09022016 business

FRIDAY, SEPTEMBER 2, 2016

business@tribunemedia.net

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GBPA, Govt face web shop collision

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

QC urges operator to drop Judicial Review

A web shop chain was this week urged to drop its action against the Grand Bahama Port Authority (GBPA) and focus on “the real issues” - whether the Gaming Board has regulatory authority in Freeport.

Fred Smith QC, the Callenders & Co attorney and partner, told Jarol Investment’s legal advisers that their client’s Judicial Review action was directed at the wrong target.

He said that rather than go after the GBPA, the issue at the heart of the complaint by Jarol’s Chances Games chain

Argues ‘real issue’ is lack of Gaming Board authority Port can charge higher fee; chain breaching license was whether the Gaming Board had the power to license and tax web shop entities in Freeport.

Mr Smith, in an August 31,

2016, letter to fellow attorney, Carlson Shurland, implied that Chances Games should voluntarily “discontinue” its Judicial Review so that a different action could be brought to determine who has gaming regulatory jurisdiction in Freeport.

“It is... plain that the real issue in these proceedings is not between Jarol and the GBPA, but between the GBPA and the Gaming Board and/or the Government as to whether GBPA licensees operating in the Port area are required to be licensed by the Gaming Board at all,” Mr Smith wrote.

Warning that the GBPA would file a motion designed to See pg b5

The Government’s failure to disclose how the Baha Mar agreement treats public assets is “a slap in the face of the Bahamian people”, the Democratic National Alliance’s (DNA) leader said yesterday.

Branville McCartney told Tribune Business that details regarding the involvement of Crown and Treasury Land in the project, and the investment incentives granted to the Chinese for the project’s completion, were the bare minimum that should have been revealed.

Emphasising that Bahamians were “no further ahead” in understanding the Baha Mar agreement than they were when it was announced last week, Mr McCartney argued that the Government should not have been shocked at the mixed reactions to it.

He argued that Prime Minister Perry Christie and his administration had nobody to blame but See pg b2

Bran: Make Crown Land, incentives public ‘at least’ PM, Govt responsible for ‘lack of trust’ in them ‘Living a dream’ if expect project finished by April

Branville McCartney

Key Sarkis ally: China ‘victorious’ over Baha Mar

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A key Sarkis Izmirlian ally has conceded that the Chinese have been “victorious” in the Baha Mar dispute, with the company responsible for the project’s “melt down” now set for a multi-million dollar windfall.

Dionisio D’Aguilar, a former Baha Mar Board member, said the Government’s agreement to complete the project had placed China Construction America (CCA) “back in the saddle” despite Mr Izmirlian’s contention that it was the party most to blame for the project’s failure.

“The whole reason we had the melt down was their failure to deliver, their inability to deliver on time and on budget, and produce a quality product,” Mr D’Aguilar told Tribune Business on CCA. “It’s a sad day, really, that the Chinese have been victorious in this, and the Chinese state has been victorious in this, and they’ve ended up back in the saddle with the project when they were the reason it came to a halt in the first place.”

Mr Izmirlian, Baha Mar’s original developer, alleged that it was CCA’s failure to deliver a completed project on March 27, 2015, as promised, coupled with its “shoddy workmanship”, that was

Firm responsible for ‘melt down’ back in charge D’Aguilar rails against CCA committee presence Says: ‘It’s like letting the kids in the cookie jar’

Dionisio D’Aguilar ultimately responsible for his ill-fated decision to seek Chapter 11 bankruptcy protection in the US courts in late June last year.

CCA, though, vigorously refuted these claims, arguing that Baha Mar failed because of the developer’s mismanagement and repeated insistence on design See pg b4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net An FNM MP yesterday said she still harbours “grave concerns” that National Insurance Board (NIB) funds will be used to ‘bail out’ Bank of the Bahamas, despite Cabinet-level denials.

Loretta Butler-Turner told Tribune Business she was going to “closely watch” how the BISX-listed bank’s ongoing $40 million rights issue plays out, following Shane Gibson’s rebuttal of her concerns about NIB’s likely involvement.

The duo clashed over the issue on Wednesday during the House of Assembly’s debate on amendments to the Securities Industries Act, and Mrs Butler-Turner said Mr Gibson’s intervention had done nothing to ease her fears.

“I actually heard from pretty reliable sources that

Benchmark chief: SEC deal talks ‘not over yet’ Brown, Alliance agree settlement ‘in principle’ ‘One step closer’, and awaiting conclusion ‘Neither admit nor deny’ claims tied to $400m fraud

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Fred Smith QC

Baha Mar secrecy ‘slap in ‘Grave concerns’ on the face’ for all Bahamians NIB financing BOB

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$3.89

Loretta: $40m rights participation ‘not best thing’ ‘Waiting to see’ if she or Shane is correct Urges governance reform at Govt agencies they [NIB] are about to put up a substantial sum of that $40 million,” the former FNM leadership contender told Tribune Business.

“I’m just going to wait and see what transpires, and watch this closely, because individual shareholders are not going to be well-disposed to investing in Bank of the See pg b5

A BISX-listed company’s principal yesterday warned “it’s not over yet”, even though his two-year legal battle with US federal regulators has taken another step towards resolution.

Julian Brown, Benchmark (Bahamas) president and chief executive, confirmed that he and the company’s main subsidiary, Alliance Management, had made progress in seeking to settle a Securities & Exchange Commission (SEC) lawsuit against themselves.

Although SEC attorneys have agreed the terms of a proposed settlement with Mr Brown and Alliance over their alleged involvement in a $400 million financial Julian Brown fraud, the agreement has yet to be approved by the regulator’s commissioners.

The Bahamian duo are hoping that the settlement, which is couched in the typical language of them “neither admitting nor denying the allegations” against them, will be reviewed - and approved - by the SEC’s top executives during the 2016 fourth quarter.

“We’re one step closer, but it’s not over yet,” Mr Brown told Tribune Business.

“But I think we’re pleased to get to this juncture. It’s a process and we’re pleased with where we are. We’re just waiting to see the conclusion of it.”

A final settlement with the SEC would See pg b4

PAGE 2, Friday, September 2, 2016

THE THETRIBUNE TRIBUNE

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Baha Mar secrecy ‘slap in the face’ for all Bahamians From pg B1 themselves for the seeming lack of public trust in the agreement, suggesting that their problems had started with the early 2013 ‘referendum’ on web shop gaming.

“Because it is the people’s land and the people’s money, those details at least should be made public,” Mr McCartney told Tribune Business, echoing arguments voiced last week by Fred Smith QC. “They don’t have a buyer [for Baha Mar], as the Prime Minister has reluctantly indicated, and I think this is really a slap in the face of the Bahamian people that they’re saying we don’t have a right to know.”

Given that Crown and Treasury land is held in trust on behalf of the Bahamian people by the Government, and that investment incentives represent

tax revenues foregone, both men are arguing that the public is effectively a stakeholder in the deal, and has a right to know what has been negotiated on their behalf.

The Government, though, has backed the Supreme Court’s decision to ‘seal’ its agreement with the China Export-Import Bank, Baha Mar’s $2.45 billion creditor, for reasons of ‘commercial confidentiality’.

Mr Christie argued that the size and complexity of the Baha Mar project, together with the sensitivity of the bank’s negotiations with potential buyers, meant there were valid reasons for keeping the agreement secret.

As a result, few specifics have emerged apart from the appointment of a fiveman committee to oversee the payout of Bahamian creditor claims. How much

4. Internal candidates generally have no other external offers, so there is less likelihood of a bidding war. They are less aware of market salaries, so they are less likely to demand a higher pay rate than what was offered.

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motions know the culture already, there will be less chance of them failing due to a poor ‘company fit’.

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each creditor will get has yet to be confirmed publicly.

Tribune Business’s own investigations have produced some details, including that the sum of money being made available by the China Export-Import Bank to pay Bahamian creditors is “about $100 million”.

Those owed $500,000 or less are likely to be ‘made whole’, while larger creditors will recover a significant percentage of their claims.

The Government has made clear its exasperation and frustration that the Baha Mar construction completion agreement has not received a warmer welcome from creditors and the wider Bahamian public.

However, Mr McCartney said this scepticism was justified both by the Christie administration’s previous actions and its failure to disclose details of the Baha Mar agreement.

“We saw the frustrations of the Prime Minister, but the Government has proven

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they are not trustworthy,” he told Tribune Business.

“It goes back to the beginning of this administration with the gaming referendum, when they frustrated democracy and the will of the Bahamian people.”

Mr McCartney recalled how the Government promised to “abide” by the results, only to perform a complete u-turn when the Bahamian public rejected the legalisation of web shop gaming.

The ‘referendum’ was downgraded to an ‘opinion poll’, and Mr McCartney argued that by riding roughshod over the results and proceeding to legalise web shops, the Government had shown it “had a horse in the race”.

“He can’t be upset that the Bahamian people don’t trust him. He’s brought that all on himself,” the DNA leader said of the Prime Minister.

“Mr Christie, I know, was taken aback by the public reaction to his press conference. He thought it would

rate culture, and sends a message that loyalty and performance will be rewarded with a promotion.

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cause his party to poll better.

“He wanted the people to believe the PLP were working for them, that jobs would be forthcoming. He failed to realise the Bahamian people were smarter than what he thought. They saw there was not a buyer or operator.”

Mr McCartney added that the Prime Minister and the Government were “living a dream” if they believed the Baha Mar project would be completed and open by the end of the 20162017 winter tourism season, just in time for the general election.

“I think the Prime Minister has realised he has run out of time,” the DNA leader added. “It’s going to be the next administration that opens Baha Mar or whatever the new entity is called, not this government.

“You’re going to tell me that within six to eight months they’re going to have that resort open? A promise is a comfort to a fool. They say that fool me

once, shame on you. Fool me twice, shame on me.

They can’t fool the Bahamian people any more.”

Mr McCartney also pointed to the contradiction between Mr Christie’s assertion that the China Export-Import Bank that was solely responsible for the agreement’s sealing and comments by Raymond Winder, Baha Mar’s receiver, that the Government had also been involved in pushing for this.

“I was very surprised to hear him [Mr Christie] say that it was quite common to seal documents,” the DNA leader said. “He has changed his tune from the press conference a week ago, when he said the details would be forthcoming in the next few days.”

The issue was further muddied by a release from the New Progressive Institute, a PLP think-tank, which suggested last week that the Baha Mar agreement would only be made public when the project was completed and sold.

The task, then, for every company looking to make this the new culture is to ensure that relevant training, coaching, succession and mentorship programmes are in place to adequately equip willing and capable team members who are ready to take the leap.

THE TRIBUNE

Friday, September 2, 2016, PAGE 3

Sandals: Under 2/3 of workers reapply

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Renovations at Sandals Royal Bahamian are ‘on track’ to be completed in time for its planned midOctober reopening, the resort’s project manger said yesterday, adding that the daily construction workforce would peak at 200 persons.

James Wilson told Tribune Business that between 100 to 200 workers were employed on the project on any given day, along with up to 12 Bahamian contractors. He addeds that some work was being carried out “around the clock”.

“The work is coming on quite well right now,” he said. “There are probably a dozen contractors on site.

Resort renovations on target for midOctober Daily construction workforce peaking at 300 We have another six weeks to go from today.

“Things are going reasonably well so far. We found issues along the way but we have been dealing with those. Unless something else comes up we are on track for opening in midOctober.

“Right now, everything is going more or less as scheduled.

On any given day we have 100-200 on site, and that

Govt can’t get ‘benefit of doubt’ on Baha Mar

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Opposition’s deputy leader yesterday said the Government cannot be given the “benefit of the doubt” until the Baha Mar construction completion agreement’s details are revealed, given its previous pronouncements on the project.

K P Turnquest said that Prime Minister Christie’s address to Parliament on Wednesday did little to quell suspicions and concerns regarding the courtsealed Baha Mar deal.

“If in fact we were to believe what he has said, then it means there is no deal,” the east Grand Bahama MP added.

“To that extent, his announcement is very much premature, backed up by the fact that there is no money in the Bahamas to pay these claims, and backed up by the fact that the participants of the com-

mittee didn’t even know they had been appointed until the news broke.”

Mr Turnquest continued: “In the Prime Minister’s own words, they have not completed the assessment of the project, so he has no idea what it costs to bring construction to conclusion.

“It means that all of that being taken into account, the bank has no idea what the investment environment is. When you put all of that together, it means they can’t unseal the deal because there is no deal.”

Mr Christie 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

might get up to 300.”

Last month, Sandals outlined a $4 million renovation to be undertaken during a two-month closure of its Cable Beach property, saying the work was being ‘fast tracked’ for what was shaping up to be its best winter season ever.

Sandals executives said the repairs and upgrades which forced the 60-yearold Royal Bahamian resort’s closure would be implemented within 14 weeks, which it described as a “massive feat itself’, considering the original completion timeframe was estimated at four months.

The renovations and upgrades are being carried out on areas such as the Windsor Poll, the Balmoral Pool, the chilled water system, the boiler system.

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.

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”.

But Mr Turnquest argued: “The Prime Minister and the Government must be up-front with the Bahamian people about what has been offered. We have, unfortunately, been burnt by the Government on this issue, so until he is willing to disclose the details he will not simply get the benefit of the doubt at this particular point.

“There have been suggestions that the Chinese have demanded certain unusual concessions or inducements to restart construction. We just need to understand what has been brought to the table in terms of concessions.”

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Meanwhile, Sandals disclosed that 379 or 64 per cent (just under two-thirds) of the 592 employees terminated to allow the renovations to take place had reapplied for their posts.

This means that some 213 former staff have elected not to return to the Royal Bahamian, thus giving an opportunity for some of the 890 outside candidates who attended Sandals’ recent job fair to be hired.

Given that Sandals Royal Bahamian has committed to hiring the same number of workers, 592, there will be no net impact on the Bahamas’ unemployment rate.

However, the requirement for former employees to reapply for their jobs has

provoked claims that the terminations were also designed as a form of ‘union busting’.

Sandals Royal Bahamian has been embroiled in a long-running dispute with the Bahamas Hotel, Main-

tenance and Allied Workers Union, which has been seeking to negotiate an industrial agreement with the resort after being recognised as the bargaining agent.

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PAGE 4, Friday, September 2, 2016

Key Sarkis ally: China ‘victorious’ over Baha Mar From pg B1 and construction changes.

Mr D’Aguilar, meanwhile, also took issue with CCA’s presence on the five-person committee that will oversee the payments to Baha Mar’s Bahamian creditors.

“They shouldn’t be on it; not at all,” he argued.

“They’re a creditor that shouldn’t be paid, and I’m sure that they’ll be the first to be paid.

“They’ll be back at the helm of the project, getting paid for work they had left. They [CCA] had some extraordinarily outrageous claims that people said they weren’t entitled to. It’s like letting the kids in the cookie jar.”

Tribune Business reported earlier this week on concerns that CCA’s committee membership constituted a ‘conflict of interest’. Apart from being able to exploit its committee membership to ensure it was paid first, and made ‘whole’, Baha Mar’s main

contractor is also perfectly placed to “mitigate its liabilities” to the Bahamian construction industry by reducing the compensation sub-contractors and other locals firms it hired receive.

It remains to be seen how the committee will deal with CCA’s own demands, given the almost $68 million discrepancy between what Baha Mar (under Sarkis Izmirlian) alleged its main contractor was owed, and what the Chinese stateowned company was actually claiming.

Tribune Business’s review of documents filed with the Delaware Bankruptcy Court at the time of Baha Mar’s ill-fated Chapter 11 bid show CCA as the largest unsecured creditor, with the contractor owned some $72.635 million.

Much of this sum is likely owed, in turn, to its Bahamian sub-contractors. Yet Tom Dunlap, Baha Mar’s former president, alleged in an affidavit accompanying the Chapter 11 filing that CCA had been claiming it

was owed around $140 million.

“CCA has alleged it has accrued but unpaid construction amounts and claims of approximately $140 million in the aggregate,”Mr Dunlap alleged at the time. “[Baha Mar], in reliance upon the opinion of their chartered quantity surveyors, vigorously dispute most if not all of these allegations, and many of the disputed claims are subject to pending or future litigation between [Baha Mar] and CCA, its sub-contractors, and/or China State Construction Engineering Company.”

The China Export-Import Bank’s attitude towards CCA’s claim will also be interesting, given Mr Dunlap’s allegation that its own project monitors, Ryder, Levitt and Bucknall, found that the contractor had completed just 22 per cent of the work it had claimed for.

“CCA began to submit inflated invoices for work,” Mr Dunlap said back in June 2015. “For example, the debtors received monthly pay applications from CCA for the period Febru-

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ary through May 2015 in an aggregate amount of $343.8 million for work in respect of which China Export-Import Bank’s own independent project monitor countersigned at a value stated to be worth only $76.1 million.”

And, in another irony, Tiger Wu, the very same executive named to the Baha

THE TRIBUNE

Mar creditors committee, is also listed as the CCA contact person on the list of the $3.5 billion project’s 20 largest unsecured creditors.

The Government’s agreement with the China Export-Import Bank for Baha Mar’s completion will see CCA return as the main contractor, in return for both agreeing to compen-

Benchmark chief: SEC deal talks ‘not over yet’ From pg B1 end more than two years of uncertainty for Benchmark (Bahamas), Mr Brown and their several hundred Bahamian shareholders, who have nervously watched the legal process play out amid concerns over a significant financial impact.

“It’s been a while,” Mr Brown acknowledged, with the SEC action against himself and Alliance having been launched in August 2014. “We’re happy we’re at this point, and we wait to see what develops from here.

“We wait to see what the results will be. It’s [the proposed settlement] in for review and comment, and then to sign-off if they [the SEC] agree. We are where we are, and wait to see what the future brings.”

Mr Brown declined to comment on the details of the proposed settlement with the SEC, given that it has not received final approval.

Any deal will likely also require the approval of the northern Illinois federal court, where the case against himself and Alliance has been filed. A ‘status hearing’ on the matter has been set by the court for October 7, 2016.

Mr Brown and his international broker/dealer have

always vigorously denied, and defended, allegations that they facilitated a global ‘Ponzi’ scheme by Nikolai Battoo and his BC Capital Group.

They last year listed 19 defences to the SEC action against them, with the duo arguing that any “wrongful conduct” was outside their control.

Demanding a jury trial over the claims, they denied that they “knowingly or recklessly” assisted any fraud.

And they pledged that they “at all material times complied with applicable Bahamian laws, rules and regulations” as a licensee of the Securities Commission of the Bahamas.

The crux of the SEC’s case was that Mr Brown and Alliance allegedly helped to facilitate the international scheme perpetrated by Battoo.

The US regulator claimed that the Bahamian defendants misled investors by suggesting they were the independent custodian for the BC Capital funds, whereas these monies were all directly in Battoo’s hands.

And it also claimed that Alliance “helped him hide the massive losses by sending out bogus account statements that fraudulently overstated the value of in-

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sate Bahamian creditors.

Mr D’Aguilar, though, lamented the fact that CCA would have no developer overseeing it, as had been the case under Mr Izmirlian.

“Why do we keep sticking with these people?” he added of CCA. “When are we going to wake up and smell the roses?” vestor assets by more than $148 million”.

However, Mr Brown and Alliance in their defence argued that Battoo directed them to send BC Capital financial statements to the Illinois-based auditors for an investor in the scheme.

And they maintained that the SEC, and US federal securities laws, have no “extraterritorial effect” and therefore cannot touch them in the Bahamas.

“Defendants acted in good faith at all material times and did not directly or indirectly induce or cause the acts” complained about,” Mr Brown and Alliance alleged in their defence.

Denying any “intentional prior wrongful conduct”, the Bahamian duo added: “Defendants did not receive ill-gotten profits, did not act unlawfully, acted in good faith, and investors did not suffer from their alleged conduct.....

“The alleged wrongful conduct was committed by individuals or entities over whom defendants had no control.”

The liquidators for the Bahamian end of Battoo’s scheme, though, previously suggested in reports to the Supreme Court that they believed Alliance had ‘a case to answer’ in relation to BC Capital.

However, the PricewaterhouseCoopers (PwC) accountants, Kevin Cambridge and Gowon Bowe, have been unable to launch legal proceedings of their own due to a lack of funding.

They said: “As previously reported, the joint official liquidators maintain their strong opinion that legal action in respect of a number of previously identified courses of action should be pursued against Alliance to compel Alliance to return the company’s $5 million in Alliance’s preference shares (which itself may not be a realisable asset); complete the registration of the company’s marketable securities and surrender the same to the joint official liquidators; and grant the joint official liquidators access to certain Battoocontrolled accounts where the joint official liquidators believe that investor funds may have been diverted.”

THE TRIBUNE

Friday, September 2, 2016, PAGE 5

‘Grave concerns’ on NIB financing BOB From pg B1 Bahamas.”

Mr Gibson, though, intervened on a ‘point of order’ in the House of Assembly to deny any suggestion that NIB was planning to purchase further ordinary shares in Bank of the Bahamas via the current rights issue.

“He said that’s not even been discussed, it’s not something that’s been considered, there’s no truth to it, and I should retract it,” Mrs Butler-Turner added.

“I’m waiting to see if he’s correct or I am.”

Given that NIB, together with the Public Treasury, hold a collective 65 per cent equity stake in Bank of the Bahamas, it is hard to believe that the nation’s social security system will not subscribe for its full allotted rights.

Failing to do so would result in NIB’s equity stake being diluted once the rights issue closes this Monday, September 5, plus leave Bank of the Bahamas woefully short of the

$40 million it requires to recapitalise and come into compliance with the Central Bank of the Bahamas’ regulatory requirements.

NIB’s last published annual report shows it as holding a 28.21 per cent stake in Bank of the Bahamas, meaning that its rights issue investment would be $11.284 million should its full allocation be taken up.

It is also inconceivable that one government entity will not be used to assist another, especially when it is under the financial stress currently being endured by Bank of the Bahamas.

Mrs Butler-Turner said further NIB investments in Bank of the Bahamas went to the heart of her wider concerns about how the social security system’s assets were being invested and managed.

“That’s where I was going,” she said of her House of Assembly contribution.

“I do not believe we’re making good investments with the [NIB] funds.

“But I decided to pull

GBPA, Govt face web shop collision From pg B1 “strike out all or part” of Chances Games’ Judicial Review if it did not agree, Mr Smith added: “We consider that a more sensible option would be for your client to withdraw or discontinue its action so that the parties can address the real issues at hand without incurring any further unnecessary legal costs.”

Mr Smith’s suggestion is unlikely to be received well by either the Gaming Board or the Government, given their efforts to legalise and regulate the web shop gaming industry via the Gaming Act 2014.

It will especially irk the Christie administration, given that a key element of its recent Memorandum of Understanding (MoU) with the GBPA was designed to address the issue of regulatory conflicts in Freeport.

The MoU’s clause 1.18 commits the GBPA to ensuring its regulatory and quasi-governmental powers are ‘harmonised’ with national laws and government policies/regulations - something that Mr Smith’s suggestion appears to fly in the face of.

And the ‘harmonisation’ is supposed to occur via “existing independent regulators” such as the Utilities Regulation and Competition Authority (URCA) and the Gaming Board.

With the Grand Bahama Power Company already challenging URCA’s ability to regulate it, should Mr Smith’s suggestion be adopted, it would mean that the Supreme Court will be asked to rule on whether a second ‘national regulator’ has jurisdiction in Freeport.

Both Mr Smith and his GBPA client, in separate correspondence with Mr Shurland, base their legal arguments on the Hawksbill Creek Agreement, which they say gives the latter the right to license all businesses operating in the Port area.

Chances Games is one of at least two web shop chains (the other is Island Luck) who have launched separate legal challenges to the GBPA’s bid to issue gaming licences to them, and levy

an associated 50-fold fee increase.

They are effectively arguing that the GBPA is trying to “usurp” the Gaming Board as the web shop industry’s regulator, and that the former has no power to issue provisional gaming licences - and charge associated fees - for their Freeport operations.

However, Mr Smith and the GBPA are seeking to disentangle the latter’s decision to levy a higher Business Licence fee on Chances Games’ Freeport operations from the wider issue of who has regulatory jurisdiction for gaming in Freeport.

Mr Smith, in Wednesday’s letter that was filed with the Supreme Court, said the GBPA was entitled to levy a higher fee because Chances Games was engaged in a business it was not currently licensed for.

Referring to the GBPA’s January 25, 2016, letter, which had sparked Chances Games’ Judicial Review, Mr Smith said all the quasigovernmental entity had been seeking to do was put their relationship “on a proper footing”.

He pointed out that Jarol/ Chances current license allowed it to operate as an Internet cafe, or location where customers could engage in online(e-commerce) purchases, not web shop gaming.

Tribune Business understands that many web shop chains, prior to legalisation, circumvented the law barring gambling by Bahamians through describing themselves as Internet cafes and such like in order to obtain Business Licences.

Mr Smith said Chances Games was in breach of its license by “carrying out gaming operations”, and needed to amend it to ensure it could supply these activities.

“The GBPA is also entitled to charge a higher license fee to gaming businesses than it has charged for other businesses, such as that formerly carried out by Jarol,” he wrote in response to the complaint about a ‘50-fold’ fee increase.

“This explains the pro-

back after he [Mr Gibson] came up on a ‘point of order’. I said to myself to leave it and come back to it. I know over time that I’m going to be absolutely correct.”

Several existing Bank of the Bahamas investors told Tribune Business earlier this week that shareholders were effectively being asked to “throw good money after bad”, given the institution’s heavy losses and absence of a well-articulated turnaround plan.

And, with the 35 per cent minority unlikely to take up much of their rights, capital markets opinion is that the Government will have to turn to NIB, the Public Treasury or a combination of both to raise the $40 million.

Hence Mrs Butler-Turner’s concern that further NIB investments in Bank of the Bahamas may not be appropriate, especially since the social security system’s assets are intended to benefit the Bahamian people.

NIB’s investments are intended to generate income that will be used to pay long and short-term benefits to all Bahamians, such as penposed increase in the license fee, which is in accordance with the GBPA’s longstanding policy of charging different types of business different levels of fees.”

Mr Smith added that GBPA business license fees typically ranged from a “token” $10 for community organisations to “the greater of $300,000 or 1 per cent of winnings for the largest casinos”.

“To the extent that your client complains of ‘double licensing’, this problem is caused not by the GBPA but by the Gaming Board,” the Callenders & Co QC added.

“It is the GBPA’s view that your client’s gaming business falls within this definition [of businesses that must be licensed by the Port], and accordingly that your client (so long as it is properly licensed by the GBPA) is not required to be licensed by the Gaming Board.”

This once again places the GBPA on collision course with the Government, although Mr Smith sought to rectify the suggestion in the GBPA’s January 25, 2016, letter that its regulatory power derives from the Gaming Act. He acknowledged that this was “incorrect”, as the GBPA’s authority came from the Hawksbill Creek Agreement.

Chances Games had railing against its proposed GBPA licence fee increase, which was to rise from $3,000 to $150,000. Given that similar payments had already been made to the Gaming Board, it fears being subjected to ‘double taxation’ if the increases stand.

The Supreme Court has set September 5-7 this year for hearing Chances Games’ substantive Judicial Review case, should it proceed.

to advertise today in the tribune call @ 502-2394

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sions, sickness, industrial (injury) and maternity benefits, and therefore need to be managed prudently to ensure maximum returns.

“I’m really concerned about it,” Mrs Butler-Turner told Tribune Business of NIB’s investments. “I believe it could become a huge concern with regard to the fund.

“I also believe that by them investing in Bank of the Bahamas, it may not be the best thing to invest in and subscribe for those shares.

“There was a forensic review of Bank of the Bahamas, and we have yet to see that. All these things are of grave concern, but no one seems to be paying attention to it.”

NIB has already taken hits as a result of its Bank of the Bahamas investments, with the latter producing a total $120 million loss over the three years to end-June 2016.

It suffered a two-thirds

cut in total comprehensive income for 2014, which fell from $33.7 million in 2013 to just $11.5 million, due largely to a $17.37 million loss on its ‘investment in associates’ - chiefly Bank of the Bahamas.

A similar result occurred in 2015, and Mrs ButlerTurner lamented the absence of “transparency and accountability” in financial management at both NIB and other government agencies.

This, she added, helped to create perceptions of “slush funds”, and that NIB monies were being used to prop up other failing government entities.

The MP also expressed concern over whether NIB would be used to finance the Government’s planned housing programme expansion, given the proposal to issue more Mortgage Corporation bonds.

The Bahamas Mortgage Corporation’s last published accounts, for its 2013

financial year, showed that NIB holds $102.7 million or 60.3 per cent of the former’s outstanding bonds.

The Mortgage Corporation’s ‘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.

But 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.

“NIB does not have a regulatory agency that oversees its investments” Mrs Butler-Turner told Tribune Business.

“I suggest that it would be judicious for the Government, at some point in the near future, to look at corporate governance policies for these quasi-governmental institutions that pretty much have free rein with our money that they’re investing. It would augur well.”

National Art Gallery of The Bahamas seeks Communications and Development Officer The National Art Gallery of The Bahamas is seeking a candidate for the Communications and Development Officer position.

The NAGB now has an exciting opportunity for a creative, talented and professional Communications and Development and Officer with excellent interpersonal and communication skills and a passion for outreach, fundraising, public relations at the nation’s premier cultural institution. For the past 13 years, the NAGB has committed itself to fostering local artists who continue to push the frontiers and foundations of culture across the islands. The institution assumes a critical role in the development of visual arts and devotes itself to exchange, the shoring up of national identity, scholarship and education.

The Communications and Development Officer would oversee the gallery’s communication and publicity efforts and is responsible for the day-to-day management and implementation of the gallery’s public relations and outreach efforts, media relations, programming initiatives and, most importantly, digital communications strategies, including the website.

The Communications and Development Officer would also be responsible for assisting Director and Chief Curator with the planning and production of public fundraising campaigns for exhibitions, general programming and capital projects.

KEY RESPONSIBILITIES: • Writing press releases and blog entries about exhibitions and gallery programming activities; • Assisting in writing about works in the National Collection or in temporary exhibitions; • Assisting with writing educational and communication materials for exhibitions, coordinating with the Curatorial department and the Education and Community Outreach Officer; • Managing the gallery’s external communications, including coordination of any advertising; not limited to radio ads, and print advertising along with the organization of the Blank Canvas Radio show.

• Coordinating content across all social media platforms and bi-monthly newsletters under the supervision of the Chief Curator, ensuring that these strategies are optimized in relation to the aesthetic aspects of the museum and its brand in signage and spatial utilization; • Work with the Director and Chief Curator to enhance NAGB’s public identity and positioning, foster positive external relations and build long-term strategic alliances; • Play an active, public role as a spokesperson and representative of the gallery; • Maintaining updates on NAGB website; • Managing gallery tours for schools, donors and VIP guests; • Assisting with communication to corporate and individual patrons; • Assisting in preparing corporate and individual fundraising mailings, including letters and proposals, for exhibitions and other gallery programs in conjunction with the Registrar; • Supervise and manage the research and preparation of all foundation, corporate and government grant proposals, and oversee grant administration and reporting; • Performing general administrative duties, including scheduling of tours and programming talks and screenings.

PERSONAL SPECIFICATIONS: • Qualified candidate will possess a Bachelor’s degree in related field – Communications, Marketing, English – and two or more years of experience; • Previous working experience in communications, development, social media management in a fast paced cultural environment; • Excellent communications, organizational and interpersonal skills demonstrating various capacities to plan, liaise and manage multiple projects; • Exceptional writing and oral skills, proficient in Microsoft Office (Word, Excel, PowerPoint); • Some knowledge of working with Adobe Suite, MailChimp, Google Documents; • Must have the ability to plan, prioritize and manage workloads whilst meeting deadlines; • Previous project management experience; • An outstanding team player with the ability to work on own initiative to drive results; • A vested and deep interest in and knowledge of modern and contemporary art, especially from The Bahamas and the region.

Please send the following documents in support of your application: 1.

2.

3.

4.

CV or résume Letter of Intent Writing sample of under 500 words.

3 Letters of recommendation.

Note: Make sure your application and any attachments to the application submitted at the time of filing are complete and accurate and include details on all experience, education, training and other information that qualifies you for this recruitment. Failure to submit a complete and accurate application at the time of filing may result in your ineligibility for this recruitment. Only the most qualified applicants will continue on in the selection process.

Selection Process: The selection process will include evaluation of applications in relation to minimum requirements. Applicants meeting the minimum qualifications are not guaranteed advancement to the interview. Only those applicants whose qualifications most closely meet the needs of the Department will be invited for an interview.

Deadline for applications: September 9th, 2016 For further questions, please contact Amanda Coulson, Director, The National Art Gallery of the Bahamas at acoulson@nagb.org.bs or info@nagb.org.bs

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PAGE 6, Friday, September 2, 2016

THE TRIBUNE

Britain’s May hopes to assure Chinese over nuclear plant BEIJING (AP) — On her first visit to China as Britain’s prime minister, Theresa May will try to reassure Beijing that she wants to strengthen ties despite her delay on a decision over whether to approve a Chinese-backed nuclear power plant in southwestern England.

The visit marks a testing point for relations that seemed on the upswing just months ago. While the mood in Beijing is that a post-Brexit Britain needs China more than ever, such assurances may be long in coming.

May’s predecessor David Cameron heralded a “golden decade” in bilateral ties, but he quit after Britain voted in June to separate from the European Union.

In a perceived slight to China, May abruptly launched a review into the Hinkley

Point C power plant project that Beijing is counting on to boost its nuclear technology exports.

Chinese leaders will be looking for signs that May is “going to go ahead with it like before,” an unlikely prospect given that the project is under review until this fall, said Steve Tsang, professor of contemporary Chinese studies at Britain’s University of Nottingham.

“I would expect that she would really want try to use this opportunity to reassure the Chinese that Hinkley Point C doesn’t mean that (Britain) does not want a good relationship with China,” said Tsang. “It’s a very wide-ranging relationship; there are many different dimensions to it. It shouldn’t all hang on something like Hinkley Point.”

May, who will be attending this weekend’s

NOTICE IN THE ESTATES OF CAROLYN GRONLUND late of Woodland Road off Village Road, in the Eastern District of New Providence one of Islands of The Commonwealth of the Bahamas and LISA PATRICIA SEARS (nee STEVENSON) late of No.626 Blue Hill Road, South Beach Subdivision in the Southern District of New Providence, aforesaid.

Deceased.

NOTICE is hereby given that all persons having any claims against the above-named Estates are required, on or before the 2nd day of October, A.D. 2016 to send their names and addresses, and particulars of their debts or claims, to the undersigned, and if so required by notice in writing from the undersigned, to come in and prove such debts or claims, or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estates are asked to pay their respective debts to the undersigned at once.

G20 summit in the eastern Chinese resort city of Hangzhou, has already dispatched an envoy to assure Beijing that she looks forward to working more closely with China in economic, trade and global affairs.

The Hinkley Point C plant, to be built by French energy giant EDF with backing from China General Nuclear Power Corp., would be Britain’s first new nuclear facility in 20 years and would seek to address its future energy needs.

China’s government-run nuclear industry is based on foreign technology, but has spent two decades developing its own with help from Westinghouse Electric Co., France’s Areva and EDF and other partners.

A separate export initiative is based on an alliance between Westinghouse and a state-owned reactor developer.

Although the reason for the Hinkley Point C’s review hasn’t been revealed, critics say it’s a bad financial deal for Britain. The plant’s technology is untested, and serious concerns remain about a Chinese state-owned company investing in key infrastructure that could give Beijing major political leverage in

Britain’s Prime Minister Theresa May leaves 10 Downing street for Prime Ministers Questions at the House of Parliament in London. On her first visit to China as Britain’s prime minister, Theresa May will try to reassure Beijing that she wants to strengthen ties despite her delay on a decision over whether to approve a Chinese-backed nuclear power plant in southwestern England.

(AP Photo) the event of a conflict.

China General Nuclear Power Corp. would finance a third of the plant’s 18 billion pound ($23.6 billion) construction cost and take the lead on designing and building a second nuclear plant in southeast England.

British acceptance of Chinese technology will ease the way for it to be sold around the world, a potential gold mine for China’s budding nuclear industry.

Security and commer-

AND NOTICE is hereby also given that at the expiration of the mentioned date above, the assets of the late CAROLYN GRONLUND and LISA PATRICIA (nee STEVENSON) will be distributed among the persons entitled thereto having regard only to the claims of which the Executrix shall then have had notice.

AND NOTICE is hereby given that all persons indebted to the said Estates are requested to make full settlement on or before the date hereinbefore mentioned.

NOTICE

NOTICE is hereby given that devon scott of Clarke Lane, 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 2nd day of september, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Dated this 2nd day of September, A.D., 2016. c/o PYFROM & CO Attorneys for the Executrix, No.58 Shirley Street, P.O. Box N 8958, Nassau, N.P., Bahamas.

NOTICE

MARKET REPORT THURSDAY, 1 SEPTEMBER 2016

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

BISX ALL SHARE INDEX: CLOSE 1,974.85 | CHG -0.06 | %CHG 0.00 | YTD 150.90 | YTD% 8.27 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 2.53 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 2.46 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 -0.07 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

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

115.30 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.03 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 26.2 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% 2.44% 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

cial issues surrounding the plant extend even beyond Britain. In April, the U.S. government indicted China General Nuclear Power Corp. for allegedly conspiring to illegally produce nuclear material in China with the help of experts in the U.S. without the government authorization required by U.S. law.

The company has said that it understands the new British government’s need to familiarize itself with the project given its importance to the country’s energy safety.

China’s state media, however, took a much harsher line.

“Apparently, London’s so-called ‘national security’ concerns ... could well endanger the bright new prospects the two nations’ leaderships have agreed

to foster,” the official Xinhua News Agency said in a commentary that labeled Britain’s actions as “Chinaphobia.”

“After divorcing the E.U., Britain would be foolish to decline stronger trade ties with China, whose markets remain home to tremendous business opportunities,” Xinhua added.

It remains to be seen whether Beijing will gain by upping the political ante. Some British politicians were already wary of the Cameron government’s enthusiasm for courting Chinese investment, while soft pedaling human rights issues that resonate with much of the British public.

That came after Cameron incurred Beijing’s wrath by meeting in 2012 with the Tibetan spiritual leader, the Dalai Lama, considered a separatist by Beijing.

The meeting prompted China to suspend high-level diplomatic contacts for 14 months while imperiling a raft of trade deals.

Overall, Chinese observers say they don’t expect any fundamental change in relations under May. Since both countries are major powers, their strategic diplomacies won’t change much based on their leaders’ personal preferences, said Zhang Yao, a former director of the Center for European Studies at the Shanghai Institute of Foreign Studies.

The G20 offers an opportunity for May and Chinese President Xi Jinping “to better understand each other” and agree on how they want to develop future relations, Zhang said.

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

NOTICE is hereby given that JUVINS THELUSMA of Bernard Road, 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 26thday of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

TRICKETT FINANCIAL CORP. Company No. 689339 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that TRICKETT FINANCIAL CORP. is in voluntary liquidation. The voluntary liquidation commenced on 31st August, 2016 and Nadina Hediger of im Grafli 1A, 8808 Pfaffikon SZ, Switzerland has been appointed as the Sole Liquidator.

Dated this 31st day of August, 2016 Sgd. Nadina Hediger Voluntary Liquidator Legal Notice NOTICE FORMENTERA INTERNATIONAL CORPORATION NOTICE IS HEREBY GIVEN as follows: (a) Formentera International Corporation is in dissolution under the provisions of the International Business Companies Act 2000 (b) The dissolution of the said Company commenced on the 30th August, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Shareece E. Scott Liquidator

THE TRIBUNE

Friday, September 2, 2016, PAGE 7

US average 30-year mortgage rate rises to 3.46 percent WASHINGTON (AP) — Long-term U.S. mortgage rates rose this week amid expectations in financial markets that an increase in interest rates by the Federal Reserve may be on the horizon. Mortgage rates remain at historically low levels, however.

Mortgage giant Freddie Mac said Thursday the average for the benchmark 30-year fixed-rate mortgage was 3.46 percent, up from 3.43 percent last week. The average rate is down from 3.89 percent a year ago, and is close to its all-time low of 3.31 percent in November 2012.

The 15-year fixed mortgage rate increased to 2.77 percent from 2.74 percent.

Fed Chair Janet Yellen said in a speech last Friday that the case for the Fed raising interest rates has been bolstered by a solid job market and an improved outlook for the U.S. economy and inflation. But she stopped short of offering any timetable. The central bank’s policymakers are scheduled to meet next on Sept. 20-21.

Following Yellen’s speech, investors’ expectations of a possible rate increase pushed the prices of U.S. Treasury bonds lower and drove up their yields.

Long-term mortgage rates tend to track the yield on 10-year Treasury notes, which rose to 1.58 percent Wednesday from 1.56 percent a week earlier. It in-

creased further to 1.60 percent Thursday morning.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.

One point equals 1 percent of the loan amount.

The average fee for a 30year mortgage fell to 0.5 point this week from 0.6 point last week. The fee for a 15-year loan was unchanged at 0.5 point.

Rates on adjustable fiveyear mortgages averaged 2.83 percent, up sharply from 2.75 percent last week.

The fee remained at 0.4 point.

a home under construction and for sale is shown in Roswell, Ga. On Tuesday, Aug. 23, 2016, the Commerce Department reports on sales of new homes in July. (AP Photo)

Explosion at SpaceX launch pad destroys rocket, satellite CAPE CANAVERAL, Fla. (AP) — A massive fireball and explosion erupted Thursday at SpaceX’s main launch pad, destroying a rocket as well as a satellite that Facebook was counting on to spread internet service in Africa.

There were no injuries.

The pad had been cleared of workers before what was supposed to be a routine pre-launch rocket engine test.

SpaceX chief Elon Musk said the accident occurred while the rocket was being fueled and originated around the upper-stage oxygen tank.

“Cause still unknown,” Musk said via Twitter.

“More soon.”

The explosion — heard and felt for miles around — dealt a severe blow to SpaceX, still scrambling to catch up with satellite deliveries following a launch accident last year. It’s also a setback for NASA, which has been relying on the private space company to keep the International Space Station stocked with supplies

and, ultimately, astronauts.

SpaceX was preparing for the test firing of its unmanned Falcon rocket when the blast happened shortly after 9 a.m. at Cape Canaveral Air Force Station. The test was in advance of Saturday’s planned launch of an Israeli-made communications satellite to provide home internet for parts of sub-Saharan Africa, the Middle East and Europe.

A video of the explosion shows a fireball enveloping the top of the rocket. Moments later, the nose cone containing the satellite plunged to the ground, followed by more explosions.

Buildings four miles away shook from the blast, and a series of explosions continued for several minutes.

Dark smoke filled the overcast sky. A half-hour later, a black cloud hung low across the eastern horizon.

Video cameras showed smoke coming from the restricted site well into late afternoon. Most of the rocket was still standing, although the top third or so was clearly bent over.

The explosion occurred at Launch Complex 40 at the Air Force station, right next door to NASA’s Kennedy Space Center, where emergency staff went on standby and monitored the air for any toxic fumes. The initial blast sent NASA employees rushing outside to see what happened. The Air Force stressed there was no threat to public safety in the surrounding communities.

While the pad was still burning, it was off-limits.

“We want to make sure we isolate any potential problem,” said Shawn Walleck, a spokesman for the Air Force’s 45th Space Wing, “because at this point, we’ve had no casualties, we’ve had no injuries, and we want to keep it that way.”

By evening the fire was out, but the pad was going to remain off-limits until Friday morning as a precaution, the Air Force said.

Facebook spokesman Chris Norton said the social media company was “disappointed by the loss, but remain committed to our mission of connecting peo-

Smoke rises from a SpaceX launch site yesterday, at Cape Canaveral, Fla. NASA said SpaceX was conducting a test firing of its unmanned rocket when a blast occurred. (AP Photo) ple to the internet around the world.” Founder Mark Zuckerberg was in Kenya on Thursday, discussing internet access with government officials.

The satellite’s Israelibased operator, Spacecom, said the loss will have “a significant impact” on the company. Just last November, ground controllers lost contact with the previous satellite in this so-called Amos series. The new satellite was supposed to provide servic-

es to television and internet operators and a number of clients, including Facebook.

The Falcon rocket destroyed Thursday is the same kind used to launch space station supplies. The last such flight took place in July. SpaceX, one of two companies making deliveries, is also working on a crew capsule to ferry station U.S. astronauts.

Two NASA astronauts were doing a spacewalk 250 miles up, outside the space

station, when the explosion occurred. Mission Control did not tell them about the accident, saying all communication was focused on the spacewalk.

NASA later put out a statement, saying the space agency remains confident in its commercial partners, SpaceX included.

The space station is well stocked and able to weather any potential delays to upcoming SpaceX deliveries, NASA said.

PAGE 8, Friday, September 2, 2016

Stocks, starting September on a quiet note, notch tiny gains NEW YORK (AP) — U.S. stocks staged a late recovery Thursday and finished mostly higher, led by technology and metals companies. However energy companies continued to fall with the price of oil.

In early trading the Dow Jones industrial average lost as much as 105 points. But those losses faded around noon and stocks finished more or less back where they started. Banks and utility companies slipped, and energy companies took losses as oil prices fell for the fourth day in a row.

It has now been almost two months since the stock market has made a big move. The market recorded a tiny loss in August after an extraordinarily quiet month.

Benchmark U.S. crude is down more than 9 percent this week, but it’s stayed between $40 and $50 a barrel for about five months.

Lowell Yura, a portfolio manager at BMO Global Asset Management, said investors shouldn’t worry about the recent decline because energy companies

have had more than a year to strengthen their financial positions in response to lower oil prices. So even if oil prices fall further, it won’t cause much damage to bonds or the broader stock market.

“We’ve had some time now for that sector to prepare for lower oil prices for longer,” he said. “In the long term it’s really hard to imagine a world in which low oil prices are bad for growth.”

The Dow rose 18.42 points, or 0.1 percent, to 18,419.30. The Standard & Poor’s 500 index lost 0.09 points to 2,170.86. The Nasdaq composite gained 13.99 points, or 0.3 percent, to 5,227.21.

U.S. crude oil gave up $1.54, or 3.4 percent, to $43.16 a barrel in New York. Brent crude, the benchmark for international oil prices, fell $1.44, or 3.1 percent, to $45.45 a barrel in London. Valero Energy lost $1.06, or 1.9 percent, to $54.29.

Diamond Offshore Drilling sank after the company said Brazilian oil company

Petrobras is terminating a contract with it. Diamond said the contract was scheduled to end in October 2018, and that it does not believe Petrobras’ actions are legal.

Its shares lost $1.96, or 10.6 percent, to $16.51.

Technology companies made the biggest gains.

Hewlett Packard Enterprise gained 68 cents, or 3.2 percent, to $22.16. Graphics chipmaker Nvidia said it will work with Chinese ecommerce company Baidu to develop an autonomous driving system. Nvidia picked up $1.81, or 3 percent, to $63.15 and Baidu rose $5.55, or 3.2 percent, to $176.62.

Campbell Soup fell after disappointing results from the company’s fresh products unit. The company said carrot sales fell because of a premature harvest that resulted in smaller vegetables, while a recall hurt sales of its Bolthouse Farms beverages. The maker of canned soups, Pepperidge Farm cookies and V8 juices has been trying to capitalize on a growing desire for fresh foods. Its stock slid $3.81, or

THE TRIBUNE

Trader Thomas Donato, center, works on the floor of the New York Stock Exchange, yesterday. The stock market is starting off September with slight gains, led by retailers and other consumer stocks. (AP Photo) after spending on gambling in Macau rose for the first time in more than two years. The Gaming Inspection and Coordination Bureau said gross revenue from gambling rose 1.1 percent in August. Gambling revenue in Macau plunged 34 percent last year and it’s down about 9 percent this year. Wynn Resorts rose $3.85, or 4.3 percent, to $93.17 and Las Vegas Sands gained $3.60, or 7.2 percent, to $53.81.

Cable company Charter Communications, which recently bought Time Warner Cable and Bright

House Networks, rose after S&P Dow Jones said the company will be added to the Standard & Poor’s 500 index next week. Charter gained $11.61, or 4.5 percent, to $268.82.

U.S. manufacturing shrank in August for the first time since February as orders and output fell and factories cut jobs. However there were signs that the weak global economy won’t hurt U.S. manufacturers as much. Chinese factory managers said they expect to do more business and European manufacturers reported continued growth.

Global stocks rise amid upbeat manufacturing data

hai Composite index fell 0.7 percent at 3,063.31. Australia’s S&P ASX 200 lost 0.3 percent to 5,415.60 and India’s Sensex climbed 0.3 percent to 28,533.60.

MANILA, Philippines (AP) — Global stocks mostly rose Thursday, buoyed by positive manufacturing data from China and Britain while investors await U.S. employment data later this week.

KEEPING SCORE: Britain’s FTSE 100 was up 0.2 percent at 6,793 and Germany’s DAX rose 0.5 percent to 10,642. France’s CAC 40 was up 1 percent at 4,481. U.S. futures augured gains on the open on Wall Street, with both the Dow

and S&P futures up 0.2 percent.

MANUFACTURING: An official monthly survey of Chinese factory managers, a barometer for manufacturing activity, came in at a better-than-expected 50.4 in August, on a 1-100 scale where 50 marks the threshold between contraction and expansion. The results reflect improved expectations among Chinese factory managers and upticks in production and orders.

The equivalent index in Britain rebounded in August, to 53.3 from a 41-month low in July of 48.3. It was a 10-month high and suggested manufacturers were helped by the drop in the pound and regained their poise after the initial shock of the June vote for Britain to leave the European Union.

ANALYST’S TAKE: “While there will be a focus on tomorrow’s U.S. jobs report, being by far the standout risk event this week,

6.3 percent, to $56.91.

Costco stock fell after the company reported weak sales for August. The wholesale club operator said sales at older stores were unchanged compared with last year, while analysts expected some growth.

The stock gave up $5.88, or 3.6 percent, to $156.21.

Materials companies made some of the largest gains. Gold producer Newmont Mining jumped $1.19, or 3.1 percent, to $39.43 and steel maker Nucor rose 79 cents, or 1.6 percent, to $49.30.

Casino companies rose

there is plenty of data being released throughout the day which should ensure it’s a lively session,” Craig Erlam, a senior market analyst at OANDA said in a commentary.

JAPAN’S MALAISE: A Japanese Ministry of Finance survey showed spending on factories and equipment in the AprilJune quarter was weaker than expected. The strength of the Japanese yen is pinching exporters who reaped windfall gains when the yen sank to near

120 yen per dollar. “The upshot is that the second estimate of GDP, due next Thursday, should confirm that the economy stagnated last quarter,” Marcel Thieliant of Capital Economics said in an analysis.

ASIA’S DAY: Asian markets were mixed, reflecting the contrasting data from the region. Japan’s Nikkei 225 closed 0.2 percent up at 16,926.84.

Hong Kong’s Hang Seng index gained 0.8 percent to 23,162.34. China’s Shang-

OIL: Benchmark U.S. crude lost 14 cents to $44.58 a barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, it dropped $1.65. Brent crude, used to price international oils, fell 18 cents to $46.71.

The CURRENCIES: dollar rose to 103.63 yen from 103.29 yen the previous day. The euro fell to $1.1150 from $1.1161