09012016 business

THURSDAY, SEPTEMBER 1, 2016

business@tribunemedia.net

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Rental cars Hotels ‘contract’ with hit at ‘too 5% room revenue fall high’ NAD fees

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL nhartnell@tribunemedia.net and NATARIO MCKENZIE nmckenzie@tribunemedia.net Rental car companies yesterday hit out at the Lynden Pindling International Airport’s (LPIA) operator over lease rates that they argued were “too high”, suggesting their resistance was behind its recently-launched search for new players.

Operators told Tribune Business that they had given the Nassau Airport Development Company (NAD) an “ultimatum” over proposed rate hikes, given that these would further cut into a business climate that was “not that hot”.

They suggested that their opposition to further rental rate increases and other charges were behind NAD’s

Industry gave airport ‘ultimatum’ on not paying Claim this sparked LPIA ‘rental car concession’ RFP Operators say business ‘not too hot’ decision to issue a Request for Proposal (RFP), which is seeking bids on ‘rental car concessions’ at LPIA. Sidney McKenzie, principal at Hertz Rent-A-Car, said of NAD: “Their rates are too high, for one, and See pg b4

Hitting payment dates key to Baha Mar deal ‘validity’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Chamber of Commerce’s chief executive warned yesterday that the Baha Mar agreement’s “credibility and validity” will be undermined if creditors fail to receive outstanding monies by the dates the Government has promised.

Edison Sumner told Tribune Business that “the test” of the Christie administration’s deal with the China Export-Import Bank would be when Bahamian creditors received payment.

While welcoming the agreement’s announcement at ‘face value’, Mr Sumner warned that missing the payment deadlines would likely shred confidence and

Chamber chief: ‘Credibility’ hinges on execution Creditors ‘can’t suffer any more frustration’ Urges Govt to ‘follow through’ on funds release cause further “frustration” for unpaid contractors, vendors and former Baha Mar staff.

“We’re hoping for the Government’s sake, and See pg b9

Govt: Baha Mar operators need to put ‘skin in game’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@triunemedia.net

The Government is demanding that Baha Mar’s casino and convention centre, and associated hotels, by operated by “world class” brands who have injected equity financing into the project, the Prime Minister said yesterday.

Mr Christie’s address to the House of Assembly on the $3.5 billion project contained little that was new, other than the Government’s position that Baha Mar’s operators must have ‘skin in the game’ by investing financially in the development.

“We, the Government, have made it clear that the casino, convention centre

Hotel, casino partners must invest in project PM: CCA concessions restricted by law, Atlantis and their respective hotels must be operated by world class specialists, who must either have equity in the project or make significant capital contributions to the project,” said Mr Christie.

It is likely to be dangerous to read too much into this statement, but some may interpret it as an acSee pg b5

Nassau/PI ‘down to budget’, 2015 in first half

The Nassau/Paradise Island hotel industry “contracted” against both prior year performance and expectations during the 2016 first half, with total room revenues down 5 per cent.

Data obtained by Tribune Business for the six months to end-June shows that the sector is suffering from pricing softness compared to 2015, with average daily room rates (ADRs) for the period down 6.1 per cent.

And revenue per available room (RevPAR) was also off by almost 6 per cent for the same six months, standing at $190.70 compared to $202.55.

Pricing power weak, as air arrivals, rooms rise GB room revenue off 19% during first six months RevPar, which is calculated by multiplying a resort’s ADR by its occupancy rate, is seen as one of the best indicators of hotel performance, given

that it is a broad and accurate measurement.

With key indicators moving in the wrong direction, Stuart Bowe, the Bahamas Hotel and Tourism Association’s (BHTA) president, acknowledged that the industry had “contracted” against both its 2015 comparatives and the ‘budget’ expectations of individual hotels.

“The tourism industry in the Bahamas has contracted when compared to the 2015 business performance,” Mr Bowe said, writing in the BHTA’s July 2015 newsletter.

“Overall 2016 average rates and occupancies are down to budget and 2015 for the first quarter.”

See pg b5

Central Bank, NIB urged to ‘stand firm’ over Mortgage Corp Ex-chair: ‘Irresponsible’ to issue more housing bonds Says of Govt: ‘These guys can’t be serious’ Warns that ‘muddy strategy’ caused earlier trouble

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Central Bank and National Insurance Board (NIB) were yesterday urged by a former Mortgage Corporation chairman to “stand their ground” and resist the Government’s plans for the latter to issue more bonds.

Dr Duane Sands, the FNM senator, said his immediate reaction to Tribune Business’s report on the possibility of the Mortgage

Corporation issuing more debt securities was that the Government “can’t be serious”.

Given its alreadystressed financial position, Dr Sands argued that it would amount to “irresponsible behaviour” for the Christie administration to burden it with more debt repayment obligations.

With the Mortgage Corporation already facing a $106 million ‘deficit’ between available funds and its debt repayment See pg b8

Dr Duane Sands

PAGE 2, Thursday, September 1, 2016

New mobile operator adds marketing man The Bahamas’ second mobile operator yesterday unveiled the appointment Norman Lightbourne as its Marketing Executive, His responsibilities with NewCo2015 will include public relations and marketing campaign development and execution; promotional activities and performance monitoring.

Mr Lightbourne brings more than 10 years of experience to the role of marketing executive for public relations and social media.

“Norman Lightbourne has a wealth of useful experience that can be tapped into at NewCo2015,” said the company’s chairman, Franklyn Butler. “His expertise in the retail and utilities sector, in addition to his international marketing experience in shipping, will give us a strong advantage.

“We are preparing ourselves to become the leading cellular provider in the Bahamas, and to accomplish this we must have the best in Bahamian talent.

This will help us to grow our business and provide the best services and products.”

Mr Lightbourne said: “I am delighted to be part of the NewCo team. My en-

Norman D. Lightbourne, newly-appointed marketing executive, public relations and social media, for NewCo2015.

tire career has been spent in the marketing field, and I look forward to contributing and learning as I continue to specialise in this field.

“Our company has a great corporate culture, and our team is deeply passionate about building an exemplary brand. We have a fantastic opportunity to bring quality products and services to the Bahamian people, and I am prepared to play my role.”

Closing the gap on self-critique

Have you ever heard of the term ‘artistic distance’?

Well, it is an artist’s tendency to get too close to their creations, and the resulting physical and emotional proximity forms a mental block that prevents them from seeing flaws in their own work.

My efforts to identify the concept of ‘artistic distance’ are not a new concept by any means. It is taught in every art school in one form or another, when they ask designers to step back and truly ‘see’.

The question, then, is when was this concept first discovered? Aristotle introduced the idea of aesthetics in his seminal work, ‘Poetics’, in which he discusses the various metaphysical components of drama.

Distance does not imply an impersonal, intellectually interested relationship, but it describes a personal relationship that often highly emotionally clouded.

My opinion has two gears: Fact and observation. Everyone wants to hear a client or colleague say ‘wow’, ‘awesome’ and ‘so cool’

when they deliver a job.

But unsolicited praise is useless beyond immediate ego-gratification. It teaches nothing. Gushing praise or applause should be held up to the same scrutiny as unsupported criticism.

The conclusion is simple: If you can critique your own work, you will be better able to offer constructive criticism to someone else. Taken a step further, the more confident and accomplished you become at critique (self or public), the better equipped you will be to defend your design decisions when your work is unveiled to your client for the first time.

Critique or ‘constructive criticism’ Critique is not an opinion, because opinion does not need to be supported. Principally, critique is a detailed, objective evaluation. It is impersonal. It is honest. It can be delicate, or it can feel like you have been stricken by a moving truck. However, its sole purpose is to provide another objective point of view.

You, as the designer, have the option of accepting or rejecting the design analysis.

It is neither right nor wrong.

It is simply another studied point of view. A good critique is the difference between saying: “It’s hideous” and “Here’s why I think it’s hideous.”

Critique is not about belittling a person or their work.

It is about helping someone see past their own blinders.

Consider these responses: ‘No serious person will spend any time on that site.’

‘The colours are all wrong’; ‘It’s too busy’; ‘Pictures are too small’; ‘Font is small’; and ‘Why is the Facebook link over there?’

A analysis does not have to be perfectly articulated to obtain priceless feedback.

However, the goal is to know your craft well enough to be concise and honest and acceptance of ‘constructive views’.

Assuming that most people are hesitant or afraid to criticise the work of a peer, take time to describe in detail why you find a certain aspect of someone’s work fantastic. Why do you believe a ‘wow’ is warranted?

What is it about the colour palette or composition that appeals to you? Why do you like the detail in an illustration?

By learning to describe the details in an admired design, you can also learn how to recognise and describe a design you feel is not ‘awesome’.

In the absence of a formal definition, artistic distance can best be described as a methodology for self-critique.

Practice walking across the room, and look at your design. What do you see?

Does your layout make visual sense? Is it too cluttered?

Or too sparse? Ask a second time.

Creating distance between you and your design will help clarify all of the questions, instead of obsessing over the intricate pattern you have designed for a content header.

Turn your design upside down. Once you have done this, start asking questions.

Does the basic composition still work? Are the required elements noticeable? Where is the emphasis in this de-

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The Art of Graphix by deidre m bastian

sign? Based on what you see, what are the primary focal points?

Try converting your design to grey scale. Nothing reveals the effectiveness of your colour choices better than removing the emotional attachment of colour itself. Ditch the colour palette and see how your design works naked. By converting this design to grey scale, you can clearly see what elements of the page were designed to be the focal points.

It takes a certain mindset to be able to disengage emotions long enough to self-critique, or even listen to someone else tell you how they would improve your work, without taking it personally.

The truth is, most people cannot.

By the same token, if you are passionate about what you create, it is virtually impossible to completely disassociate yourself. However, your ability to reach a place that allows you to contemplate a design on its own merits will enable you to improve your work immeasurably and cast off the shackles of ego. If you aim for that, you will not go too far wrong. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

• NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained graphic designer/marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

Tourism ‘tempered’, says Central Bank

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Central Bank of the Bahamas yesterday said the tourism industry’s output “softened” during the 2016 first half, with the growth rate for stopover arrivals tapering off to 2.7 per cent compared to 2015’s 5 per cent.

“Indications are that tourism output trends softened during the first half of 2016, in comparison to the previous year,” the regulator’s monthly economic update for July said.

“The latest official

data from the Ministry of Tourism suggests that the increase in the high valueadded stopover visitor segment (air arrivals) slowed to 2.7 per cent from last year’s 5 per cent gain, for a total of 0.8 million tourists.

“The overall visitor count firmed by 1.7 per cent to 3.3 million, a reversal from a 1.1 per cent decline in the prior year, as the dominant sea component expanded by 1.5 per cent to 2.5 million, vis-à-vis 2015’s 2.8 per cent contraction.”

Despite the increase in tourist arrivals (volumes), the Central Bank conceded See pg b5

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Financial sector hit by ‘foot in mouth disease’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet Minister yesterday asserted that the Bahamian financial services industry was “not dead”, and said too many were guilty of talking down its prospects.

Hope Strachan, minister of financial services, told the House of Assembly that “foot in mouth disease” was undermining the sector’s prospects by questioning its prospects for survival.

Mrs Strachan argued that such notions “should be rejected outright”, in what appeared to be a rebuttal of recent statements by former prime minister, Hubert Ingraham, who suggested that the financial services industry was in a slow ‘death spiral’.

“On a national level we are challenged for financial resources to implement the regulations, laws, rules and procedures that require us to be the watchdogs for other countries’ citizens who may be tax evaders,” said Mrs Strachan during her contribution to the debate on the Securities Industry (Amendment) Bill 2015.

“One of the biggest challenges of the industry here in the Bahamas is a curious form of foot in mouth disease. Sufferers of this disease are prone to making

Minister: Too many undermine by talking it down Likely rebuttal to former PM Ingraham fatalistic statements about the financial services industry without regard for the potential harm caused by such statements. It could be anyone, but the Opposition past and present is prone to suffer from this disease from time to time, and for obvious political reasons.”

Mrs Strachan continued: “Contrary to what some might believe, though challenged, the financial services industry in the Bahamas is not dead. There are literally thousands of Bahamian people employed in the sector, directly and indirectly.

“The suggestion that we should no longer place reliance on the survivability of the industry should be rejected outright. These statements, when reduced to writing, articulated on the airwaves and blasted on social media, are damaging to the sector.

“All things considered, we should be reluctant to read the last rites over an industry that has existed

Hope Strachan, Minister of State in the Ministry of Transport and Aviation.

Former Prime Minister Hubert Ingraham. for at least 80 years; that provides 15 per cent of our GDP; and that helps to create what might be described as the middle class, referring to persons who have above average earning power and whose lifestyles have advanced in accordance with the salaries and benefits which the industry provides.”

Addressing the Securities

Industry Amendment Bill 2015, Mrs Strachan said its purpose was to clarify and enhance the powers of the Securities Commission.

“The rationale behind these amendments are even more far-reaching,” she added. “It involves creating more transparency, accountability and integrity in the regulatory and enforcement process for policing the securities industry.

“The legislation is consistent with modern-day principals of industry governance, and the legislation enhances our competitiveness as a premier financial centre. Last but not least, it creates an environment that improves our infrastructural challenges with the ease of doing business in this country.”

Customs union in deal closure push

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Customs, Immigration & Allied Workers Union (BCIAWU) yesterday urged the Government to “bring closure” to the industrial agreement, dealing with salaries, benefits and allowances, that it has signed off on.

Sloan Smith, the union’s vice-president, said it had been dealing with these issues since it formed in 2010 under the Ingraham administration.

“We formed in 2010, and since then we have been trying to get an agreement.

We were successful in 2014 to conclude one document,

Thursday, September 1, 2016, PAGE 3

and since then we have had to file trade disputes on the Government for failure to at least meet with us and seek to bring closure to another agreement,” Mr Smith said.

“Over the past nine months we sought to cause the Government to simply deal with the issues of salaries, benefits, allowances.”

Mr Smith added that in July 2016, the union and its affiliate body, the Trades Union Congress (TUC), met with Prime Minister Perry Christie, who promised to bring closure to the various issues the union had raised.

“What we find is that having met with the persons he identified in the negotiating team, if we agree on a par-

ticular thing we find that the position changes when we go back,” Mr Smith said.

“We thought about a month ago that we would be able to sign an agreement so that the members of Customs and Immigration could benefit from those increases like everyone else, but we found that instead of a document that should have only been about five to seven pages, they sent us 40 pages of things they thought we wanted in an agreement. We, as an executive, find that something is fundamentally wrong with the lead negotiator, who seems to be trying to drag this thing on.”

Mr Smith said an agreement would impact more

than 1,200 Customs and Immigrations officers. “ All we are simply saying to them is that what we have agreed to, let’s simply sign off on that and make those monies available to the workers so they can get their money at least by the end of September,” he added.

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PAGE 4, Thursday, September 1, 2016

Rental cars hit at ‘too high’ NAD fees From pg B1 they don’t want to sit down at the table and discuss. We gave them the ultimatum that they had to decide what they wanted to do because we are not paying the fees that they are asking.”

Mr McKenzie added that the rental car industry’s stance was “the reason for the advertisement”, meaning the bid/tender document for a company to operate such ‘concessions’ at LPIA. A briefing session with potential bidders is scheduled for tomorrow at LPIA, which was also referenced

by Mr McKenzie.

“They [NAD] have a meeting on Friday, I believe, with the car rental companies to discuss the matter,”

he disclosed. “They increased all of the rates at the airport and no one wants to pay.

“They can’t get anyone else to come there because they had a vacant space there for five years and no one wanted it. We want them to abide by the rates because business is not that hot. The business that they told us they were going to get never materialised, and now they want to increase the rates.

“They are advertising for interested persons, but I’m sure no one is interested because no one can afford these rates. They [NAD] want all the money for themselves.”

None of the other car rental companies, such as

Avis and Budget, returned Tribune Business’s calls seeking comment. However, sources familiar with the situation said their views over the rental rates NAD is seeking, plus other charges, were consistent with Hertz and Mr McKenzie’s.

A copy of the rental car concession RFP, which has been obtained by Tribune Business, discloses that the successful bidder must pay a minimum annual rent of $42,000, or $3,500 per month, to NAD. They must also pay NAD a “minimum percentage rental offer” of 9 per cent, which some sources have interpreted as a sum equivalent to 9 per cent of their gross incomes.

And, in addition, NAD is also seeking a “$4 per day per customer” car rental facility charge “up to four days”.

One potential bidder,

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speaking on condition of anonymity, described the lease/rental rates, and rental car facility charge, being sought by NAD as “too steep for our budget. How the hell can you afford it?”

NAD told Tribune Business earlier this year that it was mulling another $0.08 increase in the facility user fee that it charges passengers, as it seeks to generate revenues and cash flows to service the $409.5 million debt load taken on to finance LPIA’s reconstruction.

This came after NAD incurred a $15.1 million loss for the year to endJune 2015, with Vernice Walkine, its president and chief executive, suggesting there would be a “few more years” of losses.

Ms Walkine blamed 2015’s net loss on NAD’s debt servicing costs, which remained relatively flat year-over-year at $41.813 million. This was the key factor in wiping out the company’s $49.078 million in operating income, which was up 4 per cent.

“We experienced a net loss of $15.1 million for the period ending 2015, primarily as a result of interest ($42 million) due on our senior

Kenzie’s suggestion that business “is not that hot”.

It provides five years’ worth of gross revenue data on the industry’s operations at LPIA, covering the period 2012-2016.

It is unclear where the figures have been drawn from, but they show a sector whose top-line has remained relatively flat, and which was just $61,000 higher in 2016 than it was in 2012. Total car rental gross revenues for the year to end-June 2016 stood at $6.206 million.

The RFP also requires the successful bidder to “secure an international car rental franchise”, and operate from a dedicated 27,830 square foot Car Rental Centre that is located opposite the international arrivals terminal at LPIA. “The successful proponents will be asked to operate an international rental car franchise within a 27,830 square feet Car Rental Centre adjacent to the airport terminal,” the document says.

Some have questioned, though, whether any car rental franchises are available, given that Avis, Budget, Dollar, Hertz and Thrifty are already operating at LPIA.

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and participating debts,” Ms Walkine said. “As you are aware, the redevelopment cost of the airport was $409.5 million, which was financed by a loan from a consortium of lenders.

“We anticipate a net loss for the next few years as we repay this debt, which currently has an interest component that is significantly higher than the principal.

As we continue to reduce the principal balance, the interest component is also reduced, and therefore interest expense will become less.”

NAD’s freedom to raise fees and charges “as necessary”, and without Government or political interference, is vital to its ability to service the debt financing (chiefly bonds) that it took on to fund LPIA’s $409.5 million redevelopment.

However, the concerns of the rental car companies will likely raise come concerns as to whether NAD, in its quest to turn a profit and meet its debt servicing burden, may be placing unsustainable financial demands on its tenants - which are mainly Bahamian-owned businesses.

The rental car RFP also appears to back Mr Mc-

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Thursday, September 1, 2016, PAGE 5

Hotels ‘contract’ with 5% room revenue fall From pg B1 While not detailing the factors driving the decline, Mr Bowe pointed to the increased competition facing the Bahamian hotel industry as a result of Cuba’s opening to more US visitors and the growth of ‘vacation home rentals’.

“Cuba will likely draw from the same source markets that currently feed the Caribbean,” the BHTA president added.

“The ‘opening up of Cuba’ has prompted the Bahamas Hotel and Tourism Association and the Caribbean Hotel and Tourism Association to commence plans to respond to the potential impact of Cuba.”

Mr Bowe continued: “Another phenomenon

which influences the Bahamian tourism industry is the rising popularity of the ‘vacation home rental’ market.

“This relatively new sector of the tourism product deserves attention, as companies such as AirBnB, VRBO, Home Away and Flip Key continue to grow globally. The cost of doing business remains a challenge, especially the costs of utilities and labour. Despite these challenges, hoteliers must continue to focus on service delivery.”

The significance of the 2016 first half data, though, is that the Bahamas’ largest private sector employer - the hotel industry - continues to struggle for growth and market share in an en-

Govt: Baha Mar operators need to put ‘skin in game’ From pg B1 edgement that the China Export-Import Bank - rather than a buyer - may have to open Baha Mar in collaboration with casino and resort brand partners.

The Government is keen for the casino, convention centre, associated hotels and the golf course to open by the peak winter 20162017 season, a timeline that would put a potential completion in March/April - just in time for the general election, which is likely to be called the following month.

Many observers, though, believe that meeting such a deadline will be immensely difficult if not impossible, even if the China ExportImport Bank finds a purchaser. Tribune Business was previously told no buyer was interested in concluding a deal for an incomplete project.

Andrew Farkas, who partnered with Sir Sol Kerzner on a bid to acquire Baha Mar prior to the current ‘buyer search’ process, previously estimated that the project could open in winter 2017-2018 provided remobilisation occurred in early summer. This is now taking place in September,

meaning that Baha Mar’s completion may even be hard-pressed to meet late 2017.

Mr Christie, meanwhile, also confirmed that China Construction America (CCA), Baha Mar’s main contractor, had been given a package of investment incentives in line with the Hotels Encouragement Act. This means that CCA will enjoy Customs duty and ‘border VAT’ waivers on all construction materials, plus fixtures and furnishings, at the very least.

The Prime Minister, though, reiterated that CCA received no “unusual concessions”, and that the Government was constrained by its agreement with Atlantis in terms of what it could grant to the Chinese.

“The suggestions that the Government has provided unusual concessions to conclude this deal are not true,” Mr Christie said. “Most countries provide concessions to attract and encourage investment. Trade agreements contemplate concessions. Our laws provide for concessions to all investors.

“My advisors have instructed me to be cautious

Tourism ‘tempered’, says Central Bank From pg B2 that the industry’s earnings were “tempered”.

“Data through April showed that room revenues at large resort properties in the capital trended lower than in 2015,” it added.

“In addition, commercial banks’ foreign currency transactions through July which include inflows from tourism and investment-related activities - registered a modest decline in such

gross receipts relative to the same period last year.

“That said, the comparative outlook is improving for the remainder of 2016, given the stimulus from the restoration of some room capacity on New Providence and the pending boost to construction output from the resumption of work on the Baha Mar project.”

The Central Bank continued to place a “mildly positive” outlook on the

vironment where competition is ever-increasing.

For the Nassau/Paradise Island hotel industry, room revenues were down yearover-year by as much as 12 per cent in the key months of January and April 2016, although the latter was likely influenced by Easter falling in late March.

May was the only month when the industry’s room revenues were up over 2015, and that was by just 1 per cent. As for room rates (ADR), March was the only month when they exceeded prior year comparatives.

The same was true for RevPAR, which only managed to beat 2015 in May, and that was by less than $3.

First-half occupancies were relatively flat, standing at an average 74.9 per cent compared to 74.7 per cent in 2015. Following a slow start to 2016, the Nassau/Paradise Island hotel industry shrugged off a first

quarter in which occupancies were consistently down on 2015, turning the corner in April to beat the prior year in both May and June.

Air arrivals to the destination were also up by 4 per cent for the 2016 first half, with room nights sold also ahead by 1 per cent. This indicates that while visitor volumes are up, pricing power has declined.

There was better news for the Nassau/Paradise Island industry on airlift trends, where capacity for the 2016 first half was “up slightly”, and the destination headed back towards a “four-year peak”.

Nassau, according to a presentation by the Nassau Paradise Island Promotion Board, has seen a 1.7 per cent year-over-year increase in daily flights from non-Caribbean destinations, which now stand at 39.

Nassau is also receiving

some 4,600 seats per day into the destination, up 1.1 per cent, with airlines enjoying an average load factor of 75 per cent in the 12 months to end-June 2016.

“Year-to-date, over 5,000 seats have been added by American Airlines from Miami, Delta from Atlanta and United Airlines from Newark,” the presentation added.

Grand Bahama’s hotel industry also suffered a 2016 first half decline, although this was likely driven by the Canadian dollar’s decline in value against the US dollar (and, by extension, the Bahamian dollar).

Canada is the biggest source market for the Memories resort, and with a Bahamas vacation suddenly becoming more expensive for visitors from that nation, the island’s tourism product suffered accordingly.

Data obtained by Tribune Business reveals that

hotel room revenue on Grand Bahama was off by 19.2 per cent or $3.124 million for the 2016 first half, falling from $16.269 million last year to $13.145 million.

While available rooms had increased by 14,151 or 4.43 per cent for the period, rising from 319,191 to 333,342, all other indicators were down in a decline similar to that on Nassau/ Paradise Island.

Room nights sold on Grand Bahama were down by 36,823 or 15.92 per cent, standing at 194,419 as opposed to 231,242 in 2015.

Occupancy rates fell by an average 14.3 percentage points as a result, declining to 58.32 per cent as compared to 72.45 per cent in 2015.

Pricing, though, as indicated by average daily rates, remained relatively stable, falling by just $2.74 or 3.9 per cent to $67.61.

about what I say given the Court order [sealing the agreement to complete Baha Mar]. I can say that CCA was given Hotel Encouragement Act concessions for construction. They were given that by the FNM government and will be given the same concessions to complete the construction by my government.”

Mr Christie reiterated that the Government was constrained by Atlantis’s ‘Most Favoured Investor’ status in terms of what it can offer any rival hotel and casino developer.

“This is an agreement that is in existence, that my government is aware of,” he said. “The concessions that would be offered to a new developer cannot exceed those given to Atlantis.”

Mr Christie added that the China Export-Import Bank’s application to the Supreme Court to ‘seal’ all documents related to the construction completion agreement, and keep their contents confidential, was “not unprecedented”.

“Much has been made of the fact that the arrangements are currently under seal in the Supreme Court of the Bahamas,” he said.

“The application to have the document sealed was made

by China Export-Import Bank.

“This kind of seal is stand-

ard, especially in transactions of this complexity, scale and international market sensitivity. Remember that the bank already has billions of dollars invested in this project. This is not an easy-to-deal with project, not an easy-to-deal with matter.”

Mr Christie continued added: “Putting the documents under seal enables the bank to finalise these sensitive negotiations with the normal business confidence that one would expect.

“Despite the wishes of some, it is simply unrealistic to expect global businesses to conduct their negotiations in the media. This is not unprecedented. The court approved the sealing of the documents to have the parities secure the best outcome for the property, and the court will lift the seal if and when it deems it right to do so.”

Mr Christie added that the Baha Mar saga had “strengthened” his government’s relationship with Beijing.

“Our relationship with China has strengthened because of our mutual interest.

While they look for global opportunities in which to invest, we in the Bahamas look for international inves-

tors to support our national development,” he said.

“During many years of public service we have had to deal with developers who have run into problems. I have had the privilege and the benefit of being able to learn from the successes, and from some of the mistakes, of past administrations.

“We know from experience that it is not government by sound bite that counts, but a willingness to put in the hours, to do the hard work, to bring people together and above all to produce the best outcome for Bahamians. This outcome is good for the Bahamas and great for Bahamians.”

Bahamian economy’s nearterm prospects, with construction activities related to foreign direct investment (FDI) activities the main driver.

“The inflation rate narrowed during the 12 months to June, reflecting the sustained impact of low global oil prices,” it added.

“Meanwhile, liquidity in the banking system firmed, buoyed by the Government’s financing activities, while the lowered import pressures, also from abated fuel prices, contributed to a modest gain in external reserves.”

NOTICE

This Public Notice is issued by the Utilities Regulation and Competition Authority (URCA) in exercise of its powers under section 38(3)(c) of the Electricity Act, 2015 (EA).

URCA hereby notifies the public that ALL persons, licensees or franchise holders in the Electricity Sector (ES) in The Bahamas, or those involved in the generation, transmission, distribution, importation or exportation of electricity are required to obtain a licence from URCA unless exempt under the EA. Under section 22 of the EA, URCA was established as the independent regulator for the ES in The Bahamas and has the regulatory responsibility to grant a licence with terms and conditions consistent with the national energy and electricity sector policies, as URCA considers appropriate.

URCA requests that ALL persons, licensees or franchise holders in the ES, and those involved in the generation, transmission, distribution, importation or exportation of electricity in The Bahamas to contact URCA at its office either at telephone number (242) 396-5211 or email info@urcabahamas.bs or visit its offices situated at Frederick House, Frederick Street, New Providence no later than September 30, 2016 to the end of becoming duly licensed under the EA. URCA hereby advises that, pursuant to section 44(2) of the EA, any person who engages in the generation, transmission, distribution, importation or exportation of electricity without a licence granted by URCA commits an offence and is liable on conviction to a fine not exceeding Five Hundred Thousand Dollars ($500,000.00).

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Send resume and standard supporting documents to: humanresources@aidltd.com cc: jacw1961@gmail.com

PAGE 8, Thursday, September 1, 2016

Central Bank, NIB urged to ‘stand firm’ over Mortgage Corp From pg B1 obligations, Dr Sands warned that issuing more bonds would threaten both its - and the Government’s financial sustainability.

“When I read your story, I thought: These guys can’t be serious,” the former Mortgage Corporation told Tribune Business. “Here we go again. I don’t think we get it.

“When will we acknowledge that we’re hoping to get the fiscal position of both the Mortgage Corporation and of the country to recover, not to make it worse.”

He was reacting to revelations by Kenred Dorsett, minister of the environment and housing, that the Central Bank and Ministry of Finance are due to meet this week to determine whether the Bahamas Mortgage Corporation’s financial position will allow it to issue more bonds.

Suggesting that the answer should be a resounding ‘no’, Dr Sands said the National Insurance Board (NIB) should join the Central Bank in standing firm against pressure for the Mortgage Corporation to finance further government housing projects.

He explained that he was including the NIB in this because it was likely to be the biggest buyer of Mortgage Corporation bonds, based on its history.

“I think at some point in time we need to stop this nonsense,” Dr Sands told

to advertise today in the tribune call @ 502-2394

Tribune Business. “I would hope the Central Bank would not only say ‘no’, but that NIB’s investment committee ought to take its fiduciary responsibilities seriously and say it would not be an ideal investment for NIB. “We’ll now see whether the Central Bank will stand its ground, and whether the investment committee at NIB will be mindful of their criteria for new investments.”

The Bahamas Mortgage Corporation’s last published accounts, for its 2013 financial year, showed that NIB, as the Bahamas’ social security system, holds $102.7 million or 60.3 per cent of the former’s outstanding bonds.

Dr Sands yesterday implied that NIB’s risk exposure to the Mortgage Corporation had already prudent limits, and added: “I hope the Minister for NIB [Shane Gibson] and minister for housing realise they owe the Bahamian people an obligation to be reasonable and prudent in the exercise of their responsibilities.”

Mr Dorsett had referred to a 2,000-3,000 strong ‘waiting list’ for government housing, and Dr Sands suggested its desire for Mortgage Corporation financing to expand this programme now was directly linked to the upcoming general election.

“This is more than just trying to pander to the appetite of the voting public,” he suggested. “This smacks of a strategy that is somewhat muddy, and has got the Mortgage Corporation, the Department of Housing and the Ministry of Housing in trouble before.

“They want to be all things to all men, stimulate the construction industry, provide jobs for the unemployed, be the saviour of the

THE TRIBUNE masses and give the party faithful access to homes.”

The Mortgage Corporation’s 2013 audited financial statements highlighted the ‘ticking financial timebomb’ which, if not dealt with, threatens to expose Bahamian taxpayers to a further financial bail-out.

Its ‘bond sinking fund’, intended to finance the repayment of debt principal when its bond issues mature, held just over $64 million at end-June 2013.

While a seemingly significant sum, it covered just 37.7 per cent of the $170.168 million worth of bond principal that remains outstanding and owing.

The ‘crunch’ will be hit between 2023-2026, just seven years away, when some $110 million of that principal becomes due, unless corrective action is taken now.

Dr Sands said the Mortgage Corporation’s 40 per cent loan delinquency ratio meant insufficient income was being generated from borrower repayments to fully finance the ‘Sinking Fund’.

“The Corporation already has trouble meeting its medium and long-term obligations in terms of cash flow, while the sinking fund is not healthy,” he added. “I can only say that it is irresponsible to float bonds in this type of environment.”

“I’m sure that my comments will fall on deaf ears, or somebody will allege that I don’t care about people needing a home, and that we’ll worry about the fiscal consequences down the road.

“Desperate people do desperate things. This is an act of fiscal desperation and political desperation,” Dr Sands said of the Government.

“They think they’ll get some brownie points and be seen as the saviour of the masses. If it weren’t so serious it would be laughable.”

CAREER

OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:

Engineering Can-Fix-It

Essential Job Functions: • Repair minor electrical issues, appliances, and minor plumbing.

• Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs.

• General knowledge to repair heating and cooling units, painting the exterior and pressure washing.

Position Requirements: • Must have three years of hands on experience in the maintenance field.

• Experience in the Hotel Industry will be a plus.

Bartender

Essential Job Functions: • Properly stock and set up bar at the beginning of each shift.

• Make certain that all drinks prepared for guests are at industry standard.

• Ensure that the required amount of liqueurs are dispense for all drinks.

Position Requirements: • High School Diploma required.

• Two years experience as a Bartender required.

Utilities

Essential Job Functions: • Perform duties to maintain kitchen work areas and restaurant

equipment and utensils in clean and orderly condition.

• Transfers supplies and equipment between storage and work areas by

hand or by use of hand truck.

• Sets up banquet tables, when required.

• Keep all equipment in the food and beverage areas are in good

condition. Report any breakdowns in equipment to management.

Position Requirements: • High school graduate or equivalent.

• Previous hotel-related experience desired.

Guest Service Representative

Essential Job Functions: • Register guests and assign rooms.

• Assists in pre-registration and blocking of rooms for reservations.

• Thoroughly understands and adheres to proper credit, cheque-cashing, and cash-handling policies and procedures.

• Processes guest check-outs.

Position Requirements: • High school graduate or equivalent.

• Must have the ability to work independently Competitive salary and benefits package are commensurate with experience.

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

THE TRIBUNE

Thursday, September 1, 2016, PAGE 9

Hitting payment dates key to Baha Mar deal ‘validity’ From pg B1

nouncing the creation of a five-person committee to oversee the payout of Baha Mar creditor claims, said it “hopes” that employees would receive outstanding monies “no later” than September 30.

And all other Bahamian creditors, including vendors and the contractors owed a collective $74 million, should receive their monies “no later” than December 31, 2016.

Still, Mr Sumner reiterated: “The test of this is not going to be in the announcement. That has passed. The proof in the pudding will be when the funds are actually paid.

“Fingers crossed, we hope it happens. I don’t think these folks [Bahamian creditors] can take any more delays, any more frustrations, and one of the frustrations will be saying they will be paid by a

the sake of the creditors, that these payments are made within the timelines presented,” Mr Sumner told Tribune Business.

“The Government has to follow through on the payments and make sure the payments are made in the timeframe announced by the Prime Minister.

“If you’re saying that former [Baha Mar] employees will be paid by the end of September and nothing happens, that’s going to undermine anyone’s credibility,” the Chamber chief executive added.

“And if you’re saying that the contractors and vendors will all be paid by the end of December and nothing happens, that creates further issues and challenges the credibility and validity of the announcement made.”

The Government, in an-

certain date and it doesn’t happen. That will really mess some people up.”

Mr Sumner said the Prime Minister’s announcement of the Baha Mar agreement’s general terms had created a renewed sense of hope in many former employes and creditors, most of whom had long written-off recovering anything they were owed by the project.

Warning that this should not be undermined or squandered, the Chamber chief added: “It has certainly brought a new level of hope and optimism to those creditors owed money from the Baha Mar project.

“While the announcement was welcome news and positive, many of those owed money will not be satisfied until they see the monies deposited to their accounts, and the cheques written and issued.

“We can talk about payments, schedules and timelines all day long. Until we see monies paid to these companies, it will be

a work in progress. That’s why we’re hoping the Government is able to follow through with this committee to make these payments happen.”

Tribune Business revealed on Wednesday how the China Export-Import Bank, the project’s $2.45 billion secured creditor, is making available “about $100 million” to settle Bahamian creditor claims over Baha Mar. This newspaper was informed that the payment process was unlikely to be “messy” or complicated, given that a list of unsecured creditors - and their claims - had already been presented to the Supreme Court by Baha Mar’s receivers and provisional liquidators.

As a result, the fivestrong committee’s task will be to validate those claims and determine the best method of payment.

It was also confirmed to Tribune Business that unsecured creditors owed $500,000 or less, meaning the 2,000-plus terminated

Baha Mar staff and small and medium-sized Bahamian businesses, would likely be ‘made whole’ and paid out first.

Those with larger claims, such as some of the bigger Bahamian contractors, will probably have to “negotiate” their payouts to some extent, meaning they may not get ‘100 cents on the dollar’.

However, this newspaper was told they were likely to “fare quite well”, and recover more than 50 per cent of what they were owed, which was the benchmark suggested by PLP MP, Leslie Miller.

Describing the $74 million owed to Bahamian contractors alone as “a significant sum”, Mr Sumner said its payment and ultimate release into the Bahamian economy would

create “a significant impact in the short-term” for numerous firms and their employees.

He added that the payments to former Baha Mar staff would be made at an important time, coinciding with the ‘Back to School’ period, and would also help them to settle outstanding bills, such as rent and mortgages.

Emphasising that the Chamber’s concerns were on the execution/delivery of the Baha Mar agreement’s terms, not its sincerity, Mr Sumner said: “We believe there’s substance to it.

“We believe the Government made this announcement being sure that all these outstanding debts owed to vendors, contractors, retailers and creditors were going to be paid.”

Pending US home sales strengthened in July for sale. Sales listings have slumped 5.8 percent from a year ago to 2.13 million.

The shortage means that many buyers are paying higher prices and scrambling to make offers sooner, restricting just how high sales can recover from the depths of the housing bust that triggered the Great Recession almost nine years ago.

Pending sales contracts are a barometer of future purchases. A sale is typically completed a month or two after a contract is signed — suggesting that finished sales should rebound after slipping in July.

The inventory shortage hit purchases of homes in July. The seasonally adjusted annual sales rate fell 3.2 percent to a rate of 5.39 million homes, the Realtors reported last week.

WASHINGTON (AP) — More Americans signed contracts to purchase homes in July, a sign that demand for home ownership remains strong despite a shortage of listings on the market.

The National Association of Realtors said Wednesday that its seasonally adjusted pending home sales index rose 1.3 percent in July to 111.3, the highest reading since April. The index of upcoming sales increased 1.3 percent from a year ago. The number of signed contracts improved in the Northeast, South and West. But pending sales dipped in the Midwest.

Housing has staged a solid rebound in prices and sales this year, but the real estate market faces potential challenges as fewer properties are being listed

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

Inventories have fallen on an annual basis for the past 14 months. The increased demand reflected by the improving sales has failed to cause more homeowners to list their properties on the market, suggesting that many are still recovering equity lost by the housing downturn.

Without sufficient equity in their current homes, many of these owners would be unable to generate a down payment for another home with the proceeds from a sale.

But the shortage might also stem from the increase in first-time buyers this year. Existing homebuyers often sell their house in order to finance the purchase of another property, which keeps inventory levels stable. But first-timers are buying homes out of sav-

ings, so the number of listings should fall when a rising share of purchases go to this group, noted Tian Liu, chief economist at Genworth Mortgage Insurance.

“These buyers not bringing additional inventory to the market,” he said.

The lack of supply has to home prices climbing at more than double the growth of average wages.

The median home sales price was $244,100 in July, up 5.3 percent from a year ago.

2014/CLE/gen/FPO/00331

Common Law and Equity Division BETWEEN BANK OF THE BAHAMAS LIMITED

Plaintiff

AND CRAIG BETHEL

Defendant

TO: CRAIG BETHEL TAKE NOTICE that: 1.

2.

3.

By Court order dated the 2nd day of December A.D., 2015, it was ordered that you must within fourteen (14) days from the date of the publication of the advertisement of the Writ of Summons filed on the 3rd day of September A.D. 2014 respond to the Claim by: a.

Entering an Appearance to the Action, b.

Admitting the Claim, or c.

Filing and serving a Defence to the Claim, That you have failed to respond as aforementioned.

The Court further ordered that subsequently the existence of further proceedings be advertised in a like manner and be deemed as good and sufficient service on the Defendant.

Dated the 2nd day of December, A.D., 2015.

ESSEX LAW CHAMBERS #6 South Buckner Square The Olde Towne, Sandy Port West Bay Street Nassau, N.P., Bahamas Attorneys for the Plaintiff

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2014/CLE/gen/FPO/00317

BETWEEN

BETWEEN

BANK OF THE BAHAMAS LIMITED

BANK OF THE BAHAMAS LIMITED

AND MATTHEW MILLER TO: MATTHEW MILLER TAKE NOTICE that:

2.

3.

2014/CLE/gen/FPO/00327

Common Law and Equity Division

Common Law and Equity Division

1.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

Plaintiff

Defendant

By Court order dated the 2nd day of December A.D., 2015, it was ordered that you must within fourteen (14) days from the date of the publication of the advertisement of the Writ of Summons filed on the 3rd day of September A.D. 2014 respond to the Claim by: a.

Entering an Appearance to the Action, b.

Admitting the Claim, or c.

Filing and serving a Defence to the Claim, That you have failed to respond as aforementioned.

The Court further ordered that subsequently the existence of further proceedings be advertised in a like manner and be deemed as good and sufficient service on the Defendant.

Dated the 2nd day of December, A.D., 2015.

ESSEX LAW CHAMBERS #6 South Buckner Square The Olde Towne, Sandy Port West Bay Street Nassau, N.P., Bahamas Attorneys for the Plaintiff

AND BRADLEY CECIL SWEETING TO: BRADLEY CECIL SWEETING TAKE NOTICE that:

Plaintiff Defendant

1.

By Court order dated the 2nd day of December A.D., 2015, it was ordered that you must within fourteen (14) days from the date of the publication of the advertisement of the Writ of Summons filed on the 3rd day of September A.D. 2014 respond to the Claim by: a.

Entering an Appearance to the Action, b.

Admitting the Claim, or c.

Filing and serving a Defence to the Claim,

2.

That you have failed to respond as aforementioned.

3.

The Court further ordered that subsequently the existence of further proceedings be advertised in a like manner and be deemed as good and sufficient service on the Defendant.

Dated the 2nd day of December, A.D., 2015.

ESSEX LAW CHAMBERS #6 South Buckner Square The Olde Towne, Sandy Port West Bay Street Nassau, N.P., Bahamas Attorneys for the Plaintiff

PAGE 10, Thursday, September 1, 2016

THE TRIBUNE

Energy companies pull US stocks lower as oil prices fall NEW YORK (AP) — U.S. stocks took small losses Wednesday as energy companies fell with the price of oil and chemical and materials companies traded lower. That pulled

the market lower for August, ending a five-month winning streak for stocks.

The losses were very small, though, as this proved to be one of the quietest months in recent history for stocks.

Stocks traded lower all day and fell for the fifth time in the last six days. The price of oil dropped more than 3 percent after the U.S. government said crude oil stockpiles grew more than expected last week, while gasoline stockpiles didn’t shrink as much as investors hoped.

The dollar gained some strength, which sent commodity prices lower, as expectations grew that the Federal Reserve could raise interest rates from their ultra-low levels as early as next month.

“The more the market believes a Fed rate hike is coming based on better economic data, the more the dollar rises,” said Quincy Krosby, market strategist at Prudential Financial. “Last Friday (Fed Chair) Janet Yellen put the market on notice that she sees a rate

hike in the coming months.”

The Dow Jones industrial average fell 53.42 points, or 0.3 percent, to 18,400.88.

The Standard & Poor’s 500 index gave up 5.17 points, or 0.2 percent, to 2,170.95. The Nasdaq composite dipped 9.77 points, or 0.2 percent, to 5,213.22.

Energy prices slumped after the U.S. government said crude oil stockpiles increased by 2.3 million barrels last week, a bigger gain than analysts expected.

Gasoline stockpiles shrank, but not as much as investors had hoped.

U.S. crude fell $1.65, or 3.6 percent, to $44.70 a barrel in New York. Brent crude, the benchmark for international oil prices, lost $1.33, or 2.7 percent, to $47.04.

That helped send oil and gas companies lower. Chevron gave up $1.12, or 1.1 per-

NOTICE

NOTICE is hereby given that VEVENE STRACHAN GREEN of Malcolm Road, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st dAy of SEPTEMBER, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.

NOTICE

NOTICE CHRISTOFERUS LIMITED

ROBOR BUSINESS S.A.

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

Company No. 141392

(In Voluntary Liquidation)

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

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that ROBOR BUSINESS S.A. is in voluntary liquidation. The voluntary liquidation commenced on 30th August, 2016 and David O’Connor of Zollikerstrasse 181, 8034 Zurich, Switzerland has been appointed as the Sole Liquidator.

b) The dissolution of the said company commenced on the 05th May, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

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

BISX ALL SHARE INDEX: CLOSE 1,974.91 | CHG -0.01 | %CHG 0.00 | YTD 150.96 | YTD% 8.28 BISX LISTED & TRADED SECURITIES 52WK HI 4.05 17.43 9.09 3.50 4.70 0.18 8.34 8.50 6.10 10.60 15.50 2.72 1.60 5.80 8.76 11.00 8.20 6.90 12.25 11.00

52WK LOW 2.25 17.43 9.09 3.15 4.70 0.12 6.09 7.25 5.50 7.00 13.99 2.25 1.27 5.51 6.00 9.85 6.12 5.75 11.75 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 106.00 100.00 106.00 100.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 100.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate

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

LAST CLOSE 4.05 15.85 9.09 3.50 5.22 0.12 6.47 8.50 5.83 10.60 14.00 2.55 1.55 5.80 8.77 10.95 8.12 6.60 11.93 10.00

CLOSE 4.05 15.85 9.09 3.50 5.22 0.12 6.47 8.50 5.83 10.60 14.00 2.53 1.55 5.80 8.77 10.95 8.12 6.60 11.93 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 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

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

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

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

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y

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

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

115.33 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

VOLUME

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

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

P/E 13.3 11.7 8.4 15.9 N/M N/M 35.0 15.4 11.5 19.6 26.5 26.9 9.3 11.4 14.3 11.4 12.5 9.4 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 2.89% 3.06% 3.43% 3.40% 4.36% 2.37% 2.58% 4.14% 3.14% 0.00% 3.45% 1.82% 5.36% 0.00%

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST 7.00% 6.00% Prime + 1.75%

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

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25%

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

MUTUAL FUNDS 52WK HI 1.99 3.90 1.92 167.58 138.35 1.44 1.67 1.55 1.08 6.94 8.65 5.92 9.94 11.15 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.39 1.67 1.48 1.03 6.41 7.62 5.66 8.65 10.54 9.57

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

NAV 1.99 3.90 1.92 167.58 136.68 1.44 1.67 1.55 1.08 6.94 8.65 5.92 9.59 11.15 9.57

YTD% 12 MTH% 2.33% 4.05% 3.34% 6.09% 1.63% 2.99% 3.41% 5.18% 2.95% -0.58% 2.19% 3.91% 2.46% 8.70% 1.94% 5.28% 4.11% 1.26% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%

NAV Date 31-Jul-2016 31-Jul-2016 27-Jul-2016 30-Jun-2016 30-Jun-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ASHBELL SMITH of Freeport, Grand Bahama intend to change my name to HANSEL ASHBELL 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.

NOTICE

NOTICE is hereby given that DOROTHY SEJOUR of Lewis Yard, Grand Bahama, Freeport, 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 25th day of AUGUST, 2016 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

NOTICE is hereby given that VLADIMYR JEAN BAPTISTE of Kemp Road, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st DAY of SEPTEMBER, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.

MARKET REPORT WEDNESDAY, 31 AUGUST 2016

Chemicals maker DuPont lost 64 cents to $69.60. Agribusiness giant Monsanto fell 94 cents to $106.50 and building materials company Martin Marietta Materials lost $5.80, or 3.1 percent, to $183.03.

The S&P 500 set records in August, but ended the month down 0.1 percent.

The index also traded in one of the narrowest ranges of any month in its history as investors tried to get a feel for the Federal Reserve’s plans. The biggest losses went to phone and utility companies, while concerns over drug pricing hurt health care stocks.

Banks rose the most as investors gradually became more optimistic that interest rates will increase.

Bond prices slipped, sending yields slightly higher. The yield on the 10year Treasury note dipped to 1.58 percent from 1.57 percent. The dollar rose to 103.44 yen from 102.97 yen.

The euro rose to $1.1162 from $1.1139.

NOTICE

Dated this 30th day of August, 2016 Sgd. David O’Connor Voluntary Liquidator

Dated this 01st day of September, A. D. 2016 _________________________________ Octagon Management Limited Liquidator

cent, to $100.58 and Exxon Mobil skidded 38 cents to $87.14. Schlumberger declined $1.64, or 2 percent, to $79.

Tax preparer H&R Block posted a bigger first-quarter loss and less revenue than analysts expected. The company, which reported weak results from tax season this spring, said it is facing more competition in the tax prep industry as well as a growing number of independent tax preparers. H&R Block dropped $2.54, or 10.5 percent, to $21.66. The stock is down 35 percent this year.

Brown-Forman, the maker of liquors including Jack Daniel’s whiskey and Finlandia vodka, slumped after its sales fell short of estimates. Brown-Forman said its results were hurt by weak sales in emerging markets and the strong dollar, which makes U.S. goods more expensive overseas. The stock declined $1.78, or 3.5 percent, to $48.55.

Materials companies took some of the biggest losses.

NOTICE

NOTICE is hereby given that MICHELLE JEAN LOUIS of COWPEN ROAD, NASSAU, BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th DAy of AUGUST, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE A Divorce Petition has been filed by Satory & Associates, Attorneys for the Petitioner, DENNIS CHRISTOPHER DAMES II, seeking a Declaration that the marriage celebrated between Dennis Christopher Dames II and Shavanny Arel Dames (nee Archer) be dissolved.

Shavanny Arel Dames (nee Archer) the Respondent may apply to the Registry of the Supreme Court of the Commonwealth of The Bahamas, Bank Lane, Nassau, Bahamas or to the Chambers of Satory & Associates, Unit #3, Professional Centre, Caves Village, West Bay Street, Nassau, Bahamas for a copy of the Petition as filed in the matter.

If within Twenty-one (21) days she has not communicated with the Registry or the said Chambers the Court may hear and determine the matter in her absence.

SATORY & ASSOCIATES Attorneys for the Petitioner

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