09282017 business

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THURSDAY, SEPTEMBER 28, 2017

$4.25 ACCOUNTING FIRM PLANS 25% STAFF ‘RAMP UP’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN accounting firm is aiming to “ramp up” staffing levels through 25 per cent growth over the next year, as it eyes opportunities in the digital space. Michele Thompson, Ernst & Young’s (EY) Bahamas managing partner, told Tribune Business in a recent interview that the company was already aiming to grow its workforce from “just over 60” to around 80 by year-end. She added that EY was targeting Bahamians leaving colleges and universities, and those graduating from the University of the Bahamas (UoB), in a bid to develop a strong cadre of local talent. “One of the things we’re very keen on is doing a lot of growth from the ground up,” Ms Thompson said, explaining that EY’s Bahamian affiliate had been able to use the firm’s

Top EY regional partner urges digital focus Eyes technology campuses ‘jump ahead’ And can be ‘beacon’ on e-Govt reform international links to attract business. While ‘assurance’ was a “staple service line”, she added that Value-Added Tax’s (VAT) introduction had created “an opportunity to do more” in the area of taxation, while advisory and transaction advisory presented further growth possibilities. Dan Scott, managing partner for EY’s financial services group, which includes the Bahamas, told Tribune Business that the digital/technology field presented “leadership” See PG B5

RENEWABLE energy professionals yesterday rejected PowerSecure’s dismissal of utility-scale solar for New Providence, describing its model costs as “extraordinarily high”. Guilden Gilbert, vicepresident of Alternative Power Sources (APS) Bahamas, told Tribune Business “there is no way that a 40 Mega Watt solar photovoltaic (PV) plant would cost $140 million” as stated by Bahamas Power & Light’s (BPL) former manager. He suggested the cost was over-priced by as much as 44.3 per cent. BPL’s business plan, as drafted by PowerSecure, had rejected such a

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CANADIAN-based developer with $500 million in assets has emerged as the potential buyer for the former Ginn sur mer project in Grand Bahama’s West End, Tribune Business can reveal. Multiple contacts confirmed that Skyline Investments, a Torontobased real estate investor/ developer, with a focus on hotel and resort development, has been negotiating with the $4.9 billion Ginn project’s two owners for several months.

$4.30

Presents to Cabinet on $4.9bn site Ministers, advisors tight-lipped on deal West End ‘waiting for something to happen’

GINN SUR MER ARTIST RENDERING

Skyline and its senior executives are understood to have given a threehour presentation on their plans to the Minnis Cabinet on Tuesday, with See PG B4

Union chief backs workers financing their retirement By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Brand $140m costs ‘extraordinarily high’ PowerSecure model over-priced 44%

$4.41

$500m developer targets Ginn property acquisition

RENEWABLE ENERGY BACKLASH ON BPL UTILITY-SCALE ‘NO GO’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.29

PAUL MAYNARD

A UNION chief yesterday backed workers contributing to their pensions, and slammed Bahamas Power & Light (BPL) for failing to address its $110 million pension deficit. Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU)

president, told Tribune Business that its 2014 industrial agreement included a provision to address BPL’s growing pension liability by converting to a defined contribution plan. He argued that BPL staff would have no problem doing this, and contributing to their retirement income from their own salaries, the union having recognised “20 years ago” See PG B6

BEWU head: ‘Make all pensions contributory’ Blasts BPL for failing to tackle $110m deficit Says utility failed to act on union willingness

Storage to overcome peak hour fears renewable energy investment as “not economically viable” on New Providence. Besides the difficulties associated with finding 155 acres of land for the solar farm, the rejection seemed largely based on its inability to produce energy “when it is needed most” - during the evening hours between 7pm and 11pm, when the See PG B5

CONTRACTORS CHIEF REJECTS PM’S ‘NO BUILD’ ON COAST By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamian Contractors Association’s (BCA) president yesterday said ‘no build’ zones are not required, but better Code enforcement is. Leonard Sands told Tribune Business that a more “vigorous” enforcement of this nation’s building codes, especially in the Family Islands, was essential in the aftermath of Hurricane Irma. However, he rejected the Prime Minister’s suggestion that development along Bahamian coastlines be automatically prohibited. “There is no reason structurally, aesthetically or

‘No need to run away’ from sea Says upgrade structures instead Code needs ‘vigorous’ enforcing architecturally to run away from the coastline,” Mr Sands argued. “You simply have to build a structure that can withstand the elements that affect the coastal region. The Bahamas is no different from other Caribbean islands, where persons with the means build on the coast. You have to know See PG B5

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THEY say music is the universal language. Is this true? Or could it be that the art in music itself is a healer through its expression of humanity? It is something we are all touched by and, regardless of cultural background, everyone loves music. Parents regard playing a musical instrument as beneficial to children. By this same token, it is my view that through this art form we can learn more about ourselves. To gain additional insight on this topic, I was finally able to catch up with young Master Beckford, who had no problem in candidly speaking about his love for the art of music. This student, who represented his school in the BAISS Spelling competition in 2012, believes that music helps overall academic

development. We began with these questions: Question: Who is Adon Beckford? Tell us how you got started in this art of music? Answer: My name is Adon Orland Beckford, and I am a 15 year-old student at St John’s College. I have always considered myself an assertive and gifted child. My interest for music increased at the age of nine, after I began watching my dad play the drums and trumpet. Not long afterwards, I asked him if he would teach me. Thereafter, music training continued. I am aware that you are attached to your church ministry each Sunday… are you excited each time?

The Art of Graphix BY DEIDRE M BASTIAN

I consider it an honour to be a part of my church ministry, especially since my father, Antonio Beckford, pastors the church. See PG B4

THE TRIBUNE

Top accountant’s downgrade concern for financial services By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas “cannot afford” another credit rating downgrade, a leading accountant expressing concern about how this would impact financial services clients. Michele Thompson, Ernst & Young’s (EY) Bahamas managing partner, told Tribune Business in a recent interview that a ‘junk’ downgrade by Moody’s within the next 12-18 months could impact how the industry’s high net worth clients view this jurisdiction. She emphasised that they wanted their assets to be located, and managed, from countries they felt were secure, well-regulated and enjoyed “creditworthiness” with both Moody’s and Standard & Poor’s (S&P). The Bahamas has already been downgraded to ‘junk’ status by S&P, while it is hanging on to ‘investment grade’ status with Moody’s

Clients want ‘creditworthy’ jurisdictions Good returns go ‘in tandem’ with rating EY chief: ‘We cannot afford’ junk slash by one notch following the latter’s recent ‘downgrade review’. The latter rating agency has given the Bahamas 12-18 months of ‘breathing space’ to execute on its fiscal consolidation plans, and Ms Thompson said avoiding a potential downgrade with Moody’s next review was vital to this nation’s economic prospects. “I think it goes without saying that it’s absolutely important we avoid another downgrade,” Ms Thompson told Tribune Business. “We are a country driven largely

by financial services, and those people that invest in financial services, in the industry, want to know they are dealing with a country that has creditworthiness with all the rating agencies; to feel their investment is secure; that they’re dealing with a country that is wellregulated and compliant, and meets its commitments. “All these things investors are looking for, good returns are looking for. These things go in tandem with that. We cannot afford to put ourselves in a position where we get ourselves downgraded, because the knock-on effects will be significant.” Ms Thompson praised the Minnis administration for “doing everything it can to manage” the Bahamas’ fiscal and economic affairs so as to avoid a further downgrade, which could also impact its access to the global capital markets and increase borrowing costs - something that will impose a further burden on

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Fishermen ‘welcome’ new exigency order By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamian fisheries sector will “welcome” any help it can get, after the Prime Minister yesterday unveiled an exigency order to assist the sector and farmers following Hurricane Irma. Dr Hubert Minnis, during a communication in Parliament, said: “To assist fishermen and farmers affected by Irma, I have proposed to cause another exigency order to be issued as soon as possible to assist these categories of individuals affected.” He added: “The order will allow for the purchase of traps, condos and fishing materials and equipment destroyed as a result of this hurricane. An application for assistance must be filed to NEMA, through the Ministry of Agriculture and Marine Resources.”

Dr Minnis said the Government was committed to providing relief to farmers once the assessment was completed. Adrian LaRoda, the Bahamas Commercial Fishers Alliance’s (BCFA) president, told Tribune Business: “It is good news, even though fishermen already have concessions or duty exemptions on a number of things. Whatever help we can get right now is good news, so we will have to see how it works out.” Mr LaRoda recently told Tribune Business that Hurricane Irma had dealt a “big blow” to the crawfish season, and warned of a “very tough Christmas” if the industry cannot recover. “Guys are just trying to get back out now. We will have a better idea of where we stand in terms of what can be salvaged in another week or so. Some guys went out already, but we haven’t heard from them yet, so it’s still uncertain,” he said.

NOTICE Re: Supreme Court Equity Action No. 00615 of 2017 The Petition of Grico Company Limited in respect of ALL THOSE lots of land known as and called lots Nos. 3, 5 and 11 of Conquest Subdivision immediately south of Sandilands Village Road and being a portion of a Crown Grant to the late Thomas Bertie Davis and being about 2,280 ft. west of Fox Hill Road which said lots are respectively 6,470 sg. ft., 6,663 sg. ft. and 6,818 sq. ft which said lots are fully described by the plan lodged at the Department of Lands and Surveys as No. 5077NP and filed in this action and are thereon coloured Pink. Grico Company Limited claims to be the legal and beneficial owner in fee simple in possession of the said lots hereinbefore described and Grico Co. Ltd. has made application to the Supreme Court under Section 3 of the Quieting Titles Act, 1959, to have its title to the said land investigated. Copies of the filed plan may be inspected during normal working hours at:a) The Registry of the Supreme Court, British American Building, Marlborough and George Streets, Nassau, N. P., Bahamas; or b) The Chambers of Martin, Martin and Co., Vet CF Place, Eight Terrace East, Nassau, Bahamas (ph:698-4708). NOTICE IS HEREBY GIVEN that any person having dower or right to dower or any adverse claim or claim not recognised in the Petition shall on or before the 24th. day of October, A. D. 2017, file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form and verified by an affidavit to be filed therewith. Failure of any such person to file and serve a statement of such claim on or before the 24th. day of October, A. D. 2017, will operate as a bar to such claim.

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taxpayers, and suck money away from essential public services. “It’s something I will trust in the current government to do an assessment of, and do what is necessary to change that,” Ms Thompson said of the $7.2 billion national debt, and $300 million annual deficits. “They are as concerned about another downgrade as we are, and more so, and doing what they can to make sure it doesn’t happen. The current fiscal position of the country is of concern to them, and they will do whatever they need to do to make it right. They’ve come out the gates with guns blazing, and we’ll see how it all works.” Ms Thompson said EY Bahamas offered its commitment to support the Government’s reform efforts, given the importance of “getting it right”. She added: “We all recognise it is critical.”

Thursday, September 28, 2017, PAGE 3

Martin, Martin And Co. Attorneys for the Petitioner

Amount

2021 0.5625%Apr 62-150 2021 3,000.00 I intend to request The Registrar to issue a replacement certificate. If this certificate is found, please write to P.O. Box N-848, Nassau, Bahamas.

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$500m developer targets Ginn property acquisition From pg B1 the Government’s reaction understood to be favourable. Cabinet ministers, and Bahamian professionals involved in negotiations to close the purchase, were tight-lipped yesterday when contacted by this newspaper. K P Turnquest, deputy prime minister and minister

of finance, replied: “Unfortunately, I’m not at liberty to talk about that” when the matter was raised with him. Kwasi Thompson, minister of state for Grand Bahama, also declined to comment when contacted by Tribune Business. Gail Lockhart-Charles, the Bahamian attorney for Skyline, told this newspaper via e-mail that she was

THE TRIBUNE “unable to comment” on this newspaper’s inquiries regarding her client’s interest in West End. Still, Tribune Business sources said the Cabinet presentation suggested that Skyline’s negotiations had advanced to the point where a sales agreement had either been signed, or was at the point of being concluded. Once that happens, the parties to a real estate deal typically have 60 to 90 days to close. Should the purchase be concluded, it would end

the near-decade standstill endured by West End since the original developer, Bobby Ginn and his Ginn Clubs & Resorts, defaulted on their project financing in the wake of the 2008-2009 recession. It would also mark the first positive foreign direct investment (FDI) for Grand Bahama in years, and provide some relief from the continued Grand Lucayan closure that will mark its one-year anniversary next week. Obie Wilchcombe, former minister of tourism and ex-West End MP, told Tribune Business he had been aware of Skyline’s interest in the former Ginn property prior to the election, although no formal proposals had been submitted to the Christie administration. Acknowledging that Skyline had been furthest advanced in its negotiations prior to May 10, Mr Wilchcombe said: “I’ve heard about them, but they made no formal inquiries of us. “They had done some preliminary work and inquiries, and I was made aware, as the MP and minister of tourism, that they were having meetings and having persons survey the property, looking at the potential of it all.” Tribune Business sources said a Skyline team has been present on Grand Bahama for several months, conducting due diligence, and Mr Wilchcombe said: “We understood they’d exhibited a real, significant interest. “There are 2,000 acres of land just sitting there. It’s been long-standing. It’s a prime property, and if we get a good company interested in developing the

property, and developing a relationship with the community and working with the people of the community, that will be fantastic. “It’s a property that is waiting for something to happen, and if we can find a good investor with the money and good vision for the property, and a willingness to work with the community, we’ll welcome it.” Mr Wilchcombe said any Ginn sur mer purchaser would inherit a solid foundation, given that the original developer had invested $200 million in developing infrastructure that is already in the ground. Numerous potential buyers have ‘sniffed’ the property over the years, but Skyline is the first to take a serious look. Tribune Business sources yesterday suggested that what had once been a $60-$80 million purchase price for Ginn sur mer had dropped to around $40-$45 million, with Skyline understood to have agreed a deal in that range. Negotiations have involved the added complication of dealing with two vendors. What would have been the core project is owned by Lubert-Adler, the Philadelphia-based investment bank that was Ginn’s financing partner. It holds 280 acres that were earmarked as the site for the hotels and casino, and its landholdings also include key amenities such as the airport, marina and utilities. Lubert-Adler also controls the Old Bahama Bay Resort, the golf course, the existing marina, commercial facilities such as the restaurants and retail,

and associated operational facilities. But a Credit Suisse-led lending syndicate took possession of the remaining 1,476 acres at the former Ginn sur mer project after Ginn Development Company defaulted on its $276 million loan. It effectively inherited the real estate component of the Ginn project, and hired Replay Resorts to master plan the property. Bill Green, Replay Resorts’ chief operating officer, failed to return messages seeking comment yesterday. Lubert Adler and Credit Suisse have worked together in the belief this is the best way to maximise their exit price - and potential recovery - by selling the former Ginn sur mer as one. Skyline Investments, which is listed on the Tel Aviv Stock Exchange, describes itself on its website as having $500 million in assets. It specialises in real estate investment and development related to the hotel/resort industry. It describes itself as “sourcing new acquisition opportunities to grow and diversify its cash flow in North America”, with an emphasis on geographical diversification. Current properties include the Hyatt Regency at The Arcade in Cleveland; the Renaissance Cleveland Hotel; Bear Valley Ski Resort in California, plus a variety of mixed-use resort developments throughout Canada. Skyline’s plans for the Ginn sur mer property are unclear, although its development will likely be less high-rise than the original developer’s.

Trumpeting the way to better productivity

At the beginning of my training it seemed a bit challenging. But it is OK now due to regular practices.

From pg B2

As a teenager, how do your peers connect to your world?

However, most times I am excited, and sometimes it can become a little tiring as I have to be there before 6.30am and 10am each time. But I am used to it. Do you regard your music as an art form? If so why? Yes, I do consider music an art form. Personally it offers me an outlet to express myself. In your estimation how important is music to you? Music is a major necessity in my life because it helps me to concentrate while completing homework. The types of music I listen to are Jazz and classical. Both are very relaxing. What is the hardest thing you have experienced

regarding this knack for music? One of the hardest obstacles was the co-ordination of rhythm (deciding not to go too fast or slow). What do you enjoy the most about being a part of the music team? There are so many benefits that can be achieved from the art of music, but personally for me it offers a sense of freedom. Do you think great drummers require extraordinary co-ordination and rhythm? Yes, drummers require co-ordination and rhythm. As a drummer I follow the lead of the base guitar. How often do you practice? My practice sessions are scheduled for twice a week. Do your parents support your talent, and how pleased are they? Yes, both of my parents are very supportive. My mother transports me to practice, while my dad always reminds me to stay prayerful and to do my best. Do you receive many compliments and, if so, can you share a few? Yes, maam, sure. Some of the compliments are: “Nice drumming”; “Boy you look like you can play”; and ‘Drummer boy, you surprise me”. In your opinion do you think that listening to music can have a huge effect on our emotions or response to certain situations? Yes, I do feel that music can have an impact on our emotions. For example, your mind operates on wherever your focus is. However, if someone approaches you in the wrong way, your response may perhaps be negative or violent. Part of a drummer’s job is to keep a steady pace time. How difficult is this?

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Most of my peers at school have observed my ability to drum, and were surprised but very supportive. Do you intend to delve deeper into other music interests? Yes, I do. Actually, in addition to drums I also play the guitar, which was taught to me by my uncle and Brother Brook. I do intend to expand further in the future, but for now I will focus on drumming. Do you play by air or read music? I do read music, but not when I am playing the guitar. It is done by air Finally, if a friend or school mate wishes to learn, will you be willing to teach them, and what are a few tips you would offer? Yes, I would be happy to do so. One vital tip that I would offer them would be to stay focused and always go beyond their potential. All parents want their children to do well and experience happiness while chasing their dreams. It is evident from every aspect of research that when children are involved in the art of music, their prospects are sharpened; their understanding of art and the world is deepened; and their thinking is noticeably enhanced. And clearly this concentration will no doubt improve a child’s skill and productivity throughout their working life. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game. • NB: The columnist welcomes feedback at deedee21bastian@ gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained Graphic Designer/ Marketing Coordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Thursday, September 28, 2017, PAGE 5

Contractors chief rejects PM’s ‘no build’ on coast

Renewable energy backlash on BPL utility-scale ‘no go’

From pg B1

From pg B1

how to build along the coastline.” Mr Sands added: “California has to deal with earthquakes, but people still live there. Its the place where world markets come to do business. The highrise structures are designed to be impervious to earthquakes. Scientists and engineers do that. “We need coastal engineers to assist architects further, and educate clients to build houses that will withstand conditions on the coastline. It’s a design solution; nothing else.” Dr Hubert Minnis, while addressing the Inter-American Development Bank’s (IDB) Caribbean Coastal Resilience forum this week, said the Government will need to strengthen Town Planning regulations, which may include enforcing ‘nobuild’ zones. Dr Minnis said the Bahamas was committed to fully implementing technologies to improve the quality of planning for coastal zones. He added: “The impact of the latest three hurricanes on our islands demonstrates this need for coastal planning. “We will need to strengthen our regulations around Town Planning and zoning. This may include identifying and enforcing no-build zones within the islands of the Bahamas. “We are going to have to deal with the issues around land tenure and land administration as we think about better zoning and the provision of new housing projects built for disaster resilience. We know that significant work

has already been completed on this issue through the IDB’s Land Use Planning and Administration Project (LUPAP),” the Prime Minister continued. “We must now revive that work for implementation. Further, we must encourage and foster innovation in our architecture and engineering so that we can design and build infrastructure that is more resilient and sustainable.” Mr Sands yesterday said that while the Bahamas’ building code was robust, enforcement - particularly in the Family Islands - often presented a challenge. “It is a known fact that we have a centralised government,” he said. “The unfortunate thing about that is while we have a Building Code that is the guideline for enforcement for the entire Bahamas, the ability to enforce it is based on you having the technical persons from the Ministry of Works on that island to enforce the code.” Mr Sands added: “The challenge is that they are not dispatched on a monthly basis. They are dispatched on significant projects as requested. There is no one to ensure that a persons is up to code. “In most cases they rely on the enforcement of the building code by a local administrator or someone on their team. That is not to say that they can’t do the job, but their ability to police it as vigorously is what I would question.”

Accounting firm plans 25% staff ‘ramp up’ From pg B1 opportunities for both the Bahamas and his firm. In particular, he suggested that the Bahamas seek to attract “small campuses of technology firms”, while this nation’s relatively small size could allow it to become “a beacon of light” to others on e-government. With cybersecurity, and technology’s constant evolution, presenting continual challenges for the private sector, Mr Scott said: “We think there is a significant opportunity in the Bahamas to jump ahead and think through this. “Is there not the opportunity to think about attracting small campuses of technology firms to establish themselves here, and develop intellectual capacity and intellectual property?” Mr Scott’s thoughts align closely with the Minnis administration’s plans, the Speech from the Throne having talked about creating ‘technology hubs’ - especially in Grand Bahama. It is also eager on improving e-government, both in terms of different agencies communicating with each other and their interface with the private sector and public. The International Monetary Fund’s (IMF) recent Article IV statement identified this area as vital for the Bahamas to improve its ‘ease of doing business’. “The reality is the world’s changing fast,” Mr Scott told Tribune Business. “I was talking to someone

this morning who said that every 18 months, the world’s data doubles, and the ability to manage that doubles. “The ability to manage it is doubling every 18 months, and the cost of doing it is getting cut in half every nine months. That’s the reality in which we work today.” Noting the Government’s e-government intentions, Mr Scott said the Bahamas’ relatively small size could enable quick reforms and allow it to “become the beacon to other countries in the region and elsewhere” should it “jump in” and execute properly. He praised the Bahamas as having “relatively good talent, and in abundance that we can access” compared to the remainder of the Caribbean. “When you look at places like the Bahamas, how do you access the right talent, nurture it, grow it and invest in it?” Mr Scott asked. “We are really confident to grow our practice here. Some people say that’s a phenomenon, and I’m not sure others are doing the same thing, but we’re excited about it. I think we’re in an environment here that we understand, is friendly and has great talent. “Quite a lot of the work executed here is not necessarily incorporated in the Bahamas. Michelle and her team have been on the road building a client network. That’s been the big growth engine.”

darkness coincided with peak loads. However, this rationale was also dismissed by Philip Holdom, Alternative Power Supply’s president, who argued that the ‘peak hour production’ issue could be sold by using batteries to store solar energy generated during the day for use at night. And Mr Gilbert blasted: “For them to say it’s not economically viable is nonsense.” He argued that financing would be available for a utility-scale solar plant provided the developer had already “locked in” a 20-25 year Power Purchase Agreement (PPA) with BPL, thereby guaranteeing an income stream to secure repayment. “There is no way that a 40 MW PV plant would cost $140 million, and we, too, would reject any anyone who offered a plant at such price,” Mr Gilbert told Tribune Business. “If BPL offered a $0.20 per kilowatt hour (KWh) PPA for 20 years, with a small escalator, a third party would finance and provide the power.” Joining Mr Holdom in rejecting PowerSecure’s ‘peak hour production’ reasoning, Mr Gilbert added: “This is not true in that most modern PV plants have a storage component – batteries being the most used. “We know that when everyone gets home from work

they turn on their A/C, and that the load profile does go up somewhat, but I am not sure where they get the notion that any PV plant is a ‘peak plant’. A PV plant is a renewable energy plant; it contributes to the base power during the day, and lowers the need for fossil fuels.” PowerSecure had described its model solar plant as having annual operations and maintenance costs of $0.56 million, excluding the cost of spinning reserves. Unit costs were around $0.10 per kilowatt hour (KWh), but it added that one developer in Nassau “recently quoted $0.19 per KWh factoring in land - furthering the financial challenges”. Mr Gilbert, though, described these figures and the $140 million up-front investment estimate as “extraordinarily high”. “Even with the cost of bringing in the manpower, which maybe not be a necessity, importing materials, extra transport, the all-in cost including land should be around $78 million, in our estimation,” he added. “The land used should be the least desirable and usable land there is... A cost analysis versus oil consumption alone would probably justify solar.” Mr Gilbert also branded as “unreasonably high” the PowerSecure estimate that a 40 MW solar plant would incur annualised costs of $8.6 million

Tribune Business’s revelation of PowerSecure’s findings appears to have sparked a sharp backlash from renewable energy providers, concerned that it would so readily rule-out such an environmentally, clean-energy solution for New Providence. Mr Holdom, also cofounder of Sustainable Energy Ltd Bahamas, said: “The statement that utility scale renewable energy is not economically feasible in the Bahamas underestimates our strength to be a leader in the move toward sustainable, renewable, ecofriendly power generation. “I would go so far as to state that it is simply false, and does not take into consideration the technology that exists today. Utilityscale renewable energy is the fastest growing energy sector in the world, and that would not be so if were not economical.” APS and Sustainable Energy, who have a1 MW power plant approved for commercial use in Nassau, said they wanted to show the Government a utilityscale plant is economically viable and will produce substantial energy savings to Bahamians. “The BPL management were partially correct when they concluded that utilityscale PV could not ‘produce energy when it was most needed’, because they were only viewing it as a grid tie system with no battery back-up,” said Mr Holdom. “Any utility-scale solar plant in the Bahamas must, by necessity, have a Battery Energy Storage System

(BESS), and this is no more critical anywhere than in the Bahamas due to the fact that the utility is underpowered and has been so for the past 40 years. “The Bahamas is plagued by constant brownouts that damage all manner of sensitive electronics, including fridges, TV’s, cable boxes, computers, networks and more. This affects homes and businesses throughout the archipelago. A brownout occurs when the utility cannot provide constant voltage and frequency in peak load periods, or even as a matter of course. Without sufficient capacity, supplemental capacity is required that is available 24 hours a day.” Mr Holdom argued that “there is no ‘silver bullet’ for solving the Bahamas’ energy woes, arguing “a mixed generation of reliable, viable and economical solutions working in conjunction with each other, instead of in opposition” was required. “The Bahamas will be best served by decentralising the power grid, mandating the highest energy efficiency standards in homes and businesses, and modernising the highest energy users, public buildings,” he added. “The Bahamas as a nation is just getting into renewable energy, and is three decades behind countries with one-quarter of the solar potential of this country. Therefore we need to approach solar integration immediately on large utility scales, as well as commercial and residential rooftops”.

PAGE 6, Thursday, September 28, 2017

Union chief backs workers financing their retirement From pg B1 that the Bahamas Electricity Corporation’s (BEC) defined benefit scheme was unsustainable. However, Mr Maynard alleged that successive Boards and management teams had never implemented the pension reform provision contained in the industrial agreement, with the BPL managers’ union also securing a similar clause in their deal a year later. “When I signed my contract in 2014, we made a deal for us to start a new pension; a contributory pension,” the BEWU president told this newspaper. “The management union signed the next year for the same thing. “It was never enacted. We were full prepared to pay for the pension. We realised it was unsustainable 20 years ago.”

Mr Maynard said the industrial agreements called for the formation of a committee, featuring two BEC/BPL Board members; one person from management; a representative from the management union; and two from the BEWU. He added that the committee was to “investigate the different type of pension” reform options open to BPL, and select the best one, but it was never formed. “We were supposed to figure out how we were going to do this pension and implement it,” Mr Maynard said. “It was supposed to have been done; I kept asking for it, and got no answers.” The union president said he raised the issue when PowerSecure took over as BPL’s manager in March 2016, adding that former chief executive, Pam Hill, gave instructions to form

THE TRIBUNE the committee “to deal with it”. “That was one of PowerSecure’s pet peeves; that the pension plan was unsustainable long-term,” Mr Maynard told Tribune Business. “We understood that. The more you make, the harder it’s going to be for the company. It’s unsustainable if they keep paying for that.” PowerSecure’s BPL business plan pegged the pension fund deficit at $110 million in 2015-2016. The last audited accounts for BEC, for the year to endSeptember 2014, showed a $107.981 million deficit, with plan assets of $160.886 million dwarfed by obligations worth $268.867 million. PowerSecure’s strategy called for the $110 million pension deficit to be eliminated via the proposed $600 million Rate Reduction Bond (RRB) refinancing of BEC’s legacy debts and other liabilities. This refinancing, in whatever form, has yet to happen, meaning the pension deficit remains.

Employment Opportunity

Accounts & Office Assistant for Global Investment Fund Office Job Responsibilities: • Working individually as part of a small global team • Simple accounting and Quickbook data entry • Settlements / data entry for investment fund (training available) • Diary and appointment management • Coordinating travel schedules • Carrying out confidential and personal administration duties Candidate must possess the following skills/qualifications: • College degree • A minimum of 5 years work experience • Advanced skills in MS Office (Word, Excel, Outlook, Power Point) • Excellent written, spelling and verbal communication skills • Ability to multi-task and prioritise workload in a timely, professional manner • Presentable with an excellent telephone manner • Experience with Quickbooks accounting software • Ability to work independently • Personable with a“can do”attitude • Own transport (job is located in the Southwestern district of Nassau) Salary will be based upon experience. Email resume to pa@g2t.net

When asked why successive BEC/BPL Boards and management had failed to tackle the problem, despite the unions’ apparent willingness, Mr Maynard replied: “I don’t know. That’s a question you need to ask further up the chain. “I’ve been asking and advocating for this. I had a meeting with my members, said this is what we’re going to do, and have been looking for it. For 20 years presidents before me have all asked to contribute, but were never allowed to do it. The unions aren’t monsters; we understand it’s not going to be sustainable if we don’t contribute.” More broadly, Mr Maynard said he backed the idea of workers contributing to their retirement security by paying a portion of their salary into defined contribution plans. “It’s time for all pension plans to go to contribution,” he told Tribune Business. “It’s a very good thing for that to happen. In the end, you get more [retirement income] so it’s beneficial to you.”

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

Some observers may be surprised at a Bahamian union leader’s willingness to call for workers to contribute to their own retirement savings, but Mr Maynard’s - and BPL’s - position on pensions hints at a broader problem for this nation. Virtually all public sector corporation pension plans are suffering from multi-million dollar pension deficits such as BPL’s, representing potentially huge liabilities for the Government and Bahamian taxpayer. In common with BPL’s, these are defined benefit pension plans, where 100 per cent of the contributions to staff retirement income comes from the company. BPL is contributing a sum equal to 13 per cent of employee salaries to its scheme, and yet the deficit continues to grow. The Bahamas Telecommunications Company’s (BTC) pension fund deficit was $39 million when it was privatised in 2011, and former prime minister, Perry Christie, frequently lambasted the Ingraham administration for failing to provide the financing to cover this ‘hole’ as promised. While that scheme was closed to new employees, and a new defined contribution plan created, Mr Christie said the original plan’s deficit had ballooned

to $62 million in 2014, and then $99 million in 2016 - increasing the taxpayer liability. More serious than the public corporations is the situation with civil service pensions, which are currently funded via a ‘pay-as-you-go’ type of arrangement in the annual Budget. The KPMG accounting firm previously disclosed that these liabilities, which it currently estimates at around $1.5 billion, are set to increase to $2.5 billion by 2022, and $4.1 billion by 2032, unless essential reforms are enacted. These liabilities would push the national debt towards $8.5 billion if included in the calculation, a figure almost equivalent to total annual Bahamian economic output or a 100 per cent debt-to-GDP ratio. As a result, calls are growing for pension plans to shift to the defined contribution model, where companies match employee contributions up to a certain percentage of their income, thus sharing the burden 50/50. Mr Maynard, meanwhile, said the need to pay-off the pension deficit, refinance BEC’s other legacy liabilities and obtain $450 million in new financing had taken the electricity monopoly’s needs to over $1 billion.

Career Opportunity Job title: Accountant Closing date: Thursday, September 29th, 2017 A diversified financial services and management firm requires an Accountant to work with its Accounting & Finance Team on a temporary contract basis. Candidates should possess a Bachelor’s degree in Accounting and a minimum of three (3) years’ experience in a similar position, preferably in a financial services institution or retail company. Reputable accounting firm experience with financial services and retail focus in audit or private company consulting is a plus. Candidates must have good communication skills, be flexible and have a positive attitude. Candidates will be required to undergo a thorough background check and must provide suitable character and employment references. Please submit resumes to employed242@gmail.com. Candidates submitting resumes must be prepared to begin their tenure with the Company immediately upon receiving an employment offer.

THE TRIBUNE

Thursday, September 28, 2017, PAGE 7

US MIDDLE CLASS GETS RICHER, BUT WEALTHY DO EVEN BETTER By CHRISTOPHER RUGABER Associated Press

WASHINGTON (AP) — Most American families grew richer between 2013 and 2016, but the wealthiest households pulled even further ahead, worsening the nation’s massive disparities in wealth and income. The median net worth of all American families rose 16 percent last year from 2013 to $97,300, according to a Federal Reserve survey released Wednesday. The median is the point where half of families fall below and half above. That’s the first gain for middle class households since the recession upended the economy nearly a decade ago. The figures echo data released earlier this month from the Census Bureau, which also showed middleclass incomes rising. Since 2015, the economic recovery’s benefits have been spread broadly, to nearly all income levels and racial and ethnic groups. But those gains arrived after the first five years of the recovery, when higher-earning households reaped most of the benefits. A low and falling unemployment rate has helped push up pay, while rising home prices have restored some wealth to middle income families. Even with the improvement, the Fed’s report, known as the Survey of Consumer Finances , starkly illustrates the depth of the nation’s wealth and income gaps. The disparities exist along lines of income, race and ethnicity, and between cities and rural dwellers. “You’re seeing a continuing pulling apart in the wealth and income data,” said Elise Gould, senior economist at the Economic Policy Institute. It also points to why so many Americans remain frustrated with the economy: On many measures, most families still haven’t fully recovered from the 2008-2009 downturn. In fact, the median measures

for wealth and income still trail their 2001 levels. Lael Brainard, a Fed policymaker, raised concerns in a speech Tuesday that long-running inequalities may hobble U.S. economic growth. Greater concentrations of wealth and income could slow consumer spending, which accounts for about two-thirds of economic activity, because richer households typically save a larger proportion of a pay raise or other income gain than middle- and lower-income ones do. The Fed’s survey found that even as median net worth climbed 16 percent, average net worth rose more quickly, by 26 percent to $692,100. Those differences between the median and average figures mostly reflect stronger gains at the top of the income scale. Net worth includes the value of housing, stocks, mutual funds and other savings minus mortgages and other debts. Black and Hispanic families reported large wealth gains, but wealth gaps along racial lines barely narrowed. Median wealth for an African-American family was $17,600 last year, up 29 percent from 2013. That’s a much bigger gain than the 17 percent increase for whites. Yet median wealth for white families last year was $171,000, ten times that for blacks and roughly eight times that for Latinos. Median wealth for the richest 10 percent of all families jumped 40 percent in the past three years to $1.63 million. The 1 percent richest families now hold nearly 39 percent of U.S. wealth, up from 36.3 percent in 2013, the Fed said. The bottom 90 percent of families now own just 22.8 percent of the nation’s wealth, down from 33.2 percent in 1989. Similar patterns appear in the report’s section on incomes. Latino families reported a 15 percent gain in median income to $38,500, while median income for African-Americans rose 10 percent to $35,400. Median

NOTICE

NOTICE is hereby given that LORNA LORRAINE MARCLIN of Hanna Hill, Eight Mile Rock, Grand Bahama, 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 21st day of September, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

incomes for whites rose only 6 percent, but were still much higher at $61,200. One reason more families are finally regaining some wealth is that home prices have risen steadily since 2012. Average housing wealth — the value of a home, minus mortgages and other debt — rose 20 percent last year from 2016. That followed a slight drop in home values in the previous three years. Meanwhile, for those Americans who own stocks, the average value of their portfolios increased 23.4 percent from 2013 to 2016. That followed an 18.2 percent increase in the preceding three years, when average home values were falling. For the 10 percent richest Americans, the average value of their stock holdings jumped nearly 37 percent to $1.37 million. The Fed also broke down their measures by where families live. For families living in cities, median income increased 10

DOLLAR bills in New York. The Federal Reserve released a comprehensive report on U.S. households’ financial health, yesterday, including income and net worth of typical households. (AP Photo/Mark Lennihan, File)

PAGE 10, Thursday, September 28, 2017

THE TRIBUNE

DEMS WIELD EQUIFAX, WELLS FARGO IN FIGHT OVER ARBITRATION By KEVIN FREKING Associated Press WASHINGTON (AP) — Equifax and Wells Fargo. Democrats determined to stop Republicans from overturning a consumer-oriented rule are using the scandals roiling both companies to hammer the GOP’s efforts. A hack of Equifax’s computer system exposed the sensitive personal information of 143 million Americans. Wells Fargo was fined $100 million by federal regulators for its illegal sales practices

in which employees trying to reach unrealistic sales goals opened accounts without customers’ permission. In July, the Consumer Financial Protection Bureau decided to ban most types of mandatory arbitration clauses. The clauses require credit card or bank customers to use an arbitrator when they have a dispute rather than sue in court, and the clauses were commonly used by both companies. The House has since voted to block the consumer bureau’s rule. Now the clock

is ticking on action by Senate Republicans. “These companies did terrible, terrible wrong and they want to prevent consumers from having rights to sue them. That is outrageous,” Senate Minority Leader Chuck Schumer, D-N.Y., said at a news conference Wednesday in the Capitol. “Put simply, we’re urging our Republican colleagues to say no to immunity for Equifax, Wells Fargo or anyone else who does such horrible financial misdeeds.” Democrats argued that, without the new rule,

FINANCIAL CONTROLLER

companies will be able to keep private those disputes pursued through mandatory arbitration. “They allow corporate America to take advantage of a shadow justice system,” Sen. Al Franken, D-Minn., said of the arbitration clauses. Banks have strongly opposed banning arbitration clauses, arguing that arbitration is a more efficient way of handling small disputes and that class-action lawsuits largely benefit the lawyers handling the cases.

In voting to overturn the rule in late July, House Republicans said the average payout for consumers in financial class-action lawsuits was $32 and attorneys made nearly $1 million. Senate Majority Leader Mitch McConnell, R-Ky., has not scheduled a vote on repealing the rule, but Democratic aides said he is trying to get fellow Republicans on board with repeal of the rule. With Equifax’s former CEO expected to testify before congressional panels next week, a news conference Wednesday gave

Democrats an opportunity to link the credit reporting agency with the use of arbitration clauses. “Whether it is fake accounts at Wells Fargo or a massive data breach at Equifax, recent scandals have demonstrated that consumers need to access the justice system when a big, powerful company opens accounts in their name, without their consent, and leaves them vulnerable to fraud by failing to secure their personal data,” said Sen. Catherine Cortez Masto, D-Nev.

SENIOR ACCOUNTANT

Is seeking to hire an individual responsible for the accounting operations of the Company. The Controller is expected to manage accounting records, produce accurate financial reports, prepare budgets designed to mitigate risk and ensure that reported results comply with generally accepted accounting principles.

Is seeking to hire an individual responsible for applying accounting principles and procedures to analyze financial information, prepare accurate and timely financial reports and statements and ensure appropriate accounting control procedures.

RESPONSIBILITIES

•Daily and weekly journal reconciliations and posting of entries •Bank reconciliations and reports •Reconciliation of inventory and physical inventory counts •Ensure all financial reporting deadlines are met. •Prepare financial management reports. •Resolve accounting discrepancies and irregularities. •Assist with expediting and clearing of overseas shipment and export of items. •Monthly costing reports.

• Issue timely and complete financial statements. • Prepare timely monthly financial statements. • Support month-end and year-end close process • Coordinate and direct financial forecasts and report variances • Maintain a system of effective controls over accounting transactions and ensure compliance • Maintain a documented system of accounting policies and procedures • Manage all accounting operations including Billing, A/R, A/P, GL and Counsel, Cost Accounting, Inventory Accounting and Revenue Recognition • Coordinate the preparation of regulatory VAT reporting and filing • Research technical accounting issues • Develop and document business processes and accounting policies to maintain and strengthen internal controls

EXPERIENCE/SKILLS • Bachelor’s Degree in Accounts with CPA designation • Must have 5 to 10 years’ experience as a Financial Controller • Thorough knowledge of accounting principles and procedures • Experience with creating financial statements • Experience with general ledger functions and the month-end/year end close process • Excellent accounting software user and administration skills • Excellent organizational and record keeping skills • Detail oriented with good problem solving skills • Excellent supervisory skills Email resumes to financialcontroller@dolphinencounters.com

RESPONSIBILITIES

EXPERIENCE/SKILLS •Bachelors Degree-Accounting •Computer literate, especially in the use of Microsoft Excel •Working knowledge of QuickBooks •Able to multitask with good problem solving skills •Focused, detail oriented Email resumes to senioraccountant@dolphinencounters.com

Starting salary for positions will commensurate with qualifications and experience. Only qualified persons need apply.

THE TRIBUNE

Thursday, September 28, 2017, PAGE 11

SMALL COMPANIES MAKE BIGGEST GAINS AS US STOCKS RISE By MARLEY JAY Associated Press

NEW YORK (AP) — U.S. stocks climbed Wednesday as smaller companies soared following a report that showed business investment climbed in August. Investors also hoped stocks will benefit from tax cuts proposed by President Donald Trump and congressional Republicans. The Labor Department said orders for long-lasting manufactured goods rose, and a gauge of business investment climbed for the second month in a row. Investors hope that means U.S. manufacturing is getting stronger as the global economy continues to improve, and they bet on continued growth: technology companies rallied for a second day, while the prices of traditionally safe investments like bonds and gold dropped. “We’ve been waiting for that,” said Kate Warne, an investment strategist for Edward Jones, of the recent improvement. “Business spending has been relatively weak,” with spending

by consumers keeping the economy afloat. Smaller, domestically-focused banks and technology and industrial firms made especially large gains, and the Russell 2000 index of smaller-company stocks made its biggest gain since March. The tax proposal was similar to what investors had come to expect, and with months of negotiations likely ahead and key details missing, it’s not clear what kind of plan might ultimately pass. But lower corporate taxes could help smaller companies more than large ones. “A corporate tax cut tends to be better news for smaller companies because they don’t have as many ways to reduce their tax rate,” said Warne. The proposal would cut tax rates for individuals and corporations. It would lower the top corporate tax rate to 25 percent from its current 35 percent, and also reduces the number of personal tax brackets and nearly doubles the standard deduction used by most Americans. The Standard & Poor’s 500 index added 10.20 points, or 0.4 percent, to 2,507.04. The Dow Jones

A sign for a Wall Street subway station in New York. U.S. stocks are jumping along with bond yields and interest rates early Wednesday, Sept. 27, 2017, and technology companies continue to recover some of their recent losses. Athletic gear giant Nike is falling as investors are concerned about the health of its U.S. business. (AP Photo/Mark Lennihan, File)

LEGAL NOTICE EXUMA MARINE LIMITED (In Voluntary Liquidation) Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o Ronald Atkinson & Co., Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas on or before the 13th day of October 2017. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 26th day of September 2017. Bennet R. Atkinson Liquidator

EMPLOYMENT OPPORTUNITY FOR

MARINA MANAGEMENT

A major New Providence marina is seeking a General Manager and Assistant Manager. Qualified applicants require: -Minimum 5 years’ experience managing marinas -Experience managing fuel dock operations -Budgeting and reporting experience -Excellent leadership skills Compensation will be commensurate with experience. All interested parties must email CV to marinamanager@hotmail.com

industrial average rose 56.39 points, or 0.3 percent, to 22,340.71. The Nasdaq composite leaped 73.10 points, or 1.1 percent, to 6,453.26. The Russell 2000 did even better and continued to set records. It gained 27.95 points, or 1.9 percent, to 1,484.81. After a sluggish few months, the Russell has jumped more than 9 percent since mid-August. The S&P mid-cap and small-cap indexes also climbed. The Labor Department’s report gave investors hope the economy will keep growing, and Wall Street bet that interest rates will keep rising. The yield on the 10-year Treasury note climbed to 2.30 percent from 2.24 percent. That helped banks, as higher interest rates mean they can charge more to lend money. Bank of America picked up 60 cents, or 2.4 percent, to $25.41 and Citigroup rose $1.34, or 1.9 percent, to $72.28. Meanwhile companies that pay big dividends took steep losses. Kimco Realty, a real estate investment trust that owns outdoor shopping centers,

fell 75 cents, or 3.7 percent, to $19.41. Household products maker Procter & Gamble gave up $1.78, or 1.9 percent, to $90.87. Rising bond yields made government bonds a more appealing investment to investors seeking income.

The dollar got stronger and rose to 112.75 yen from 112.17 yen. The euro fell to $1.1756 from $1.1798. Chipmaker Micron Technology had a better quarter than investors expected, and its stock rose $2.81, or 8.5 percent, to $37.09. Facebook climbed $3.47, or

2.1 percent, to $167.68 and Google’s parent company Alphabet picked up $22.47, or 2.4 percent, to $959.90. Shoe and athletic gear maker Nike said sales in the U.S. remained weak in its first fiscal quarter and steep discounts continued to affect its business.

PAGE 12, Thursday, September 28, 2017

THE TRIBUNE

INVITATION TO PURCHASE THE LIGHTHOUSE YACHT CLUB & MARINA AT FRESH CREEK ANDROS ISLAND, BAHAMAS The Hotel Corporation of The Bahamas (“The Corporation”) invites bids for the purchase of the Lighthouse Yacht Club & Marina (“The Property”) at Fresh Creek Andros Island, Bahamas. The Property which includes 20 guestrooms, 30 slip marina, pool and tennis court is situated on approximately 11 acres of land including a beachfront. The Property was extensively damaged by Hurricane Matthew in October 2016, and the above invitation is to purchase the property “as is”. Prospective bidders are invited to contact the Corporate Secretary of The Hotel Corporation at the undersigned address to arrange an inspection of the property and to obtain pertinent information as deemed necessary in making a proposal to purchase. Bids must be submitted in sealed envelopes marked “BID FOR OF THE LIGHTHOUSE YACHT CLUB & MARINA” and addressed to the undersigned to arrive between the hours of 9:00 a.m. and 5:00 p.m., Monday to Friday, and no later than 10:00 a.m. Tuesday October 31, 2017, when all bids would be opened in the presence of all bidders wishing to attend.

The Board reserves the right to reject any or all bids. Corporate Secretary The Hotel Corporation of The Bahamas 3rd Floor British American House (formerly Euro Canadian Centre) Marlborough Street Nassau, Bahamas

PAGE 14, Thursday, September 28, 2017

THE TRIBUNE

TRUMP PLAN PROMISES HUGE TAX CUTS, BUT BIG QUESTIONS REMAIN

By MARCY GORDON AND ANDREW TAYLOR Associated Press WASHINGTON (AP) — Promising big tax cuts and a booming economy, President Donald Trump and congressional Republicans unveiled the first major revamp of the nation’s tax code in a generation Wednesday — a sweeping, $5 trillion plan that would deeply cut levies for corporations, simplify everyone’s brackets and nearly double the standard deduction used by most Americans. Trump declared repeatedly the plan would provide badly needed tax relief for the middle class. But there are too many gaps in the proposal to know how it actually would affect individual taxpayers and families, how it would be paid for and how much it

might add to the soaring $20 trillion national debt. There clearly would be seismic changes for businesses large and small, with implications for companies beyond U.S. borders. The American middle-class family of four could take advantage of a heftier child tax credit and other deductions but face uncertainty about the rate its household income would be taxed. “Under our framework, we will dramatically cut the business tax rate so that American companies and American workers can beat our foreign competitors and start winning again,” Trump boasted at a speech in Indiana. Democrats predictably felt differently. “Each of these proposals would result in a massive windfall for the wealthiest Americans and provide almost no relief to middleclass taxpayers who need

NOTICE International Business Companies Act No.45 of 2000 AZ INVESTMENT FUND LTD. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of AZ INVESTMENT FUND LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 4th September, 2017.

it most,” Senate Minority Leader Chuck Schumer, D-N.Y., said at the Capitol. Some Republicans, once fiscally demanding but now desperate for a legislative win after a yearlong drought, shrugged off the specter of adding billions to the federal deficit. Failure on taxes, after the collapse of health care repeal, could cost the GOP dearly in next year’s midterm elections with its House majority at stake. “This is a now-or-never moment,” said House Speaker Paul Ryan, R-Wis., who built his reputation on tax and budget issues. Likewise, Trump said in Indianapolis, “This is a once in a generation opportunity.” But the bitterly divided, Republican-led Congress faces critical decisions on eliminating or reducing tax breaks and deductions, with the GOP intent on producing a package without Democratic votes by year’s end. The last major overhaul in 1986 was bipartisan, and Trump was courting Democrats. One vulnerable incumbent, Indiana Sen. Joe Donnelly, accompanied the president on his trip to Indianapolis. Trump and the architects of the Republican plan insist that the overhaul is aimed squarely

Alan Zelazo Liquidator

SPEAKER of the House Paul Ryan, R-Wis., joined at right by Majority Leader Kevin McCarthy, R-Calif., speaks following a closed-door Republican strategy session at Republican National Committee Headquarters on Capitol Hill in Washington, Tuesday, Sept. 26, 2017. The White House and congressional Republicans are finalizing a tax plan that would slash the corporate rate while likely reducing the levy for the wealthiest Americans, with President Donald Trump ready to roll out the policy proposal at midweek. (AP Photo/J. Scott Applewhite) at benefiting the middle class and wouldn’t favor the wealthy. Still, a cut in the tax rate for Americans making a half-million dollars or more would drop by almost 5 percentage points as the wealthiest sliver of the nation reaped tremendous benefits. Corporations would see their top tax rate cut from 35 percent to 20 percent. For a period of five years, companies could further reduce how much they pay by immediately writing off their investments. That’s all part of an effort that Trump said would make U.S. businesses more competitive globally. The plan would collapse the number of personal tax brackets from seven to three. The individual tax rates would be 12 percent, 25

NOTICE

NOTICE is hereby given that ANNA-KAY SEYMOUR of Golden Gates #1, 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 28th day of September, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT WEDNESDAY, 27 SEPTEMBER 2017

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

BISX ALL SHARE INDEX: CLOSE 1,862.81 | CHG -0.01 | %CHG 0.00 | YTD -75.40 | YTD% -3.89 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 3.45 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 3.35 6.61 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 1.00

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 0.15 3.92 8.60 6.10 10.51 10.01 2.65 1.55 6.00 9.50 7.08 3.45 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 1.00 LAST SALE 100.00 100.00 100.00 108.89 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.65 1.39 0.15 3.92 8.60 6.10 10.51 10.01 2.63 1.55 6.00 9.50 7.08 3.45 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 1.00

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.48 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

3,500

16,000

10

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 19.5 17.9 25.8 3.4 5.0 12.4 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% 3.43% 5.69% 2.28% 3.87% 4.83% 4.74% 0.00% 9.86% 2.00% 4.96% 0.00%

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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

percent and 35 percent — and the plan recommends a surcharge for the very wealthy. But it doesn’t set the income levels at which the rates would apply, so it’s unclear just how much change there might be for a typical family or whether its taxes would be reduced. “My plan is for the working people, and my plan is for jobs,” Trump told reporters at the White House. “No, I don’t benefit. ... I think there’s very little benefit for people of wealth.” Reopening the debate over economic inequality that rippled through the 2016 presidential campaign, the Republicans’ defense of the plan was met with scorn on the opposite side. “President Trump’s tax plan is morally repugnant and bad economic policy,”

said Sen. Bernie Sanders, I-Vt. In the absence of details on the plan’s cost, one backof-the-envelope estimate by a Washington budget watchdog estimated the tax cuts at perhaps $5.8 trillion over the next 10 years. The Committee for a Responsible Federal Budget analysis said Republicans had only identified about $3.6 trillion in offsetting revenues, meaning the cost to the federal deficit could be in the $2.2 trillion range. That’s more than the $1.5 trillion debt cost allowed under a tentative agreement by Republicans on the Senate Budget Committee — and the real battles will come as lawmakers quarrel over which tax breaks might be eliminated to help pay the balance.

THE TRIBUNE

Thursday, September 28, 2017, PAGE 15

TRUMP MULLS CARGO WAIVER FOR PUERTO RICO AS CRITICISM BUILDS By MICHAEL BIESECKER AND MATTHEW DALY Associated Press

WASHINGTON (AP) — Under pressure to do more to help hurricaneravaged Puerto Rico, President Donald Trump said Wednesday his administration was considering waiving a little-known federal law that prohibits foreign-flagged ships from shuttling goods between U.S. ports. Republicans and Democrats have pushed Trump to waive the Jones Act, saying it could help get desperately needed supplies delivered to the island more quickly and at less cost. Acting Homeland Security Secretary Elaine Duke waived the law earlier this month to help ease fuel shortages in the Southeast following hurricanes Harvey and Irma. That order included Puerto Rico, but expired last week shortly after Hurricane Maria struck. The Trump administration has said a waiver is not needed this time, because there are enough U.S. flagged ships available to ferry goods to Puerto Rico. Officials at the Homeland Security Department, speaking on condition of anonymity because they

were not authorized to discuss the issue by name, said the bottleneck is with unloading cargo at the island’s damaged ports and getting the supplies inland. They made the remarks in a background conference call with reporters to justify the administration’s decision. Asked about that decision as he left the White House to pitch his tax plan at an event in Indiana, however, Trump suggested he may be open to changing course. He said some U.S. shipping executives opposed a temporary waiver. “Well, we’re thinking about that,” the president said. “But we have a lot of shippers and a lot of people and a lot of people who work in the shipping industry that don’t want the Jones Act lifted. And we have a lot of ships out there right now.” Republicans and Democrats were pressing the issue. Even before the storm hit, shipping household and commercial goods to Puerto Rico cost roughly double what it did to nearby Jamaica and the Dominican Republic, where foreign vessels are free to dock. The U.S. Virgin Islands were granted a permanent legal waiver from the Jones Act by Congress, but not Puerto Rico. “These emergency waivers have been valuable to

speed up recovery efforts in the impacted regions,” Sen. John McCain, R-Ariz., said Tuesday. “It is unacceptable to force the people of Puerto Rico to pay at least twice as much for food, clean drinking water, supplies and infrastructure due to Jones Act requirements

as they work to recover from this disaster.” Rep. Nydia Velázquez, a New York Democrat who was born in Puerto Rico, also urged Trump to approve a waiver. “Puerto Ricans are without food, clean water and electricity,” she said. “We

must use every tool at our disposal to channel assistance to the island.” The American Maritime Partnership, which represents more than 400 U.S shipping companies, said a Jones Act waiver would hinder relief efforts.

Waiving restrictions on foreign vessels that carry cargo to Puerto Rico “could overwhelm the system, creating unnecessary backlogs and causing confusion on the distribution of critical supplies throughout the island,’” said Thomas Allegretti, the group’s chairman.

PRESIDENT Donald Trump waves as he boards Air Force One as he departs yesterday, at Andrews Air Force Base, Md. Trump is en route to Indiana. (AP Photo/Alex Brandon)

BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE

MANAGER LEGAL ADVISOR LEGAL SERVICES DIVISION A vacancy exists in the Company for Manager Legal Advisor in the Legal Services Division. Responsibilities of the position include, but are not limited to the following: •

Performs, manages, directs, and oversees BPL’s regulatory compliance matters, including leading and providing direct interface and interactions with BPL’s regulator;

•

Provides advice generally on all legal matters affecting the Company. Liaison with Officials in the Attorney General’s Office or External Counsel;

•

Advises the Board on the interpretation of the Act and Regulations; the responsibilities, powers and duties of the Board, the Company and its Employees. Reviews draft laws, rules and major policies, before implementation;

•

Drafts (in association with the Officer of the Attorney General), any new or amending legislation, regulations, reciprocal agreements, etc., as may be required by or concerning the Company. Liaison with officials in the Office of the Attorney General in the preparation of legislation and related statutory regulations to be made under the Electricity Act;

•

Coordinates all references and appeals through the Judicial Process on points of law arising out of the conduct of business at the BPL. This includes managing all litigation matters, many of which involve legal proceedings in the Courts. Liaison with the Office of the Attorney General would be necessary in pursuing certain matters;

•

Assists in and gives guidance on the Industrial Agreements and the negotiating process. This includes receiving reports from and advising Human Resources on major disciplinary matters and industrial relations, and assisting with industrial matters;

•

Attends all Board, and Sub-committees meetings and record minutes, highlighting decisions, actions and directives; ensuring minutes capture the essence of deliberations, decisions and next steps;

•

Ensures minutes and Board Materials are prepared and distributed through electronic or hardcopy delivery to Board Members prior to board meetings in a timely manner.

Job requirements include but are not limited to: • • • • • • • • • •

Bachelors of Law Degree – LLB is essential Admission to the Bahamas Bar 10+ years of experience in a middle/senior management position. This include a minimum of 10 years working experience in the legal profession Sound knowledge of regulatory affairs Good knowledge of local legislation and the Judicial process Sound knowledge in Labour/Employment Laws & Practice Ability to communicate effectively both orally and in writing Good time management skills Good negotiation and conciliatory and advocacy skills Ability to interpret legislation and legal documents

Interested persons should apply by completing and returning an Application Form to: Manager – Human Resources Department, Bahamas Power and Light Company Ltd., Blue Hill & Tucker Roads, P. O. Box N-7509, Nassau, Bahamas on or before: October 11, 2017. Only candidates meeting the criteria will be contacted. Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER