as ‘loss leaders’, and the limited margins/ profits that can be earned deter product availability and supply. Merchants are also forced to increase

prices on non-price controlled items higher than they would like to compensate. “The Central Bank doesn’t determine the level of fees set by the banks,” Mr Rolle reiterated yesterday, “but we don’t think price control of fees will accomplish much of we don’t address the structural issues that feed into the costs of providing financial services.” The Central Bank and its governor have consistently argued against price-controlling bank fees since early 2017, despite increases as high as 43 per cent on “a significant number of services”. The regulator, unveiling its survey of commercial bank charges for the six months to end-June 2016, said then that direct intervention through mechanisms such as price controls would only create further distortions that negatively impact consumers. The survey argued that improved consumer protection and financial literacy were the best safeguards to concerns over increased bank fees, and Mr Rolle yesterday detailed the Central Bank’s plans for progressing these two areas.

THE TRIBUNE However, the Central Bank’s declining of price controls is unlikely to be welcomed by many Bahamians, who believe commercial banks have imposed disproportionate and unwarranted new fees and increases in a bid to regain some of the profitability lost due to the sector’s $1 billion-plus pile of non-performing loans. And the Central Bank’s stance appears to be at odds with the Government, which yesterday issued a release identifying bank fees as a particular concern requiring the attention of its Price Commission and Consumer Protection Commission. The statement, issued in the name of Dion Foulkes, minister of labour, quoted him as saying there were “some serious issues concerning consumer affairs in the country” that have to be “readily addressed” by the two regulators. The statement added: “Among these concerns, he noted, were the newlyintroduced charges by some banks on various banking transactions along with other vexing consumer issues.” Mr Rolle yesterday said the Banks and Trust Companies Regulation Act, the law that governs the commercial banking industry, requires institutions to give

Bahamians advance warning of fee changes. “There’s at least a minimum requirement that the institution has to give notice to customers when these fees are changed,” he said, adding that the Clearing Banks Association’s (CBA) ‘code of conduct’ required similar transparency. “As the Central Bank, we intend to strengthen public awareness in what consumers should be expecting in all these areas relating to the disclosure of fees,” Mr Rolle added. The Governor said passage of the long-awaited legislation to create the Bahamas’ first Credit Bureau could also assist in keeping banking fees in check. The Credit Bureau, which will pool information on borrower histories from a variety of sources, is widely seen as a mechanism that will enable Bahamasbased commercial banks to better allocate credit, and assess and price risk. Banks will have better, faster information to determine whether they will lend to a particular borrower at all. They will also be able to divide borrowers into ‘low and ‘high’ risk categories, providing lower interest rates to the former

and higher ones to the latter. Mr Rolle yesterday suggested that the better lending decisions enabled by the Credit Bureau will help commercial banks to avoid a repeat of the $1.2 billion non-performing loan pile that built up following the 2008-2009 recession. And, as a consequence, the commercial banks will not have to charge higher fees to compensate for the non-performing loans and lower returns on their credit portfolio. “The pressure to make up for loan losses with higher interest rates and fees would subside,” Mr Rolle suggested. The Minnis administration referred to the Credit Bureau legislation in the ‘Speech from the

Throne’, and the enabling Bill has been drafted and is now waiting to find its way on to the Government’s legislative agenda. “The Government has indicated that the credit bureau legislation is still high priority”, Mr Rolle said. “We look forward to further action in the very near term, and the industry is looking forward expectantly to having that legislation in place. We continue to say that it needs to happen in the shortest time possible.” The Governor added that the better lending decisions facilitated by a Credit Bureau will also assist the Bahamas in its efforts to avoid further credit rating downgrades by Moody’s and Standard & Poor’s (S&P).

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REQUEST FOR PROPOSALS

University of The Bahamas Alumni Magazine The University of The Bahamas Office of Institutional Advancement and Alumni Affairs invites competitive proposals from suitably qualified vendors for the high quality graphic design and layout of the University of The Bahamas Alumni Magazine Issues 1 and 2 for Fall 2017 and Spring 2018 respectively. The magazine will be produced as a full-colour, quality design that presents compelling narratives of UB’s happenings, developments, milestones and achievements and showcases how faculty, staff, alumni, students and supporters are helping UB to achieve its mission of “advancing and expanding access to higher education, promote academic freedom, drive national development and build character through teaching, learning, research, scholarship and service”. The complete RFP is accessible online at http://www.ub.edu.bs/get-to-know-us/rfps/.

SUBMISSIONS Sealed copies of the RFP must be hand-delivered in triplicate to the Office of the Vice President of Institutional Advancement and Alumni Affairs addressed as follows: Ms. Davinia Blair Vice President, Institutional Advancement and Alumni Affairs Top Floor, Keva M. Bethel Building, University of The Bahamas University Drive P.O. Box N-4912 Nassau, The Bahamas For further information contact: 302-4301 or 302-4366.

DEADLINE The deadline for proposal submissions is: 4:00 p.m. EST Friday, 8th September 2017.

THE TRIBUNE

Thursday, August 31, 2017, PAGE 5

Bahamian manufacturers aiming to be ‘top of mind’ From pg B1 presence in terms of representing manufacturers, light industry and agro-processors.” Karla Wells-Lisgaris, a brand manager at Caribbean Bottling Company, said the BLIDC was seeking to represent any company that produced, made or added value to products in the

Bahamas. Cottage industries are also among those it is seeking to attract. The BLIDC, which was formed in 1978 under its president, ex-minister and MP Leslie Miller, currently has 25 formal members. However, Jonathan Cartwright, of Cartwright’s Bedding, said many more firms were involved on an informal basis.

“While the BLIDC has been around for years, it was concerned with issues primarily related to tariffs,” Mr Watson said. “At the heart of the matter was tariff regulations. “While that has an impact on our members, our approach is to establish the BLIDC as the organisation that is top of the mind when you think about manufacturing, agro business and any type of producer, light industry and cottage industry.”

He added: “Switcha started out from home, and now they’re a legitimate light manufacturer. Our objective is to make people out there who are producing stuff, or thinking of producing stuff, aware we are a support organisation for them. “We have members that can provide them with feedback and guide them through the process. That’s one part. The other part is when the Government, or whichever agency, is thinking of doing anything that

may impact us, we want them to have us as top of the mind and make reference to us. We certainly want to be top of mind.” The BLIDC’s website, BLIDC.org, went live on Tuesday. The organisation plans to use Facebook and other social media to raise awareness, via 30-second video clips and, eventually, a TV ad campaign. “We are initiating a marketing campaign to raise awareness of the BLIDC for policymakers, members and producers,” Ms

Wells added. The Council is also seeking to revive the ‘Buy Bahamian’ campaign among consumers, and work on developing supply linkages between its members and the Government and larger private sector players. The BLIDC’s members currently include the likes of Blanco Bleach, Aquapure, Caribbean Bottling, The Sign Man, Bahamas Waste, Scottsdale and The Sign Man.

NOTICE Extension

PUBLIC CONSULTATION BPL’s CONSUMER PROTECTION PLAN The Utilities Regulation and Competition Authority (URCA), advises the public that the deadline to submit responses to URCA’s public consultation document on BPL’s Consumer Protection Plan, ES 04/2017, has been extended to 31 October 2017.

A CURRENCY trader walks by the screens showing the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea yesterday. Asian stocks were higher on Wednesday as investors hunted for bargains and shrugged off geopolitical tensions a day after North Korea fired a missile that flew over northern Japan. (AP Photo/Lee Jin-man)

GLOBAL STOCKS HIGHER AS INVESTORS SHRUG OFF KOREA TENSIONS By YOUKYUNG LEE Associated Press SEOUL, South Korea (AP) — Global stocks were higher Wednesday as investors hunted for bargains and shrugged off geopolitical tensions a day after North Korea fired a missile that flew over northern Japan. KEEPING SCORE: European markets opened higher. Britain’s FTSE 100 advanced 0.4 percent to 7,363.12 in early trading and France’s CAC 40 was up 0.4 percent at 5,053.99. Germany’s DAX gained 0.6 percent to 12,014.66. Futures showed Wall Street was due to open with moderate gains. S&P futures rose 0.1 percent and Dow futures added 0.2 percent. ASIA’S DAY: Asian markets finished mostly higher. Japan’s Nikkei 225 rose 0.7 percent to 19,506.54 and South Korea’s Kospi was up 0.3 percent to 2,372.29. Hong Kong’s Hang Seng jumped 1.2 percent to 28,094.61 while Shanghai Composite Index edged down 0.1 percent to 3,363.63. Australia’s S&P/ASX 200 was flat at 5,669.70. Stocks were higher in Taiwan and Singapore but lower in Indonesia. ANALYST’S TAKE: “Markets have made the judgment that the postmissile test reactions of the U.S., the U.N. and North Korea do not warrant a move to full ‘risk off’ mode in stock markets at this stage,” Ric Spooner, chief market analyst at CMC Markets, said in a commentary. NORTH KOREA: Investors were not swayed by the latest developments in North Korea. Its leader, Kim Jong Un, called for more weapons launches targeting the Pacific Ocean

to advance his country’s ability to contain Guam, a day after the North flew a ballistic missile over Japan. The missile launch jolted world markets when it took place Tuesday. U.S. President Donald Trump said North Korea had signaled its “contempt for its neighbors” and that “all

options are on the table” in terms of a U.S. response. The U.N. Security Council strongly condemned the launch. OIL: Benchmark U.S. crude dropped 26 cents to $46.18 per barrel in New York. The contract gave up 13 cents to close at $46.44 a barrel on Tuesday. Brent

crude, the international standard, lost 40 cents to $51.26 per barrel in London. CURRENCIES: The dollar rose to 109.95 yen from 109.67 yen while the euro fell to $1.1965 from $1.1974.

URCA reminds the public that responses to the said Consultation Document can be sent via email to info@urcabahamas.bs, faxed to (242) 393-0237/393-0153, mailed to P.O. Box N-4860 or hand delivered to the URCA office situated at the UBS Annex building on East Bay Street, New Providence. URCA issues this Notice in accordance with section 41(4) of the Utilities Regulation and Competition Authority Act, 2009. The consultation document can be found at: www.urcabahamas.bs/download/030640900.pdf

Mr. Clinton C. Clarke The Partners of Chancellors Chambers are pleased to announce the joining of Associate Attorney, Mr. Clinton C. Clarke, as a member of the firm as at the 31st July, 2017. Mr. Clarke’s work will span over various aspects of Civil, Commercial and Corporate Matters inclusive of Litigation and transactional work with special focus on Mortgages and Conveyancing, Insurance, Personal Injury, Banking and Trust, Probate and Administration of Estates, Construction and Environmental Law. Mr. Clarke is an avid Rotarian currently serving as Secretary and Club Administration Director in the Rotary Club of West Nassau and a mentor at the Gerald Cash Primary School, Boys Club of Excellence program in partnership with Lodge St. David 1741, S.C.

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PAGE 8, Thursday, August 31, 2017

THE TRIBUNE

Stocks climb as stronger economic growth cheers investors NEW YORK (AP) — U.S. stocks climbed Wednesday as investors cheered a report of stronger economic growth. Technology companies, retailers and travel providers all made solid gains. The Commerce Department raised its estimate for economic growth and said the U.S. gross domestic product grew at its fastest pace in two years between April and June. Stocks were wobbly at the outset, but investors’ concerns about tensions between the U.S. and North Korea appeared to ease and stocks moved higher as the day wore on. Along with technology companies and consumerfocused firms, health care companies and banks

finished higher. Big names like Microsoft, Amazon and Facebook made some of the biggest gains. “For all the tough times we’ve had the last couple of weeks, the thing that’s kept the market afloat is the strong economic data,” said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management. With more economic reports coming over the next few days, Schutte said investors will be looking for evidence of higher pay and greater inflation, and said stocks should keep rising as long as the economy remains in good shape and inflation doesn’t pick up. The Standard & Poor’s 500 index climbed 11.29

points, or 0.5 percent, to 2,457.59. The Dow Jones industrial average picked up 27.06 points, or 0.1 percent, to 21,892.43. The Nasdaq composite gained 66.42 points, or 1.1 percent, to 6,368.31 as technology companies rose for the third day in a row. The Russell 2000 index of smaller-company stocks added 7.64 points, or 0.6 percent, to 1,391.32. The government raised its GDP projection from last month, and the secondquarter estimate is much better than the first quarter, when growth was 1.2 percent. Meanwhile, private businesses added 237,000 jobs in August with broad gains across several industries including construction, manufacturing and leisure

THE FACADE of the New York Stock Exchange. U.S. stocks are quiet early yesterday, as technology companies rise while energy companies continue to fall as investors sort through the ongoing damage caused by Harvey. (AP Photo/Richard Drew, File) and hospitality, according to a survey by payroll processor ADP. Chipmaker Analog Devices advanced after it announced strong results in the third quarter along with a better-than-expected revenue forecast for the current period. Its stock jumped $4.17, or 5.2 percent, to $83.72. Microsoft gained 96 cents, or 1.3 percent, to $74.01 and Facebook picked up $1.87, or 1.1 percent, to $169.92. Amazon rose $13.53, or 1.4 percent, to $967.59, and Bank of America climbed 41 cents, or 1.7 percent, to $23.87.

Gasoline prices spiked to two-year highs and oil prices continued to fall as the Gulf region was inundated with rain by Tropical Storm Harvey, which has knocked out significant oil drilling and refining capacity. On Tuesday the largest oil refinery in the U.S. was shut down and the operator of a major pipeline carrying fuel to the East Coast said it was running at a reduced rate.

Growth The tropical storm has dumped a record amount of rain on the Gulf Coast. It

COMMONWEALTH OF THE BAHAMAS

made landfall again in Louisiana overnight. Authorities say more than 20 people have died in the storm and more than 32,000 people were in shelters in Texas alone. Wholesale gasoline rose another 10 cents, or 5.7 percent, to $1.88 a gallon. Benchmark U.S. crude lost 48 cents, or 1 percent, to $45.96 a barrel in New York while Brent crude, the international standard, fell $1.14, or 2.2 percent, to $50.86 a barrel in London. President Donald Trump stumped for tax cuts in an afternoon speech in St. Louis, and while investors want to see taxes come down, Wall Street’s reaction was muted. “Right now expectations are low enough that if anything gets done, Wall Street will cheer it,” said Schutte, of Northwestern Mutual. The Food and Drug Administration approved the first treatment that genetically engineers patients’ own blood cells to seek and destroy childhood leukemia. The drug, Kymriah, is made by Novartis, and several other companies are working on similar treatments. They are called CAR-T therapies, and they are being developed for blood cancers and maybe other tumors, too.

2016/CLE/GEN/00576

IN THE SUPREME COURT Common Law and Equity Division IN THE MATTER OF Property comprised in a Mortgage dated the 9th day of August A.D., 2005 between JAMIEL J. CLARKE (as Mortgagee) and NINA MARIE CLARKE (as Surety) and FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9513 at pages 188 to 199. AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the Rules of the Supreme Court 1978.

B E T W E E N: CIBC BAHAMAS LIMITED (now FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED) Plaintiff AND JAMIEL J. CLARKE (as Mortgagee) First Defendant AND NINA MARIE CLARKE (as Surety) Second Defendant TO:

JAMIEL J. CLARKE (as Mortgagee) and NINA MARIE CLARKE (as Surety)

TAKE NOTICE that: 1. A Supporting Affidavit and a Notice of Appointment of Hearing were filed on the 24th day of May A.D., 2017 has been issued against you both in the Supreme Court of The Commonwealth of The Bahamas being Action No. 2016/ CLE/gen/00576 by CIBC Bahamas Limited (now FirstCaribbean International Bank (Bahamas) Limited), the Plaintiff herein. The Hearing date of the Notice is scheduled to be heard on Wednesday the 4th day of October A.D., 2017 at 9:15 o’clock in the fore-noon before Justice Gregory Hilton located in the Supreme Court Building, Bank Lane. 2. On Wednesday the 19th day of October A.D., 2016 the Court ordered that the said Supporting Affidavit and Notice of Appointment of Hearing are hereby deemed to have been served on you both by virtue of this advertisement. Dated the 28th day of August A.D., 2017.

CHANCELLORS CHAMBERS Samana Hill No. 16 Village Road (North), Nassau, Bahamas Attorneys for the Plaintiff

THE TRIBUNE

Thursday, August 31, 2017, PAGE 9

What grocery shoppers want: Low prices, one-stop shopping By JOSEPH PISANI Associated Press NEW YORK (AP) — Donna Brown visited a Whole Foods for the first time in at least five months with one goal: see how much Amazon had cut prices. She did buy almond milk, yogurt and lunch meat, but doesn’t plan to quit her usual grocers, Walmart and HEB, where she says she finds bigger selections and lower prices. “I am a comparison shopper,” says Brown, a part-time administrative assistant in Austin, Texas.

Amazon made a splash right away as the new owner of Whole Foods, slashing prices Monday on baby kale, avocados and ground beef. That attracted some customers, but whether shoppers who’ve found cheaper alternatives will come back, or those who never visited will give Whole Foods a try, may help determine what kind of effect the blockbuster deal has on how people get their groceries. Shoppers who talked with The Associated Press this week say what they want most of all is lower prices and one-stop shopping.

Stores are competing fiercely to attract them. Traditional supermarket chain Kroger stressed earlier this year that it does not plan to “lose on price.” Target is spending billions to remodel its stores and highlight its grocery section. Newer entrants from Europe, such as discounters Aldi and Lidl, are opening more U.S. stores. And Walmart, the country’s largest grocer, is making it easier for customers to order groceries online and pick them up at the store. Some shoppers say they’re concerned with Amazon’s growing power,

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 COMMONWEALTH OF THE BAHAMAS

2016/CLE/GEN/00979

IN THE SUPREME COURT Common Law and Equity Division IN THE MATTER OF Property comprised in a Mortgage dated the 21st day of March A.D., 2005 between THOMPSON THAYALARAJ SUNDERAJ and JAYASHREE KUPPUDURAI- SUNDERAJ (a.k.a JAYASHREE THOMPSON) and BANK OF THE BAHAMAS LIMITED and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9275 at pages 400 to 419. AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the Rules of the Supreme Court 1978. B E T W E E N: BANK OF THE BAHAMAS LIMITED Plaintiff AND THOMPSON THAYALARAJ SUNDERAJ First Defendant AND JAYASHREE KUPPUDURAI-SUNDERAJ (a.k.a JAYASHREE THOMPSON) Second Defendant

TO:

THOMPSON THAYALARAJ SUNDERAJ and JAYASHREE KUPPUDURAI-SUNDERAJ

TAKE NOTICE that: 1. A Supporting Affidavit and a Notice of Appointment of Hearing were filed on Tuesday the 30th day of May A.D., 2017 against you both in the Supreme Court of The Commonwealth of The Bahamas being Action No. 2016/ CLE/gen/00979 by Bank of The Bahamas Limited, the Plaintiff herein. The Hearing date of the Notice is scheduled to be heard on Wednesday the 4th day of October A.D., 2017 at 9:15 o’clock in the fore-noon before Justice Gregory Hilton located in the Supreme Court Building, Bank Lane. 2. On Wednesday the 19th day of October A.D., 2016 the Court ordered that the said Supporting Affidavit and Notice of Appointment of Hearing are hereby deemed to have been served on you both by virtue of this advertisement. Otherwise Judgment will be entered against you both pursuant to Order 77 rule 1 (b) of the Rules of the Supreme Court 1978. Dated the 28th day of August A.D., 2017. CHANCELLORS CHAMBERS Samana Hill No. 16 Village Road (North), Nassau, Bahamas Attorneys for the Plaintiff

while others said the nearest Whole Foods was too far away to be a frequent stop. And while other supermarkets have added aisles of organic and natural products to mimic Whole Foods, the chain still doesn’t sell some consumer favorites like Diet Coke, Bounty towels or other brands people want. Brown said the “chichi organic stuff” at Whole Foods can’t replace her Clairol hair color or allergy medicine. “I’m going to gravitate to Walmart,” she said. Gail Johnson, a pharmacy technician from Cleveland,

has never been to a Whole Foods and doesn’t plan to, even after hearing about the price cuts. “Organic food is real high expensive, but here there’s regular food,” Johnson said while browsing a movie rental kiosk near the Walmart entrance. “They’ve got movies, liquor, beer, ice cream; anything you want.” Analysts at Citi and JPMorgan Chase say they do expect the price cuts at Whole Foods to make the chain more competitive with rivals and attract more shoppers. And Amazon said the moves this week were just the beginning. It expects to lower prices on more items and will offer discounts to members of its $99-a-year Prime program. More price cuts may also help shake the grocer’s “Whole Paycheck” image.

Knocking a few cents off some items won’t attract new customers since Whole Foods is known to be expensive, said Carol Major, a retired dental assistant who was sitting outside a Trader Joe’s in Philadelphia with two shopping bags. She likes both stores, but “people who shop (at Whole Foods) aren’t too worried about prices,” she said. Rachel Manders, a stayat-home mom who was at a Whole Foods in University Heights, Ohio, on Monday, likes to stock up on produce there but goes elsewhere for other goods. “I didn’t see everything discounted,” Manders said. “I got avocados, tomatoes, at a substantial cheaper price than yesterday, so I was happy.”

PAGE 10, Thursday, August 31, 2017

THE TRIBUNE

SPANISH PM RESPONDS TO PARTY GRAFT ALLEGATIONS IN PARLIAMENT By ARITZ PARRA Associated Press

SPANISH Prime Minister Mariano Rajoy, left, and Italian Prime Minister Paolo Gentiloni attend a joint press conference at the Elysee Palace in Paris, Monday, Aug.28, 2017. The leaders of France, Germany, Italy and Spain are meeting Monday with counterparts from Libya, Niger and Chad to discuss ways to curb illegal migration across the Mediterranean Sea to European shores. (AP Photo/Thibault Camus)

MADRID (AP) — Spanish Prime Minister Mariano Rajoy defended his record in government Wednesday as he appeared before lawmakers to answer questions about alleged corruption scandals linked to his ruling Popular Party. Rajoy said he had already dealt with this subject many times in parliament and saw no reason why he should have to do so again. He accused opposition parties of trying to stage an inquisition and challenged them to introduce a no-confidence bill. Rajoy testified in court in July about the main corruption scandal affecting the party, a

kickbacks-for-contracts scheme that helped finance the group. It was a first court appearance for a Spanish prime minister in office. Rajoy, who is not accused of any wrongdoing, has moved from denying the allegations outright to saying he was never aware of any illegal dealings with the party’s finances. He began his 35-minute appearance Wednesday with a speech against terrorism and in solidarity with the victims of the attacks around Barcelona earlier this month that left 16 people dead. He praised his government’s work in getting Spain’s economy out of severe recession and called for unity among lawmakers

to deal with the threat of secession from the powerful northeastern region of Catalonia. Addressing the issue of corruption, Rajoy said there was “no impunity in Spain,” and that cases are pursued and tried in court. He also called for a code of conduct for funding all parties, not only the governing Popular Party. Leading opposition Socialist spokeswoman Margarita Robles called Rajoy a premier “under suspicion.” She said it’s been shown that Rajoy put up with the allegedly illegal financing of his party and said, once again, in his appearance Wednesday failed to clear up anything.

GN-1941

Government Notice COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Side BETWEEN IN THE MATTER OF QUIETING TITLE ACT 1959 AND IN THE MATTER of the Petition of STEPHANIE MORLEY of the Eastern District of the Island of New Providence, The Bahamas AND IN THE MATTER of All THAT piece parcel or lot of land being of Admeasurements 5,845 square feet and situated on the Eastern side of Pine Sea Wind Drive Street District of the Island of New Providence one Of the Islands of the Commonwealth of the Bahamas NOTICE TAKE NOTICE that Stephanie Morley claims to be the owner in fee simple in possession of the said land and has made application os the Supreme Court of the Commonwealth of The Bahamas Under Section 3 of the Quieting Title Act, 1959 to have her title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provision of the said Act. A Plan of the said land may be inspected during normal working hours at: (a) The Registry of the Supreme Court, New Providence in the Commonwealth of The Bahamas and the Chambers of V. Alfred Gray & Company, Dowdeswell House, Dowdeswell and Armstrong Street, New Providence; NOTICE IS HEREBY GIVEN that any person or persons having dower or rights of dower or an Adverse Claim of Claim not recognized in the Petition shall on or before the 10th day of October A.D, 2017 file in the Supreme Court in New Providence aforesaid and serve on the Petitioner or the undersigned a Statement of their claim aforesaid on or before the 10th day of October A.D., 2017 or it will operate as a bar to such claim. Dated this 23rd day of August A.D., 2017 V.ALFRED GRAY & CO., Chambers Dowdeswell House Dowdeswell & Armstrong Street Nassau, Bahamas Attorneys for the Petitioner

THE TRIBUNE

Thursday, August 31, 2017, PAGE 11

Trump pushes tax overhaul to ‘bring back Main Street’ By CATHERINE LUCEY AND KEN THOMAS Associated Press SPRINGFIELD, Mo. (AP) — President Donald Trump launched his fall push to overhaul the nation’s tax system by pledging Wednesday that the details-to-come plan would “bring back Main Street” by reducing the crushing tax burden on middle-class Americans, making a populist appeal for a proposal expected to heavily benefit corporate America. Trump said his vision for re-writing the tax system, a key campaign pledge, would unlock stronger economic growth and benefit companies and workers alike. He promised it would be “pro-growth, pro-jobs, proworker and pro-American.” True to form for the president, Trump dangled the prospect of the “biggest ever” tax cut and warned that without it, “jobs in our country cannot take off the way they should. And it could be much worse than that.” Trump, who rarely travels to promote his policy

agenda, chose to debut his tax overhaul pitch before employees at a manufacturing plant in Springfield, Missouri, a community known as the birthplace of Route 66, one of the nation’s original highways, and one known as America’s Main Street. “This is where America’s Main Street will begin its big, beautiful comeback,” the president declared. After eight months without any major legislative victories and after a significant defeat on health care, Trump and Republican congressional leaders face mounting pressure to notch some significant achievements before next year’s midterm elections. But the tax overhaul effort already is facing political headwinds. The White House and Republican lawmakers have not finalized details of the plan, and the push comes as Congress returns to face an intense September workload filled with mustdo items such as raising the debt limit, funding the government and providing

assistance for the Harvey recovery effort. While the White House has been designing a tax plan aimed at appealing to Republicans, Trump sought to cast the effort in bipartisan terms. He called on members of both parties to work with him on a “oncein-a-generation opportunity to deliver real tax reform for everyday hard-working Americans.” “I am fully committed to working with Congress to get this job done — and I don’t want to be disappointed by Congress, do you understand?” Trump said. “Do you understand? Congress. I think Congress is going to make a comeback.” The president used the official White House event to inject an overtly political message aimed at Missouri Democratic Sen. Claire McCaskill, a top Republican target in next year’s midterm elections. “We must lower our taxes, and your senator, Claire McCaskill, she must do this for you. And if she doesn’t do it for you, you have got to vote her out of office,” Trump said, drawing

NOTICE

NOTICE is hereby given that TOMICO FRANCOIS of

Devaughn Drive, Bamboo Town, New Providence Bahamas is applying to the Minister responsible for

Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31st day of August, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas. NOTICE VENES HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) VENES HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 29th August, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

out each of the last five words for emphasis. Even before Trump took the stage, Democrats eagerly laid down their own markers for what the tax plan should look like. Senate Minority Leader Chuck Schumer outlined a series of conditions, telling reporters the tax cuts should not go to the wealthiest 1 percent of Americans. He added that the plan should not increase the budget deficit and should be written by both parties — not just Republicans like the GOP’s failed health care effort.

PRESIDENT Donald Trump gestures while speaking about tax reform, yesterday, at the Loren Cook Company in Springfield, Mo. (AP Photo/Jeff Roberson)

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, YOLANDA DENISE ROLLE of Eight Mile Rock, Grand Bahama, Bahamas intend to change my name to ERICA DENISE KNOWLES. 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

AQUARIUS GLOBAL LIMITED

FERNBUSH HOLDINGS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) AQUARIUS GLOBAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) FERNBUSH HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 29th August, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 31st day of August, A. D. 2017

Dated this 31st day of August, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

MARKET REPORT WEDNESDAY, 30 AUGUST 2017

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

BISX ALL SHARE INDEX: CLOSE 1,833.76 | CHG 0.08 | %CHG 0.00 | YTD -104.45 | YTD% -5.39

Dated this 31st day of August, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator NOTICE PURE BLANC HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) PURE BLANC HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 29th August, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 2.41 0.13 6.47 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)

Dated this 31st day of August, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

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 4.28 17.43 9.09 3.70 1.39 0.13 3.92 8.60 6.10 9.98 10.01 2.33 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 100.00 100.00 100.00 108.65 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.70 1.39 0.13 3.92 8.60 6.10 9.98 10.01 2.42 1.55 6.00 9.75 7.01 9.75 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.09 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

108.65 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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

VOLUME

3,735 3,698 3,500 1,180

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

P/E 9.2 18.7 N/M 6.9 N/M N/M -4.6 15.0 9.0 18.5 17.9 23.7 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% 2.48% 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

THE TRIBUNE

Thursday, August 31, 2017, PAGE 13

TRUMP ORDER UNDERMINES REBUILDING BETTER FOR FUTURE FLOODS By MICHAEL BIESECKER AND JOAN LOWY Associated Press WASHINGTON (AP) — Two weeks before Harvey’s flood waters engulfed much of Houston, President Donald Trump quietly rolled back an order by his predecessor that would have made it easier for storm-ravaged communities to use federal emergency aid to rebuild bridges, roads and other structures so they can better withstand future disasters. Now, with much of the nation’s fourth-largest city underwater, Trump’s move has new resonance. Critics note the president’s order could force Houston and other cities to rebuild hospitals and highways in the same way and in the same flood-prone areas. “Rebuilding while ignoring future flood events is like treating someone for lung cancer and then giving

scientists’ predictions of stronger storms and more frequent flooding. Bridges and highways, for example, could be rebuilt higher, or with better drainage. The foundation of a new fire station or hospital might be elevated an extra 3 feet (about 1 meter). While scientists caution against blaming specific weather events like Harvey on climate change, warmer air and warmer water linked to global warming have long been projected to make such storms wetter and more intense. Houston, for example, has experienced three floods in three years that statistically were once considered 1-in500-year events. The government was still in the process of implementing Obama’s 2015 order when it was rescinded. That means the old standard — rebuilding storm-ravaged facilities in the same way they had

RESIDENTS of a neighborhood in northwest Beaumont are rescued by boat in Beaumont, Texas, after Hurricane Harvey yesterday. (Jay Janner/Austin American-Statesman via AP) who has called climate change a hoax, has tried to wipe away former President Barack Obama’s efforts to make the United States more resilient to threats posed by the changing climate. The order Trump revoked would have permitted the rebuilding to take into account climate

him a carton of cigarettes on the way out the door,” said Michael Gerrard, a professor of environmental and climate change law at Columbia University. “If you’re going to rebuild after a bad event, you don’t want to expose yourself to the same thing all over again.” Trump’s action is one of several ways the president,

been built before — is still in place. Trump revoked Obama’s order as part of an executive order of his own that he touted at an Aug. 15 news conference at Trump Tower. That news conference was supposed to focus on infrastructure, but it was dominated by Trump’s comments on the previous weekend’s violence in Charlottesville, Virginia. Trump didn’t specifically mention the revocation, but he said he was making the federal permitting process for the construction of transportation and other infrastructure projects faster and more cost-efficient without harming the environment. “It’s going to be quick, it’s going to be a very streamlined process,” Trump said. Asked about the revocation, the White House said in a statement that Obama’s order didn’t consider potential impacts on the economy and was “applied broadly

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 93° F/34° C Low: 76° F/24° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Partly sunny with a shower in spots

Partly cloudy with a shower

Sunny to partly cloudy

Mostly sunny

Partly sunny with a stray shower

Partly sunny with a shower in spots

High: 93°

Low: 78°

High: 93° Low: 79°

High: 93° Low: 81°

High: 92° Low: 79°

AccuWeather RealFeel

113° F

94° F

110°-89° F

110°-93° F

109°-87° F

108°-90° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 87° F/31° C Low: 82° F/28° C

6-12 knots

High: 92° F/33° C Low: 80° F/27° C

4-8 knots

FT. LAUDERDALE

FREEPORT

High: 91° F/33° C Low: 80° F/27° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 93° F/34° C Low: 79° F/26° C

High: 90° F/32° C Low: 78° F/26° C

MIAMI

High: 93° F/34° C Low: 80° F/27° C

6-12 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 91° F/33° C Low .................................................... 82° F/28° C Normal high ....................................... 89° F/31° C Normal low ........................................ 76° F/24° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 73° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 24.33” Normal year to date ................................... 24.71”

ELEUTHERA

NASSAU

High: 93° F/34° C Low: 78° F/26° C

High: 88° F/31° C Low: 82° F/28° C

KEY WEST

High: 90° F/32° C Low: 82° F/28° C

High: 87° F/31° C Low: 82° F/28° C

6-12 knots

6-12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

3:47 a.m. 4:25 p.m.

2.4 2.9

9:57 a.m. 1.1 10:54 p.m. 1.3

Friday

4:43 a.m. 5:17 p.m.

2.4 3.0

10:51 a.m. 1.0 11:44 p.m. 1.1

Saturday

5:35 a.m. 6:04 p.m.

2.6 3.1

11:42 a.m. 0.9 ---------

Sunday

6:22 a.m. 6:48 p.m.

2.7 3.2

12:30 a.m. 1.0 12:29 p.m. 0.7

Monday

7:05 a.m. 7:29 p.m.

2.9 3.3

1:11 a.m. 1:13 p.m.

0.8 0.6

Tuesday

7:47 a.m. 8:09 p.m.

3.0 3.4

1:50 a.m. 1:56 p.m.

0.6 0.5

Wednesday 8:28 a.m. 8:48 p.m.

3.2 3.5

2:28 a.m. 2:39 p.m.

0.5 0.4

sun anD moon Sunrise Sunset

6:50 a.m. 7:30 p.m.

Moonrise Moonset

3:30 p.m. 1:48 a.m.

Full

Last

New

First

Sep. 6

Sep. 13

Sep. 20

Sep. 27

CAT ISLAND

to the whole country, leaving little room or flexibility for designers to exercise professional judgment or incorporate the particular context” of a project’s location. Obama’s now-defunct order also revamped Federal Flood Risk Management Standards, calling for tighter restrictions on new construction in floodprone areas. Republicans, including Sen. John Cornyn of Texas, opposed the measure, saying it would impede land development and economic growth. Revoking that order was only the latest step by Trump to undo Obama’s actions on climate change. In March, Trump rescinded a 2013 order that directed federal agencies to encourage states and local communities to build new infrastructure and facilities “smarter and stronger” in anticipation of more frequent extreme weather.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 88° F/31° C Low: 81° F/27° C

High: 86° F/30° C Low: 82° F/28° C

High: 90° F/32° C Low: 82° F/28° C

LONG ISLAND

insurance management tracking map

High: 88° F/31° C Low: 81° F/27° C

6-12 knots

MAYAGUANA High: 87° F/31° C Low: 81° F/27° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 86° F/30° C Low: 80° F/27° C

High: 87° F/31° C Low: 80° F/27° C

GREAT INAGUA High: 90° F/32° C Low: 82° F/28° C

N E

6-12 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 4-8 Knots SE at 6-12 Knots E at 6-12 Knots SE at 6-12 Knots ESE at 4-8 Knots SE at 6-12 Knots ESE at 7-14 Knots E at 8-16 Knots ESE at 6-12 Knots SE at 6-12 Knots E at 4-8 Knots ESE at 6-12 Knots SE at 6-12 Knots ESE at 7-14 Knots SE at 6-12 Knots E at 8-16 Knots E at 6-12 Knots ESE at 7-14 Knots SE at 7-14 Knots E at 7-14 Knots E at 4-8 Knots SE at 4-8 Knots SE at 6-12 Knots E at 8-16 Knots SE at 6-12 Knots SE at 6-12 Knots

WAVES 2-4 Feet 3-5 Feet 1-2 Feet 1-3 Feet 2-4 Feet 2-4 Feet 2-4 Feet 3-5 Feet 2-4 Feet 2-4 Feet 1-3 Feet 2-4 Feet 1-2 Feet 1-2 Feet 2-4 Feet 3-5 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-5 Feet 1-2 Feet 1-3 Feet 1-3 Feet 2-4 Feet 1-3 Feet 1-3 Feet

VISIBILITY 8 Miles 8 Miles 8 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles 8 Miles 8 Miles 8 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles

WATER TEMPS. 85° F 85° F 88° F 88° F 84° F 84° F 85° F 85° F 84° F 84° F 81° F 81° F 87° F 87° F 85° F 85° F 86° F 86° F 85° F 85° F 85° F 85° F 86° F 86° F 85° F 85° F

PAGE 14, Thursday, August 31, 2017

THE TRIBUNE

VEHICLES drive through floodwaters in the aftermath of Harvey, in Friendswood, Texas yesterday. Gov. Greg Abbott said Wednesday that “the worst is not over” for southeastern Texas as widespread flooding continues. (Kevin M. Cox/The Galveston County Daily News via AP)

EPA GRANTS FUEL WAIVERS FOR GULF COAST, SOUTHEASTERN STATES By MATTHEW DALY Associated Press

WASHINGTON (AP) — The Environmental Protection Agency has issued emergency waivers allowing states from Maryland to Texas to ignore some clean-air requirements for gasoline. The move is intended to ensure an adequate fuel supply despite disruptions caused by Harvey. EPA Administrator Scott Pruitt said the waivers issued Wednesday will help ensure an adequate supply of fuel throughout the South, Southeast and Mid-Atlantic. In a letter to governors of the affected states, Pruitt said the shutdown of nearly a dozen refineries and extreme weather

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conditions that have prevented fuel-barge movement in the Gulf Coast region justify the waiver. The designated states receive significant gasoline supplies from Gulf-area refineries. The waivers are effective immediately and continue through Sept. 15 at least. Affected states are Alabama, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia, as well as Washington, D.C. The EPA and the Energy Department are monitoring fuel disruptions caused by Harvey and “will act expeditiously if extreme and unusual supply circumstances exist in other

areas,” the EPA said in a statement. On Tuesday, the EPA waived some fuel requirements in Texas to allow off-road diesel fuel to be used in on-highway vehicles involved in emergency response and disaster recovery. The agency also has waived requirements for low-volatility gasoline for 13 counties around Atlanta, Georgia. Stan Meiburg, a former acting deputy administrator at the EPA, said similar waivers were issued after Hurricane Katrina and other disasters. The waivers are time-limited, “and often just the knowledge that flexibility existed helped to stabilize markets and allow normal operations to resume more quickly,” he said.