09202017 business

business@tribunemedia.net

WEDNESDAY, SEPTEMBER 20, 2017

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Govt getting just 15% of foreign yacht fees

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

Port Dept aims to outsource collections

THE Port Department is seeking to outsource foreign yacht fee collections, telling Tribune Business yesterday that just 15-20 per cent of due revenue is currently being obtained.

Captain Cyril Roker, its controller, said that in the past five months the Department had “redoubled” efforts to collect on outstanding revenue, with the 4 per cent foreign-flagged yacht charter fee one area it is targeting.

Concerns on marine resource ‘pilferage’ ‘Substantial’ revenues from dock crackdown “We still have a long way to go with foreign charters,” he said. “We are in talks with a Bahamian company to outsource the collection of the yacht charter fees.”

Captain Roker added that most charters are done through brokers, and said: “Despite our efforts in enforcing the collection of that revenue, we believe that we are only getting about 15-20 per cent. I would estimate that 90 per cent of the foreign yachts that come into our waters are chartered.”

He said the Department was also looking to reduce theft of the Bahamas’ marine resources. “There is a lot of pilferage going on,” Captain Roker said. People are coming into our waters and leaving with coolers filled with fish fillet.

“Some people come here and believe that a cruising permit gives them carte blanche to do whatever they want.” He added that liaising with other ministries and agencies, such as the Customs Department, in a “united front” could improve revenue collection and enforcement measures.

Captain Roker said the Department had enjoyed success in its efforts to crackdown down on fees owed by private/ residential dock owners in New Providence’s gated communities, and was now looking to See PG B5

FINANCIAL SERVICES OWNER: Atlantis parts ways IMF’S INCOME TAX ‘SPOT ON’ with top executive

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN financial services entrepreneur yesterday praised the IMF’s income tax recommendation as “spot on”, but warned: “Don’t wait for outsiders to tell us what to do.”

Paul Moss, principal of Dominion Management Services, told Tribune Business that the Fund’s ‘low rate income tax’ proposal mirrored his calls for reforms essential to preserving the financial services industry.

Reiterating his belief that the Bahamas needs to adopt a ‘low tax’ model, Mr Moss said the Bahamas needed to enact taxation reform “for ourselves rather than wait until we’re forced to do it”.

He acknowledged the IMF’s “poor track record” in advising small and low income economies, but suggested their proposal had merits - with local reaction to-date betraying a “lack of understanding” of the Bahamas’ need to reform.

“I think that they’re spot on with their

‘Why do we always wait for outsiders?’

Urges Bahamas to reform ‘for ourselves’ Says will open up ‘way of the future’

PAUL MOSS recommendation,” Mr Moss told Tribune Business of the IMF. “I just feel that based on some of the comments I’ve read that some people don’t understand the critical nature of where See PG B4

Senior accountants: Focus on taxation substance, not form

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas needs to focus on substance rather than obsessing over the most suitable form of taxation, senior accountants said yesterday.

Michele Thompson, Ernst & Young’s (EY) Bahamas managing partner, told Tribune Business that “compliance and enforcement” ease were key to determining the best taxation system for any nation.

While the International Monetary Fund (IMF) last week recommended that the Bahamas implement a ‘low-rate income tax’ over the medium term to compensate for reduced import duties, Ms Thompson said she “would not strongly advocate” for one form of taxation versus another.

With Value-Added Tax (VAT) generating $1.15 billion in gross revenues during its first two years, the EY managing partner said the Bahamas had to

EY execs: Don’t obsess over tax type Compliance and yields key instead Advise nation: Make VAT ‘work for us’ “make the best of it” and “do what is necessary to make it work for us.”

Ms Thompson joined Dan Scott, managing partner for EY’s financial services group, which includes the Bahamas, in arguing that “proper analysis” needed to be conducted before this nation undertook any further major tax reforms.

“At the end of the day, it’s about compliance and getting people to conform to taxation, whether it’s property tax, import duties or Stamp Duty,” she told Tribune Business.

“We’re currently a nation with significant taxation See PG B4

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net ATLANTIS and its top executive have parted ways, Tribune Business can reveal.

The Paradise Island resort will look to fill the role of president and managing director for the third time in less than three years, after Howard Karawan and its owner decided to “go their separate ways”.

A source with knowledge of the situation, and speaking on condition of anonymity, would only confirm of Mr Karawan: “All I can say is that he is no longer with the company.”

Attempts by Tribune Business to reach Mr Karawan up to press time yesterday were unsuccessful.

It is understood Atlantis, which is owned by Brookfield Asset

Howard Karawan departs after one year Seeking third new president in three years Management and its real estate/ hospitality investment funds, will put out a press release on his departure shortly.

Mr Karawan, a 30-year hotel and gaming industry executive, assumed the position of president and managing director at Atlantis on September 19, 2016, replacing Paul Burke. He has spent just one year in the post, indicating that he nay have opted not to renew his contract.

See PG B3

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‘CRUNCH MEETING’ FOR BPL’S MANAGER TODAY PowerSecure ‘willing to walk’ if not wanted Outcome of Board showdown now key Minister to address ‘key issues’ in House

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light’s (BPL) Board will hold a ‘crunch meeting’ with PowerSecure today, with the outcome likely critical in deciding whether the latter remains as manager.

Multiple Tribune Business sources yesterday confirmed that the US utility operator is quite willing to “walk away” from its maximum $25 million, five-year BPL management contract if the Board and Minnis administration wish it to go.

The meeting, which will be attended by PowerSecure executives and their attorneys from the US, is viewed as key to determining whether the two sides will ‘kiss and make up’ or separate.

“PowerSecure’s position is that if they don’t want us, we’ll go,” one well-placed source, speaking on condition of anonymity, told this newspaper. “They’re happy to go, but will not come in and say that. If they [the BPL Board] don’t want them, find an amicable way for them to separate.”

Another well-connected contact, also speaking on condition of anonymity, added: “They may be bringing the management contract to an end. It depends on how they [the Board and the Government] want things to progress in getting to that point.”

Both sources emphasised that no final decision had been taken.

Darnell Osborne, BPL’s chairman, did not return Tribune Business calls seeking comment on the meeting or the status of the Board’s relationship with PowerSecure.

Desmond Bannister, minister of works, said he was unaware of today’s meeting when contacted by Tribune Business, although it is understood he is not due to be present.

The minister, in a messaged reply to this newspaper, said he would “address a number of critical issues at Parliament” today See PG B5

PAGE 2, Wednesday, September 20, 2017

THE TRIBUNE

GROUP TEAMS WITH BTVI ON RENEWABLE ENERGY STUDIES A RENEWABLE energy group has agreed to donate a solar system to the Bahamas Technical and Vocational Training Institute (BTVI), and develop a curriculum for students leading to certification in solar energy.

“We are really pleased to have someone of the background and expertise of Philip Holdom to come into BTVI and do this,” said Robert W. Robertson, president of the institute that has some 2,000 students on its Nassau campus.

“This is a trade school, and this is exactly the kind of partnership that provides us with the ability to train those who want to advance their skills, and others who want to train to fill needed positions. There is a lot of growth in this area and we expect there will be a great response to the offering.”

Mr Holdom, founder of Alternative Power Supply (APS) and co-founder

of Sustainable Energy Bahamas, said recent policy changes combined with advances in solar power systems were driving increased demand for renewables.

“The new national energy legislation has opened up the possibility of using multiple solar technologies for the private and public sector,” Mr Holdom said. “Whether off-grid, grid tied or grid interactive technologies are used, there is an immediate need for people trained in renewable energy, science, math and system programming.

“Levels of certification will range from basic solar theory and installation practices (101) to intermediate and advanced courses in renewable energy design, installation and programming (201 & 301).”

Mr Holdom installed his first solar systems 27 years ago in Rum Cay and

Long Island. His companies are now part of the consortium that includes Sustainable Energy Ltd, a Bahamian firm, and together the group has a combined 50-year installation history in renewable energy with 370 Mega Watts (MW) of solar installs between the Bahamas and Europe.

As solar power gains momentum, one of the Bahamas’ most critical needs will be to train and certify Ministry of Work inspectors and electricians, said BTVI’s associate vice-president of academic affairs, Leroy Sumner.

BTVI officials and Mr Holdom said solar systems are currently too often being installed incorrectly by untrained persons, resulting in unsafe and sometimes dangerous installations for residential or commercial customers. That is also a concern for Bahamas Power & Light (BPL).

PICTURED L to R: Leroy Sumner, BTVI vice-president of academic affairs; Robert W. Robertson, president of BTVI; Philip Holdom, president of Alternative Power Supply and chief technology officer (CTO) of Sustainable Energy; and Kevin Basden, BTVI chairman. Photo /SHANTIQUE LONGLEY, COURTESY BTVI “At the end of the day, the desire is for the solar experience to be a good experience,” said BTVI chairman, and former BEC general manager, Kevin Basden. “What I see is a new horizon, a whole new market, but we have to make sure we get it right.”

Zev Crystal, Sustainable Energy’s co-founder and chief executive, who was not present at the September 18 BTVI meeting, said renewable energy meant new jobs and energy independence.

“Through this training programme and the certification by BTVI, we will be able to plug youth directly into jobs because we will have skilled solar practitioners and safe installers,” he added.

“We will have people who know how to install, inspect, operate, programme and monitor state-of-the-art renewable energy systems. It is all about energy independence and job creation, and this partnership with BTVI will help us to achieve that.”

Mr Holdom has been waging a 10-year campaign for legislation, the creation of a renewable energy standard in the Bahamas, and to train Bahamians to install, operate and maintain solar systems.

“This process will accelerate our nation towards an energy source that reduces costs, improves quality and consistency of power distribution, and is much gentler on the environment,” said Mr Holdom, who will train the instructors at BTVI. The first course is scheduled to start by midOctober, and will provide students with experience in installing a low voltage solar system from start to finish, plus basic knowledge of how renewable energy systems work.

Students who complete that course will be able to take more advanced courses in higher voltage systems; design; safety components; and system programming.

Graduates will have solar certifications that enable employers to gauge knowledge and skill level.

THE TRIBUNE

Wednesday, September 20, 2017, PAGE 3

BAHAMAS MUST ‘FIX’ BUSINESS EASE, SAYS EY COUNTRY CHIEF

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must “fix” its ease of doing business otherwise its economy will be increasingly challenged to grow, a senior accountant warned yesterday.

Michele Thompson, Ernst & Young’s (EY) Bahamas managing partner, told Tribune Business it would be “difficult to drive more business” to this nation unless its commercial and regulatory processes became more streamlined.

“One of the things we have been challenged with in the Bahamas, and are talking about in different forums, is the ease of doing business,” she said.

“It’s at the forefront of the Bahamas Financial Services Board to understand what areas we need to address to be more business

friendly. Our ranking is very low compared to Bermuda, Cayman and the big financial centres.

“Unless we fix that, it will be difficult to say there’s an area where we drive a lot more business. Unless we fix these areas we will find more and more challenges for business to grow, and bring business to the Bahamas.”

The Bahamas currently stands at 121st position in the World Bank’s ‘ease of doing business’ rankings, a result largely of other nations improving their processes while this nation has stood still and maintained the status quo.

Ms Thompson, who is also BFSB’s treasurer, said Immigration policy was a major area of focus for the financial services industry, with meetings on the subject already held with the minister responsible, Brent Symonette.

The EY country managing partner described Mr Symonette’s ministerial responsibilities, which also include financial services, as “a great combination” given the industry’s need to import skilled human capital that can also help Bahamians develop.

“It’s about bringing in the right talent and resources to help cultivate growth in the local talent pool,” Ms Thompson said. “In financial services there has to be an ease of allowing the right talent, skill sets and resources to come in and grow the sector.”

She emphasised, though, that the Bahamas needed to strike the correct balance between appropriate levels of regulation and facilitating the smooth conduct of business, especially in the financial services industry.

“We want to be on the right side of regulation, the right side of getting

business to the Bahamas,” Ms Thompson told Tribune Business. “If we get the regulation right, I think the business will come, be it financial services or another business. Those are the areas we need to focus on, and then we’ll just grow.

“There are several stakeholders in this whole thing that need to come to the table. It’s not just the accountants; it’s the lawyers and government as well.

We all have to come to the table to get it right. We all have a role to play. The ease of business is one of those critical areas we have to look at.”

Dan Scott, managing partner of EY’s financial services group, which includes the Bahamas, backed the need to balance the elimination of “unnecessary bureaucracy” and red tape with the maintenance of appropriate regulation.

He cited an elevator conversation with two new EY Bahamas-based recruits, in which they complained about the difficulties encountered in opening a bank account, as an example of the ‘red tape’ that needs to be eliminated.

Ms Thompson’s remarks echoed those of Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, who warned in yesterday’s Tribune Business that the Bahamas’ regulatory regime is “heavily weighted against business”.

He warned that this nation’s ease and cost of doing business was impeding both the domestic and international economic segments, especially foreign direct investment (FDI) and the financial services industry, resulting in the anemic GDP growth levels experienced since 2012.

Mr Moree said: “There’s a balance that has to be

achieved here, but regrettably there has evolved a highly bureaucratic and regulated environment which is weighted very much against business at the moment.

“We need to urgently address what has become a highly bureaucratic infrastructure for doing business in the Bahamas, both domestically and internationally.

“I think one of the most important factors and problems we have to address is our low ranking in the [World Bank’s] ease of doing business report. We’re a small country, and ought to be able to minimise bureaucratic, regulatory and other administrative delays while, at the same time, maintaining the reputation of the country to ensure we are a fully compliant, responsible international financial centre (IFC).”

BTVI meets Minister on solar energy re-launch

L to R: BTVI associate vice-president of administrative services, Zakia Winder; BTVI chairman, Kevin Basden; BTVI president, Dr. Robert W. Robertson; Minister of Environment and Housing, Romauld Ferreira; Ministry of Environment and Housing acting permanent secretary, Janice Miller; and BTVI dean of construction trades and workforce development, Alexander Darville. Photo: Shantique Longley

UNIFIED BUSING SYSTEM NO TRANSPORT ‘PANACEA’ A CABINET minister yesterday said a unified busing system will “not be a panacea” for New Providence’s transportation woes, as progress continues on this project.

Frankie Campbell, minister of transport and local government, told Tribune Business: “That is not the panacea for the problem of the busing system. There are some aspects that have to be considered.

“At the end of the day some decisions will be made, and some attempts will be made to bring relief to the people who are not getting bus service and are not satisfied, and also to the wider community one way or the other because they share the roads with the bus drivers.”

The proposed unification of the public bus system is part of the New Providence Road Improvement Programme (NPRIP), funded by the Inter­ -American

Development Bank (IDB), which also involved the upgrading of New Providence’s road network.

A $530,000 pilot project will demonstrate how the scheme will work, in an effort to boost the island’s “economic efficiency and sustainability”.

The Minnis administration has announced plans to establish a unified busing system – fuelled by smart technology – as part of a plan to improve the transportation network within the Bahamas.

While he could not give a timeframe for the pilot project’s launch, Mr Campbell said: “The project itself has not yet started. However, the persons who are responsible for piloting the project are still engaged and they are working towards that end.

I could confirm that the people who have taken the responsibility on are still hard at work.”

BAHAMAS Technical and Vocational Institute (BTVI) team members met recently with the Minister of Environment and Housing ahead of plans to re-launch its solar training programme in 2018.

Romauld Ferreira reiterated the Ministry’s mandate to increase renewable energy in the Bahamas, with solar power systems part of this effort.

Environment and Housing collaborate with the Ministry of Labour to ensure local inspectors receive proper solar panel training from BTVI to prevent the need to hire foreigners.

Mr Ferreira gave his backing to BTVI’s work, and expressed confidence in its plans. He said BTVI’s solar energy initiative was a major move in getting the Bahamas to where it needs to be.

BTVI’s president, Dr Robert W. Robertson, suggested that the Ministry of

Atlantis parts ways with top executive From pg B1 Prior to his appointment, Mr Karawan had served as president and chief marketing officer for Kerzner International, the former owner and operator of Atlantis. The resort will now look to fill the position for the third time in less than three years, having promoted from within since the resignation of George Markantonis in early 2015.

In an interview with Tribune Business back in July,

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 3221986 and share your story.

Mr Karawan admitted that he feared ‘market cannibalisation’ as a result of Baha Mar’s opening, and recently took a jab at Atlantis’s rival by saying it was “unacceptable” and “surprising” that Baha Mar had decided to close its doors to “customers and the community” during the passage of Hurricane Irma.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2016 CLE/GEN/1143

Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 14th day of August, A.D., 1997 between Diana A. Sealey and Troy W. Brown and Finance Corporation of Bahamas Limited.

AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws AND IN THE MATTER of the Survival of Actions Act, chapter 79 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND THE ESTATE OF DIANA A. SEALEY AND TROY W. BROWN

Plaintiff

First Defendant Second Defendant

TO: THE ESTATE OF DIANA A. SEALEY AND TROY W. BROWN TAKE NOTICE that: 1.

A Notice of Appointment to Hear Originating Summons filed herein on the 27th day of April, A.D., 2017, has been issued against you in the Supreme Court of The Bahamas being Action No. 2016/CLE/gen/001143 by Finance Corporation of Bahamas Limited the Plaintiff herein.

2.

The hearing date of the Notice of Appointment to Hear Originating Summons which was scheduled to be heard on Wednesday, August 30th, A.D., 2017 at 9:30 o’clock in the forenoon before The Honourable Justice Mr. Gregory Hilton whose chambers is located in the Swift Justice Building, Bank Lane, Nassau, New Providence, Bahamas will now be heard on Wednesday the 27th day of September, A.D., 2017 at 9:30 o’clock in the forenoon.

3.

You must attend the above-mentioned hearing otherwise an Order may be granted in your absence.

HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

PAGE 4, Wednesday, September 20, 2017

Senior accountants: Focus on taxation substance, not form From pg B1 already, and it doesn’t matter what laws we put in place; it’s about compliance, changing the culture and mindset of paying.”

Ms Thompson said the Bahamas needed to focus on maximising revenues, and achieving yields that enabled the Government to meet its fiscal obligations, through a ‘substance over form’ approach to taxation.

“I would not strongly advocate for one over the other,” she explained, in comparing different types of taxation. “It’s about understanding what the needs are from the Government’s perspective

to meet its fiscal responsibilities and, whether it be through import duties, VAT or income tax, you have a system of enforcement in place and persons are compliant.”

The reaction to the IMF’s VAT proposal has been overwhelmingly negative, with the private sector demanding that the Government put its own ‘fiscal house’ in order first before imposing new or increased taxes on the back of already over-burdened businesses and households.

There was no indication that the Fund had performed any in-depth analysis of its income tax proposal, its effects and how

Financial services owner: IMF’s income tax ‘spot on’ From pg B1 the Bahamas is with respect to its ‘tax haven’ status as opposed to tax competition.

“Tax competition is the way of the future; that’s the way of the future. What I fear is that when a jurisdiction like Cayman, Bermuda and others decides that is the route they’re going to go, business is going to flock to those jurisdictions because that is what the world is going towards.”

The reaction to the IMF’s VAT proposal has been overwhelmingly negative, with the private sector demanding that the Government put its own ‘fiscal house’ in order first before imposing new or increased taxes on the back of already over-burdened businesses and households.

The IMF had suggested a ‘low-rate income tax’ as revenue replacement for reduced import tariffs, which have to be eliminated or slashed as a result of the

Bahamas’ international trade commitments to the European Union (EU) and, possibly, the World Trade Organisation (WTO).

It argued that its proposal would also “make the tax system more progressive and help protect infrastructure and social spending”.

Mr Moss, though, described the IMF’s proposal as in line with his calls for the Bahamas to implement a ‘low rate’ corporate income tax as a means of reviving the financial services industry.

He has consistently argued that the current ‘no tax’ platform, with income, capital gains and inheritance taxes all absent, prevents the Bahamas from entering into ‘double taxation agreements’ that could

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N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (PELICAN SOUTHWEST) LIMITED ________________________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (PELICAN SOUTHWEST) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 14th day of September 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 20th day of September, 2017 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

THE TRIBUNE it would work in the Bahamas, leading to suspicions among some businessmen that there may have been a ‘hidden agenda’ behind its inclusion in the Article IV statement.

The IMF had suggested a ‘low-rate income tax’ as revenue replacement for reduced import tariffs, which have to be eliminated or slashed as a result of the Bahamas’ international trade commitments to the European Union (EU) and, possibly, the World Trade Organisation (WTO).

“Over the medium term, introducing a lowrate income tax as import duties are further reduced should make the tax system more progressive and help protect infrastructure and social spending,” the Fund had argued.

Mr Scott, who overseas the EY practices in the Bahamas, Bermuda, Cayman Islands and British Virgin Islands, said tax reform required much deeper study that just choosing one form over another.

He added that the costs, and complexity, involved in building administrative and enforcement systems were key considerations when new taxes are considered.

“It’s important to do the analysis,” Mr Scott told Tribune Business. “Once you ensure there’s enforcement and you collect, the challenge of changing to a new taxation regime, whether it’s income tax or otherwise, is what is the internal cost of building that out to ensure efficient enforcement.

“In some cases, people argue that you’re able

to enforce indirect taxes for pennies on the dollar, whereas with direct taxes you have to build a whole administrative regime around it.”

The senior EY partner added: “It’s not advocating one [tax] or the other.

It’s taking a step back, and doing the proper analysis to say how the Bahamas will meet its responsibilities, and have the best and efficient measures to collect the Government’s revenue.”

The cost, and complexity, involved in building a system to properly administer and enforce an income tax was the principal reason why the former Christie administration rejected it in 2014 in favour of VAT. The 7.5 per cent VAT also places the administration and collection burden on the private sector,

reducing the Government’s costs, while also creating a ‘self-enforcing’ paper trail between companies to boost compliance.

Ms Thompson told Tribune Business that the $1.15 billion in VAT revenues collected during the tax’s first two years had demonstrated its worth, and “we just have to make what we have work”.

“If you have a tax regime in place, whatever that tax regime is, making sure persons are compliant and that there is enforcement is critical,” she reiterated.

“We went with VAT because we determined it was the appropriate route to take. If that’s the tax regime we have, let’s do what’s necessary to make it work for us...... It’s not necessarily right this wrong, but let’s make the best of it.”

attract new business to this jurisdiction.

Such ‘double tax treaties’ would enable the profits of Bahamas-based international businesses to be taxed at a lower rate here, rather than at a higher rate back home, when these monies are repatriated - creating significant tax savings and benefits.

Mr Moss has also argued that a ‘low rate’ corporate income tax would enable the Bahamas to shed the ‘tax haven’ label, and meet international regulatory demands for greater transparency.

“There are many people who want to be in this country,” he told Tribune Business yesterday, “but they can’t because there’s no way for them to benefit from double tax arrangements, or relocate their business to the Bahamas

because of the description that we’re a tax haven.

“I introduced Fred Mitchell (former foreign affairs minister), while in the Middle East, to a few Indian clients who wanted to do business in the Bahamas but told him straight up they couldn’t because we didn’t have any double taxation agreements, and because of the ‘no tax’ position the Bahamas holds.”

The Government is currently assessing a Bahamas Financial Services Board (BFSB)-commissioned study by Deloitte’s UK arm, which analyses whether the current tax structure is suitable to maintain the sector’s competitiveness moving forward.

Mr Moss said those advising the Government against an income tax were the ones benefiting most from the current structure, but he agreed that the IMF’s

advice needed to be treated with caution.

“I have to say this,” he told Tribune Business. “The IMF has a track record that is not good when it comes to advice, and giving advice to countries. We should do it for ourselves. We should not wait until we are forced to do certain things.

“That’s been our modus operandi. We tend to wait until we’re pushed. But the windfall is far greater than maintaining the status quo.

I just hope we get the right people to look at this thing, and go forward.

“We know the way we raise taxes now are not sufficient to run this archipelago, and these hurricanes popping up all over the place are a demonstration of that. VAT at 7.5 per cent is not going to cut it, and it has to be supplemented with income tax,” Mr Moss continued.

“That will blow our minds in terms of what we will raise. There are people raising the boogeyman that there will be a flight of businesses from this country [with an income tax], but that’s not going to fly.”

Urging the Bahamas to “take the lead, and be the first to do it”, Mr Moss suggested that the Bahamas introduce a ‘low rate’ corporate tax for international and domestic businesses first, before extending it to individual Bahamians.

“If we were to enact legislation today saying that IBCs wanting to pay can pay income tax, I’m sure many will want to pay it as the beneficial owners can demonstrate they are doing tax compliant business in the Bahamas,” he told Tribune Business.

“We always have to wait for outsiders to tell us what to do in our own country.”

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (DOLPHIN) LIMITED ________________________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (DOLPHIN) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 14th day of September 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

NOTICE Pursuant to the Provisions of Section 138 (2) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that GABUS ASSET INVESTMENTS LIMITED has been dissolved and that the name has been struck from the Register of Companies with effect from the 22nd day of August A. D. 2017.

Enervo Administration Limited, LIQUIDATOR Montague Sterling Centre, East Bay Street Nassau, The Bahamas, P.O. Box N-3924

Dated the 20th day of September, 2017 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (FLAMINGO ALPHA) LIMITED ________________________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (FLAMINGO ALPHA) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 14th day of September 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

NOTICE EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (FLAMINGO ALPHA) LIMITED ________________________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 12th day of October, A.D., 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 20th day of September, A.D., 2017.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

NOTICE

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (PELICAN SOUTHWEST) LIMITED ____________________________________________

EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (DOLPHIN) LIMITED ________________________________________________

Dated the 20th day of September, 2017

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 12th day of October, A.D., 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 20th day of September, A.D., 2017.

R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 12th day of October, A.D., 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 20th day of September, A.D., 2017.

R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

THE TRIBUNE

Wednesday, September 20, 2017, PAGE 5

‘Crunch meeting’ for BPL’s manager today From pg B1 - likely a reference to the promised tabling of PowerSecure’s management services agreement (MSA) and $900,000 BPL business plan.

However, sources close to the Board suggested its members were expecting PowerSecure to “walk away” as early as today from its management contract.

There is little doubt that the already-fractured relationship between BPL Board and PowerSecure is now coming to ‘a head’, following last month’s neartotal breakdown triggered by the firing of former chief executive, Pam Hill.

The Board also demanded that PowerSecure fully reimburse BPL for the $1.9 million lost as a result of the much-publicised fraudulent cheque scheme, and ordered the US operator to “cure all deficiencies and/or breaches” under its contract within a 30-day period that expires in mid-September.

YOUR

That deadline has now been reached, and Tribune Business understands that the US utility operator is due to respond to the Board’s concerns imminently, rejecting its criticisms and demands.

As previously reported by this newspaper, PowerSecure was especially dumbfounded that the Government and Board were seeking to hold it financially accountable for the vendor fraud scheme when it was the management company that had requested the Ernst & Young forensic audit, having detected that something was amiss.

And it was also questioning the legality of Ms Hill’s termination, believing that its Management Services Agreement (MSA) gives the BPL Board the ability to request a change - but not to fire - the chief executive.

Tribune Business’s sources said today’s meeting will also seek to “bring clarity”, and find common ground, between the two sides over the MSA, especially their different

obligations and what PowerSecure is obligated to do as BPL’s management company.

“PowerSecure’s position is: ‘If you want us here, we’ll stay. These are our terms to stay, and this is the plan to get you where you need to go’,” one source said. “‘If you have a contrary viewpoint, we’ll hear you out and see what we can do’.”

They added that the US utility operator was concerned about the increasing ‘reputational risk’ from the BPL contract, with the Board perceived to be leaking information to the media to justify its action and portray PowerSecure negatively.

The minimum $10 million, and maximum $25 million, that PowerSecure can earn pales alongside the $60 billion in revenues that can be earned annually by its parent, Southern Company.

“They’re really trying to figure out why they’re getting so much heartache over such a small contract,” one contact added of PowerSecure.

Tribune Business sources yesterday said PowerSecure had encountered political interference from virtually the moment it signed the MSA agreement with the former Christie administration in March 2016.

Suggesting that the previous government continued to “micro manage” BPL despite the presence of its new operator, one contact said: “They [PowerSecure] should have walked away then, but they tried to stick it out. They tried to be patient, and wait for the politics and the general election to go away.”

The management contract was then inherited by the Minnis administration and new Board, who were

deeply suspicious of the commercial arrangements and transactions inherited from the Progressive Liberal Party (PLP).

And there were plenty of signs PowerSecure would be unable to run BPL as a proper business from the get-go. The former Christie administration rejected PowerSecure’s request for an increase in BPL’s base tariff rate, which would have boosted cash flow and ended its practice of selling electricity ‘below cost’ - freeing up funds for muchneeded maintenance.

And the previous government’s failure to refinance the Bahamas Electricity Corporation’s (BEC) $650 million-plus in legacy debts and environmental liabilities via the promised Rate Reduction Bond (RRB) has also left PowerSecure and BPL’s hands tied financially.

If PowerSecure does depart, it is unclear how the BPL Board and Minnis administration plan to move the stricken energy monopoly forward, as it will have no replacement leadership or management team in place.

GOVT GETTING JUST 15% OF FOREIGN YACHT FEES From pg B1 initiate something similar in the Exumas.

Revealing that the Port Department is aiming to set up offices in Exuma and other major Family Islands, he said: “It’s a very exhaustive exercise but we are doing as much as we can. We are setting up an office in Exuma to be able to support the growth in the Exumas.

“Exuma has become a very popular destination for boaters to the Bahamas. We have already been there to do an assessment. There are a number of private islands which have docks and we have reached out to them.”

While unable to place a figure on the amount of revenue collected thus far from the crackdown, Captain Roker said it was “substantial”. “The revenue is substantial. For the most part everyone is coming on board. There may be one or two instances where there may have to be legal action, but for the most part that is going well,” he added.

CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2016 CLE/GEN/ 01166

Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 11th day of June, A.D., 2003, between Renaldo Ellsworth Roberts and Camille Michael Roberts and Finance Corporation of Bahamas Limited.

AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND REYNALDO ELLSWORTH ROBERTS AND

Plaintiff

First Defendant

THE ESTATE OF CAMILLE MICHAEL ROBERTS Second Defendant To: REYNALDO ELLSWORTH ROBERTS AND THE ESTATE OF CAMILLE MICHAEL ROBERTS TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of the Bahamas by Finance Corporation of Bahamas Limited, Robinson Road Branch, Robinson Road and Key West Street, Nassau, New Providence, Bahamas in which the Plaintiff ’s claim as set out in the Originating Summons filed in this action on the 3rd day of August, A.D., 2016 for an Order to direct you to deliver up possession of the Mortgaged Properties situate within the “Rolling Hills Estates” Subdivision in the Western District of the Island of New Providence which said piece parcel or lot of land is designated “B” AND situate in the Southern District of the Island of New Providence aforesaid in the “Kennedy Subdivision” which said piece parcel or lot of land is designated as Lot Number 251, New Providence, Bahamas to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 11th day of June, A.D., 2003, and that it has been ordered that the publication of a notice of the entry of the Originating Summons filed on the 3rd day of August, A. D., 2016, and the delivery of all further process issued herein by way of publication of Notice in the local gazette shall be deemed good and sufficient service of the said document upon you.

The hearing date of the Originating Summons which was scheduled to be heard on Wednesday, August 30th, A.D., 2017 at 9:30 o’clock in the forenoon before The Honourable Justice Mr. Gregory Hilton whose chambers is located in the Swift Justice Building, Bank Lane, Nassau, New Providence, Bahamas will now be heard on Wednesday the 27th day of September, A.D., 2017 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just.

A copy of the said Originating Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, Bank Lane, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned.

Dated the 11th day of September, A.D., 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

PAGE 6, Wednesday, September 20, 2017

THE TRIBUNE

SENATE PANEL INVITES TRUMP LAWYER TO TESTIFY IN PUBLIC

By ERIC TUCKER AND MARY CLARE JALONICK Associated Press WASHINGTON (AP) — The Senate intelligence committee is asking President Donald Trump’s lawyer to return to Capitol Hill for a public hearing next month after abruptly canceling a closed-door staff interview Tuesday morning.

Committee leaders said they called off the interview after Michael Cohen sent a public opening statement to the media just as the meeting was about to start.

Senate intelligence committee Chairman Richard Burr, R-N.C., and the panel’s top Democrat, Sen. Mark Warner of Virginia, issued a sharp statement saying the panel had asked Cohen to “refrain from public comment” and that they would

request he return — this time for a public hearing.

“We declined to move forward with today’s interview and will reschedule Mr. Cohen’s appearance before the committee in open session at a date in the near future,” Burr and Warner said in the statement. “The committee expects witnesses in this investigation to work in good faith with the Senate.”

Later in the day, the committee scheduled the public hearing for Oct. 25. Asked if he would subpoena Cohen to compel his appearance, Burr said “I don’t think we’ll need to.”

The Senate intelligence committee is one of several congressional panels investigating Russia’s interference in the presidential race and potential ties to the Trump campaign. Special counsel

Robert Mueller and his team of investigators are conducting their own criminal investigation.

Burr and Warner said the committee changed its rules after Trump’s son-inlaw, Jared Kushner, publicly released his 11-page prepared remarks to the panel ahead of his own closeddoor interview with the panel. That interview went forward with Kushner answering questions for several hours.

Burr said the committee doesn’t want witnesses to release in public what they are saying behind closed doors.

“We’ve changed the agreement that we have with people since Jared Kushner was in, and this is the model we’ll follow,” he said.

Cohen’s lawyer said they issued the public statement

because the meeting had been leaked to the press.

Cohen stayed in the committee’s offices about an hour and a half before emerging and telling reporters that the committee had decided to “postpone” his interview. His interview had been expected to focus at least in part on a discussion to develop a Trump Tower in Moscow right as the presidential campaign was unfolding, a real estate deal he disclosed last month in a statement to congressional investigators. In a prepared statement obtained by The Associated Press ahead of his appearance, Cohen said that the proposal was abandoned before the first Republican primaries and was “solely a real estate deal and nothing more.”

After leaving the committee’s offices, Cohen attorney Steve Ryan said the “statement was factual, it was accurate, and we stand behind that statement.”

Ryan said that Cohen still intends to voluntarily cooperate with the committee as well as its counterpart in the House, which is carrying out a similar investigation.

Cohen spoke briefly, saying “I’ll be back.”

In his statement last month, Cohen said he had worked on the Moscow real estate proposal with Felix Sater, a Russian-born associate who Cohen said had claimed to have deep connections to Moscow. Cohen also has said that he emailed

MICHAEL COHEN, President Donald Trump’s personal attorney, arrives on Capitol Hill yesterday. Cohen is schedule to testify before the Senate Intelligence Committee in a closed session.

(AP Photo/Pablo Martinez Monsivais) Russian President Vladimir Putin’s press secretary after Sater suggested that the proposal would require approvals within the Russian government.

The discussions about the potential development occurred in the fall of 2015, months after Trump had declared his candidacy, and ended early last year when Cohen determined that the project was not feasible.

In his statement Tuesday, Cohen said the proposal was “solely a real estate deal and nothing more.”

“I was doing my job,” he added.

The Trump Organization has previously said that the licensing deal “was not significantly advanced” and that no site or financing

materialized during the negotiations.

Cohen also denounced allegations from a dossier produced by an opposition research firm, calling the document “lie-filled” and fabricated. He said he had never discussed with any member of the Russian Federation or anyone else a plan to hack into email accounts or to interfere with the election.

“Given my own proximity to the President of the United States as a candidate, let me also say that I never saw anything — not a hint of anything — that demonstrated his involvement in Russian interference in our election or any form of Russian collusion.”

Senate GOP tentatively agrees to $1.5T plan on tax cuts

By ANDREW TAYLOR Associated Press WASHINGTON (AP) — Senate Republicans are zeroing in on a tax outline that would add about $1.5 trillion to the government’s $20 trillion debt over 10 years, justifying the spurt of red ink with promises of surging economic growth and a burst of new revenues.

MARKET REPORT TUESDAY, 19 SEPTEMBER 2017

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

BISX ALL SHARE INDEX: CLOSE 1,863.21 | CHG 0.02 | %CHG 0.00 | YTD -75.00 | YTD% -3.87 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.15 6.47 8.60 6.30 10.60 14.49 2.52 1.60 6.00 10.00 11.00 3.42 7.25 12.51 11.00

52WK LOW 4.05 17.43 8.19 3.50 1.26 0.12 3.80 8.40 5.83 9.46 10.00 2.18 1.50 5.80 8.75 7.01 3.41 6.60 11.93 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 105.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

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

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.08 3.96 1.96 170.77 146.34 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.28 17.43 9.09 3.65 1.39 0.14 3.92 8.60 6.10 10.48 10.01 2.50 1.55 6.00 9.75 7.08 3.42 7.01 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.59 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.65 1.39 0.14 3.92 8.60 6.10 10.48 10.01 2.52 1.55 6.00 9.75 7.08 3.42 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.55 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME 65 54 500 2,886

VOLUME

NAV 2.08 3.96 1.96 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.467 0.932 -0.230 0.540 -0.340 0.000 -0.857 0.574 0.681 0.540 0.559 0.102 0.455 1.212 0.768 0.575 0.929 -0.602 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000

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

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

P/E 9.2 18.7 N/M 6.8 N/M N/M -4.6 15.0 9.0 19.4 17.9 24.7 3.4 5.0 12.7 12.3 3.7 -11.6 17.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST 7.00% 6.00% Prime + 1.75%

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

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

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

YTD% 12 MTH% 2.55% 4.51% 1.07% 1.53% 1.38% 2.48% 3.48% 4.01% 3.17% 7.00% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-Jul-2017 31-Jul-2017 28-Jul-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017

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

YIELD 1.87% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 3.44% 5.69% 2.38% 3.87% 4.83% 4.62% 0.00% 9.94% 2.00% 4.96% 0.00%

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

Tennessee Sen. Bob Corker, a member of the chamber’s dwindling band of deficit hawks, and Sen. Pat Toomey, R-Pa., one of the chamber’s more ardent believers that tax cuts can pay for themselves, said they sealed an agreement on Tuesday.

The $1.5 trillion figure, confirmed by congressional officials familiar with the agreement, would allow deeper cuts to tax rates than would be allowed if Republicans followed through on earlier promises that their upcoming tax overhaul wouldn’t add to the deficit.

It’s likely to be announced on Wednesday.

The agreement would represent an about-face for Capitol Hill GOP leaders such as Senate Majority Leader Mitch McConnell, R-Ky., and House Speaker Paul Ryan, R-Wis., who for months have promised that the GOP tax overhaul would not add to the budget deficit, currently estimated to hit about $700 billion this year.

The broad-brush tax cut number, if approved by the Senate, would pave the way for the Senate’s tax writers to slice corporate and individual tax rates and curb tax

breaks in hopes of boosting economic growth to 3 percent or more as promised by President Donald Trump.

Corker had pressed for a lower figure, saying he didn’t want the GOP tax plan to cause the debt to spiral further. Now, he’s taking a more generous view of so-called dynamic scoring, which takes the economic effects of legislation into account when determining its impact on the government’s books.

“We hope this is highly pro-growth. We hope, by the way, that Congress will be firm in closing loopholes,” Corker said.

“Honestly, that worries me the most about all of this.”

The divide between the Senate GOP’s deficit hawk and “supply side” wings had taken weeks to resolve.

Republicans preached a hard line on the deficit while Barack Obama was president but are taking a more lenient approach now that Trump is occupying the Oval Office, promising a huge budget boost for the military and signaling an openness to working with Democrats to increase domestic agency budgets, too.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, NICHOLAS NORREUSAUGUSTIN of Charles Vincent Street, P.O. Box N1552, New Providence, Bahamas intend to change my name to NICHOLAS NORREUS MESIDOR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE BEMANI MANAGEMENT HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: a) BEMANI MANAGEMENT HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. b) The dissolution of the said company commenced on the 15th September, 2017 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.

Dated this 20th day of September, A. D. 2017

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

_________________________________ Octagon Management Limited Liquidator

THE TRIBUNE

Wednesday, September 20, 2017, PAGE 7

SLIGHT GAINS IN US STOCKS LIFT DOW, S&P, NASDAQ TO NEW HIGHS

By ALEX VEIGA Associated Press WALL Street capped a day of mostly listless trading Tuesday with a slight gain, good enough to lift the major U.S. stock indexes to another set of all-time highs.

Banks, insurers and other financial companies led the gainers. Technology companies also helped lift the market. Health care stocks lagged the most, pulling down insurers, hospital operators and other companies as a Republican effort to repeal President Barack Obama’s health care bill appeared to gain momentum. Oil prices fell.

Trading was subdued overall as investors looked ahead to Wednesday, when the Federal Reserve was expected to deliver an update on the central bank’s view of the economy and the timing of its plans to raise interest rates and shrink its bond holdings.

“People are still, as they usually are the day before a Fed announcement, kind of in a wait-and-see mode,” said Lindsey Bell, investment strategist at CFRA Research.

The Standard & Poor’s 500 index rose 2.78 points, or 0.1 percent, to 2,506.65.

The index, regarded as the broadest measure of the stock market, has hit a record high three days in a row.

The Dow Jones industrial average gained 39.45 points, or 0.2 percent, to 22,370.80.

The average is on a six-day streak of new highs.

The Nasdaq composite added 6.68 points, or 0.1 percent, to 6,461.32.

The tech-heavy index also notched a new high, its first since last Wednesday.

The Russell 2000 index of smaller-company stocks declined 0.68 points, or 0.1 percent, to 1,440.40.

The major stock indexes wavered in early trading, but recovered to hold their small gains by afternoon.

Investors sized up new economic data that showed the pace of U.S. home construction slowed in August due to a steep drop in apartment construction. A separate report on business confidence showed CEO optimism reached its highest level since early 2014.

Mostly, though, investors were focused on what the Fed will have to say on Wednesday.

Forecasters expect the Fed to leave interest rates unchanged and stick to plans to raise rates in December. But traders will be listening for word on whether the central bank is ready to begin shrinking its multitrillion-dollar stockpile of bonds.

Such a move would allow the Fed to effectively raise interest rates without touching its key short-term rate, known as the federal funds rate, said Phil Blancato, CEO of Ladenburg Thalmann Asset Management.

“That’s the most important aspect here,” Blancato said. “That does have an impact on the bond market, and you see the bond market going slightly higher here over the last two days.”

Bond prices fell Tuesday, sending the yield on the 10-year Treasury note up to 2.24 percent from 2.23 percent late Monday.

Speculation Speculation that the Fed will announce plans to unwind its bond portfolio helped lift shares in banks and other financial companies. Such a move by the Fed would likely push long-term interest rates up.

Banks benefit from higher rates, which can translate into higher profits from lending money. U.S. Bancorp added 78 cents, or 1.5 percent, to $53.16. Wells Fargo & Co. rose 65 cents, or 1.2 percent, to $53.36.

Progressive gained 2.9 percent after the insurer reported lower-thanexpected losses from Hurricane Harvey. The company is the second insurer to report losses related to the hurricane, which battered Texas and Louisiana last month, that were far less than financial analysts expected. Progressive shares rose $1.32 to $47.63.

Technology stocks were also among the big movers.

The sector is the biggest gainer this year, up 26 percent.

NetApp climbed $1.08, or 2.7 percent, to $41.71.

Several health insurers and hospital operators were trading lower after

top Senate Republicans said Tuesday that their lastditch effort to overhaul the Affordable Care Act is gaining momentum.

Envision Healthcare sank $4.56, or 9.6 percent, to $43.11. Humana slid $8.41, or 3.4 percent, to $240.04.

Centene, which administers Medicaid programs and sells health plans to the ACA’s exchanges, lost $4.80, or 5.1 percent, to $89.78.

Investors welcomed news that Post Holdings, maker of cereals such as Honey Bunches of Oats and Fruity Pebbles, agreed to acquire Bob Evans Farms in a deal worth about $1.53 billion.

Shares in Bob Evans, a maker of refrigerated side dishes, gained $4.48, or 6.1 percent, to $77.41. Post added 52 cents, or 0.6 percent, to $86.36.

Traders were less enthused by word that the Federal Trade Commission signed off on a deal for Walgreens Boots Alliance to buy 2,186 Rite Aid stores for $5.19 billion. That amounts to a much smaller deal than the companies originally sought when Walgreens pushed to buy Rite Aid. The companies abandoned that deal following opposition from regulators. Rite Aid shares lost 33 cents, or 12.1 percent, to $2.40. Walgreens slid $1.39, or 1.7 percent, to $81.21.

Energy futures closed lower.

Benchmark U.S. crude fell 43 cents, or 0.9 percent, to settle at $49.48 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gave up 34 cents, or 0.6 percent, to close at $55.14 a barrel in London.

Wholesale gasoline slid 1 cent to $1.66 a gallon. Heating oil fell 1 cent to $1.77 a gallon. Natural gas declined 2 cents to $3.12 per 1,000 cubic feet.

In metals trading, gold slipped 20 cents to $1,310.60 an ounce. Silver gained 12 cents to $17.28 an ounce.

Copper held steady at $2.97 a pound.

The dollar rose to 111.50 yen from 111.47 yen on Monday. The euro strengthened to $1.1997 from $1.1953.

Global shares were mixed Tuesday.

In Europe, Germany’s DAX was flat, while France’s CAC 40 rose 0.2

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division BETWEEN

2017 CLE/GEN/00031

FINANCE CORPORATION OF BAHAMAS LIMITED AND CLYDE STEPHEN FERGUSON TO:

Clyde Ferguson

Plaintiff Defendant

TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Writ of Summons filed in this action on the 11th day of January, A.D. 2017 claiming against you inter alia the sum of $$179,439.82 arising from your default of a loan granted by the Plaintiff to you on or about the 20th day of August, A.D. 2009 AND THAT it has been ordered that service of the said Writ filed herein be effected on you by way of this advertisement.

If you desire to defend the said action, you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (1) by handing in the appropriate forms duly completed, at the Registry of the Supreme Court, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or (2) by sending them to that office by post. Please also note that if you enter an appearance, then unless a Summons for judgment is served on you in the meantime, you must also serve a Defence on the Attorneys for the Plaintiff within 14 days after the last day of the time limited for entering an appearance, otherwise judgment may be entered against you without notice.

A copy of the said Writ and the Order may be obtained from the Supreme Court Registry, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or from the Attorneys of the Plaintiff below mentioned.

Dated the 20th day of September, A.D. 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, The Bahamas Attorneys for the Plaintiff

THE AMERICAN flag flies above the Wall Street entrance to the New York Stock Exchange. Global stock markets traded in fairly narrow ranges Tuesday, Sept. 19, 2017, as investors paused for breath, a day after U.S. stock markets struck a record high and geared up for the latest interest rate decision from the U.S. Federal Reserve. (AP Photo/ Richard Drew, File) percent. The FTSE 100 index of leading British shares gained 0.3 percent.

In Asia, Japan’s benchmark Nikkei 225 added nearly 2.0 percent coming off a national holiday on Monday. Australia’s S&P/ ASX 200 edged down 0.1 percent, while South Korea’s Kospi lost nearly 0.1 percent. Hong Kong’s Hang Seng fell nearly 0.4 percent.

NOTICE TRUMPET SOUNDS INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TRUMPET SOUNDS INC. is in dissolution as of September 12, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

PAGE 8, Wednesday, September 20, 2017

EXCITING AND CHALLENGING OPPORTUNITY FOR YOUNG BAHAMIANS

Can you imagine a career which will take you to the world’s most fascinating ports and far flung destinations?

A Maritime career could take you there.

Do you have 5 BGCSE passes, including Math, Physics or Chemistry, and English Language at Grade ‘C’ or above?

Have you obtained a combined SAT score of at least 1500?

Are you physically fit?

Are you between the age of 16 and 20 years?

If you have answered YES to the above questions, then please read on.

The Bahamas Maritime Authority is once again offering a scholarship to a young Bahamian, who is keen to train for an exciting and challenging career in the Maritime Industry.

The scholarship is inclusive of tuition, course materials, accommodation and travel. Commencing September 2018, the successful candidate will follow a 4-year degree programme at the State University New York Maritime College, New York, USA. Upon completion of the degree, the qualified officer will be expected to serve on board a Bahamian flagged vessel for at least 2 years.

Further information and application forms can be obtained from: Mrs. Katie Clarke, Assistant Director, Bahamas Maritime Authority, Shirlaw House, #226 Shirley Street, P. O. Box N-4679, Nassau, Bahamas; Website: www.bahamasmaritime.com OR Email: scholarship@bahamasmaritime.com Tel: +1-(242)-356-5772 Fax: +1-(242)-356-5889 Completed applications must be submitted in person or by post, with copies of academic certificates/transcripts and proof of Bahamian citizenship, no later than Friday, 29th September 2017. Qualified applicants will be contacted for interviews.

THE TRIBUNE