11092016 business

WEDNESDAY, NOVEMBER 9, 2016

business@tribunemedia.net

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Wells blasts LOI ‘unfounded claims’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MP never gave Stellar Energy ‘encouraging reply’

Renward Wells has denied giving “an encouraging reply” to the $600-$650 million waste-to-energy proposal at the centre of the Letter of Intent (LOI) controversy, which caused his dismissal from the Government.

The Bamboo Town MP, in a November 7 defence to Stellar Energy’s allegations, said he was seeking to strike out the group’s “unfounded claims” against him through multiple legal technicalities.

He also argued that the claims relating to the LOI were “not actionable in law”, even if the document was found to be binding on the Government.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$40m rights issue result unknown 2 months later

Bank of the Bahamas was yesterday slammed for its latest failure to make timely disclosure to shareholders, having failed to provide the market with the outcome of its $40 million rights issue since it closed two months ago.

The troubled BISX-listed institution, which is thought to have lost more than $120 million over its past three financial years, is also late in filing its annual statements.

Given that its financial yearend is end-June 30, Bank of the Bahamas is supposed to file and publish its audited financial statements by October 31 each year - a date that is 120 days post yearend, in compliance with BISX’s rules.

But the commercial bank, which is majority-owned by the Government, has both failed to

And audited financials miss 120-day release Investor: ‘They’re not held to the same standard’ do this or publish any notice confirming that it has received an extension from the stock exchange for the publication of its audited financials.

Holland Grant, BISX’s chief operating officer, declined to go into specifics, but hinted that Bank of the Bahamas should be making material public filings soon.

“The issuer is required to make a disclosure, and you should be See pg b2

Govt ‘run amok’ if PM unaware of $2.1bn proposal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Democratic National Alliance’s (DNA) leader yesterday said Prime Minister Perry Christie was allowing his government “to run amok” if he had no knowledge of the $2.1 billion Chinese farming/fisheries proposal.

Branville McCartney told Tribune Business he could not believe that Mr Christie was unaware of the proposal being floated and discussed by the Minister of Agriculture and Fisheries and the Bahamas’ ambassador to China given the amount of Crown Land involved.

Pointing out that the Prime Minister was responsible for Crown Land, and its grant and leasing, Mr McCartney suggested it was inconceivable that V Alfred Gray and/or Paul ‘Andy’ Gomez had not first discussed the proposal with Mr Christie.

“He needs to step down if he doesn’t know what’s going on in his government,” the DNA leader told Tribune Business. “These guys are running amok around him.

“The Prime Minister must have known. Land is in his portfolio. He signs off on that. When they came up with this 20,000 acres of Crown Land, they must have discussed it with the Prime Minister.

“No minister thinking of doing this type of deal

Aims to overturn ‘irregular’ $727m default entry

Seeks ‘strike out’, invoking legal technicalities

PM urged: ‘Put your foot down’ on BOB woes

Bran: PM must have known due to Crown Land

Branville McCartney with a foreign entity would do it without discussing it with the Prime Minister and Cabinet of this country.

They can’t take the Bahamian people for fools every time.”

The Government was plunged into controversy after Mr Gray confirmed he had given the ‘go ahead’ for Mr Gomez to seek $2.1 billion in capital investments from a Chinese state-owned development fund.

The proposal was for a 100 company joint agriculture/fisheries venture owned 50/50 by the Chinese and Bahamians, involving 10,000 acres of Crown Land on Andros. That acreage was to expand to 20,000 if certain performance See pg b4

Govt denies Allen was its ‘agent’ in LOI controversy Says Wells acted illegally in signing waste-energy deal

Says all LOI allegations ‘not actionable in law’

Mr Wells’s position, which has been obtained by Tribune Business, gives little clue as to why he signed the LOI, especially given that the Government’s separate defence to Stellar’s claims (see other Page 1B See pg b4

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Stellar knew LOI ‘repudiate’ from get-go

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Renward Wells

Capital access not guaranteed by end to exchange control

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamian businesses will not be guaranteed access to capital even if the financing pool is broadened by exchange control liberalisation, private sector representatives have warned.

Gowon Bowe, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, and businessman Sir Franklyn Wilson, agreed that Bahamian businesses would face the same stringent qualifying conditions whether they approached foreign or domestic financial institutions.

Sir Franklyn, the Sunshine Holdings and Arawak Homes chairman, told Tribune Business that the $51 million contraction in bank lending to the private sector during the first nine months of 2016 did not necessarily reflect a reluc-

Sir Franklyn: ‘Bankable proposals’ key here, abroad Chamber chief: Credit profile doesn’t change But could be ‘tremendous boost’ to economy tance to extend credit.

Instead, he suggested it could indicate a lack of “bankable proposals” being submitted by Bahamian businesses, meaning they were producing unrealistic business plans, offering too little collateral or showing no sign of generating cash flow to service the debt.

“The fact that commercial bank lending to the private See pg b4

The Government is denying that an exCabinet Minister and businessman were acting as its “agents or servants” over the $600-$65 million waste-to-energy project at the centre of the Renward Wells Letter of Intent (LOI) controversy.

The Attorney General’s Office, in its draft defence to Stellar Energy’s $727.364 million damages claim, refuted the group’s allegation that Algernon Allen and Frank Forbes, the businessman/accountant heading Sigma Holdings, were acting as “facilitators” for the project on the Government’s behalf.

“The actions and direct involvement of the fourth and fifth defendants [Mr Allen and his law firm, and Mr Forbes and Sigma] were not agents and/or servants of the Government of the Bahamas,” the defence, Algernon Allen entered on behalf of the Attorney General and Ministry of Works and Urban Development, said.

This directly contradicts Stellar’s ‘statement of claim’, which described Messrs Allen and Forbes as “belonging to the very inner circle of Prime Minister Perry Gladstone Christie”.

The waste-to-energy group’s lawsuit effectively alleges that Mr Allen and Mr Forbes were trading on their relationship with the Prime Minister and access to him, holding out their involvement as Stellar’s legal adviser and honorary chairman, See pg b3

PAGE 2, Wednesday, November 9, 2016

THE TRIBUNE

East GB cruise port is ‘cart before the horse’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A well-known QC yesterday accused the Christie administration of “putting the cart before the horse” over the $200 million agreement for Carnival Cruise lines to develop a port in east Grand Bahama, arguing that the location was “perverse” given Freeport’s economy is “near death”.

Fred Smith QC, the Callenders & Co attorney and

QC: Isolated location is ‘perverse’ Especially given that Freeport is ‘near death’ partner, told Tribune Business: “I would certainly be opposed to such scale of development in east Grand Bahama, especially when Freeport’s economy is on the verge of collapse.

Fred Smith QC

“We already have a port and the infrastructure and the tourist facilities in Freeport to accommodate cruise ships. I call on the Prime Minister to be transparent and disclose the full details of this proposed agreement to the people of Freeport and the Bahamas.

“The problem with all these self-contained touristic developments and cruise port facilities is that they are divorced from the rest of the economy. Freeport’s economy is near death right

now.”

Prime Minister Perry Christie said on Monday that the Government has entered into an agreement with Carnival Cruise Lines for the establishment of a $200 million port in east Grand Bahama.

“Once again the cart is being rolled out before the horse,” Mr Smith said.

“Before the Government can commit to concessions and Crown Land, there must be be Environmental Impact Assessments, con-

sultations with the public, consultations with the East End district council and with environmental NGOs. “It’s not that I am opposed to development in any part of the Bahamas; it’s just that you can’t keep doing the same thing that does not work. Freeport sustains the entire Grand Bahama economy, and creating a self-contained, isolated cruise port facility at East End is perverse given the state of Freeport’s economy.”

Sandals preserves Royal Bahamian’s top heritage Sandals’ chairman says its Royal Bahamian property feels like it did 20 years ago, having managed to combine modernisation with its heritage and surrounding environment.

Gordon ‘Butch’ Stewart praised his team of designers and engineers, and Bahamian talents, for maintaining the resort’s essence.

“When your team can recognise the vision, the work to develop and maintain becomes that much easier. And our team at Sandals Royal Bahamian has certainly recognised this,” he said.

“Even today walking around that property, it feels like it did in 1996 – natural and balanced.”

The most significant renovations during the summer’s $4 million upgrade took place at the two main pool decks, the restaurants and bars. It also involved a review of the plumbing and air conditioning systems.

The Windsor Pool now features white concrete with plant imprints and conch shell strips. The pool’s swim-up bar was outfitted with new floor and wall tiles, and new granite countertops, and a new plumbing system installed underneath the pool.

Similar enhancements and engineering tweaks were made to the Balmoral Pool at the other side of the resort, as well as the Hibiscus Pool and Hot Tub. Other major revisions and upgrades include renovations to the property’s air conditioning system, as well as the total revamping of the Italian Casanova Restaurant.

“Our food and beverage team is particularly pleased with the work here. They have been able to secure exceptional upgrades to the most frequently used facilities without losing a thing,” said Sandals Royal Bahamian general manager, Gary Williams.

PM urged: ‘Put your foot down’ on BOB woes From pg B1 seeing something shortly,” he told Tribune Business.

“You should be seeing something shortly on all material matters related to the company shortly. We enforce our rules.”

This implies that BISX, and possibly the Securities Commission as well, have been in talks with Bank of the Bahamas about both

the publication of its annual financial statements and the rights issue’s outcome.

Both are material events that shareholders have a right to obtain full information on in a timely manner.

While the financial statements enable investors to assess how their investment is performing, the rights issue is likely to have significantly diluted their stake in Bank of the Bahamas.

Sandals Royal Bahamian Given that few of the 35 per cent minority investors have elected to exercise their rights and subscribe for more shares, the Government shareholders - the National Insurance Board (NIB) and the Treasury will likely have been forced to take up most of the $40 million. This, in turn, will have raised the Government’s equity stake in the bank to 80-90 per cent.

Bank of the Bahamas’ executive chairman, Richard Demeritte, did not return Tribune Business calls seeking comment.

to advertise today in the tribune call @ 502-2394

NOTICE

The public is advised that on the historic occasion of the University of The Bahamas Charter Day, the academic community will assemble at the Oakes Field Campus at 9:00 a.m. on Thursday, November 10th, 2016 for the plaque unveiling and will march in procession to the Thomas A. Robinson National Stadium where the Charter Day Ceremony and Inauguration of the President will commence at 10:30 a.m.

All College of The Bahamas campuses WILL BE CLOSED and classes will be suspended on Thursday, November 10th, 2016.

This includes the Oakes Field, Grosvenor Close and Northern Bahamas Campuses and the Gerace Research Centre. Operations and classes will resume on Friday, November 11th, 2016.

We invite the public to join us at the Thomas A. Robinson Stadium for this momentous occasion including former faculty, staff and administrators, parents of students, donors, friends, and alumni of the College. This includes graduates of The Bahamas Teachers’ College, San Salvador Teachers’ College, C. R. Walker Technical College, the sixth form programme of The Government High School and the Bahamas Tourism Training Centre.

However, Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, and one of Bank of the Bahamas’ more vocal minority shareholders, argued that the institution was not “held to the same standard” as other banks and public companies because it was government owned.

He called on Prime Minister Perry Christie, who has ultimate responsibility for Bank of the Bahamas as minister of finance, to “put his foot down” and insist that it follow typical public company disclosure processes.

“I’m not surprised,” Mr Lightbourn told Tribune Business about the lack of disclosure. “They have no clue what they’re doing, and the Government seems to be allowing them to get away with it.

“They’re not held to the same standard as a regular bank, and do what they want; nobody seems to care.

What I’m concerned with is the Central Bank. They seem to be totally ignoring it. They’re supposed to be independent of government, but since it’s a government bank.........”

Mr Lightbourn said Bank of the Bahamas seemed to be ignoring its minority shareholders, and added: “Isn’t Perry Christie, as Minister of Finance, responsible for this?

“Isn’t that where this falls? He himself should put his foot down and insist the bank follow the proper procedures. Based on his track record, I’m not surprised at the lack of follow up.”

Describing the situation as “a disgrace”, Mr Lightbourn told Tribune Busi-

NOTICE In the Estate of Sheena Lavette McPheeHall aka Shenna Lavette McPhee-Hall late of Blueberry Hill in the Eastern District of the Island of New Providence, The Bahamas, deceased NOTICE is hereby given that all persons having any claim or demand against the above-named Estate are required to send the same to the undersigned on or before the 30th day of November, A.D. 2016 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 7th day of November, A.D. 2016 MANGRA & CO. Chambers Suite 12 Bayparl Building No. 18 Parliament Street, Nassau, N.P. The Bahamas

ness: “I don’t know of any other bank, any other publicly traded company, in any part of the world, where they are supposed to be accountable for their actions, to get away with this.”

Shareholders have some idea of what to expect for the year to end-June 2016, given that Bank of the Bahamas produced unaudited financials, showing it suffered another $24 million loss, in the documents accompanying the $40 million rights issue.

The prospectus for the rights offering, which aimed to recapitalise the bank and end non-compliance with the Central Bank of the Bahamas’ regulatory requirements, indicated that little progress has been made in stemming the financial bleeding.

Unaudited figures for the 12 months to end-June 2016 showed that net losses at Bank of the Bahamas declined by 21.2 per cent year-over-year, falling from $30.397 million to $23.951 million.

The main reason for the near-$6.5 million improvement was a 37 per cent rise in the bank’s total operating income, which increased from $6.785 million in 2015 to $9.289 million.

This, in turn, was driven by a $1.6 million jump in net fee and commission income to $5.23 million. However, Bank of the Bahamas continues to be weighed down the by poor quality of a large segment of its loan portfolio.

Loan loss provisions associated with ‘bad loans’ remained relatively flat yearover-year at $24.5 million, down slightly from $26.124 million the year before, indicating that more troubled credit needs to be removed from Bank of the Bahamas’ balance sheet if it is to properly recover.

The BISX-listed institution’s balance sheet for endJune 2016 again showed that it would be insolvent, with liabilities exceeding assets, were it not for the $100 million worth of bonds injected into it as part of the October 2014 ‘bail out’.

And, with the bank having suffered a collective $120.682 million net loss over the past three years, the $54.622 million retained earnings ‘write back’ produced by the ‘bail out’ has been eliminated by a $59.549 million accumulated deficit.

Bank of the Bahamas’ net equity also slid, dropping by almost one-third to close June 2016 at $63.545 million, down from $90.786

THE TRIBUNE

Wednesday, November 9, 2016, PAGE 3

Bill opens FDI projects to Bahamas contractors

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Construction Contractors Bill paves the way for Bahamians to participate in foreign direct investment (FDI) projects “to a much greater extent than before”, a former Bahamian Contractors Association (BCA) president said yesterday.

Stephen Wrinkle told Tribune Business: “The Contractors Association has worked assiduously for many years, and through many administrations, trying to get it to this point.

“It’s very reassuring to see the interest and the time allotted to it by the Deputy Prime Minister to bring it to the table for discussion and, hopefully, for passage.

“In light of the recent events with Hurricane Matthew, I think it is probably more important than ever

Paves way to gain bonds, imsurance Locals previously excluded on these grounds that, as we begin our rebuild, that we put some conformity within the industry so that the consumers and contractors will have confidence that things are being built properly, in accordance with the code, with best practices and that people who are actually certified are carrying out the work.”

Mr Wrinkle continued: “One of the problems is that there has traditionally been no certification; no licensing within the industry, and it makes it extremely difficult for people to have confidence and security in a contractor when they un-

Govt denies Allen was its ‘agent’ in LOI controversy From pg B1 respectively, as key to the project’s approval.

“The fourth and fifth defendants used certain expressions like: ‘We hold the keys to the kingdom’,” Stellar’s ‘statement of claim’ alleged of Messrs Allen and Forbes.

It described them as “two of the private individuals who claimed to be representatives of the Bahamas government, and/or agents acting for and on behalf of the Bahamas Government”.

Mr Allen, too, in a recent interview with Tribune Business dismissed Stellar’s claims against himself and his law firm, although he declined to go into specifics. He added that he had instructed an attorney to represent him in the matter, who Tribune Business understands is former minister of state for legal affairs, Damian Gomez QC. Elsewhere, the Government made Mr Wells, the former parliamentary secretary in the Ministry of Works, the scapegoat for the LOI controversy by accusing him of signing the document “ultra vires” or illegally.

“The second and third defendants [Ministry of Works and the Attorney General] will say that [Mr Wells] had no authority, nor was he authorised by the Government of the Bahamas, to execute the purported LOI, dated July 4, 2014, for and on behalf of the Ministry of Works and Urban Development,” the Government’s defence said.

“Further, the second and third defendants will contend that any approval relative to the waste-to-energy plant was subject to final Cabinet approval, which is a policy decision.”

The Government also reiterated its position that Stellar’s LOI was non-binding, and that it had never agreed to the terms and conditions it set out.

As for the group’s claim that the LOI had been “breached or frustrated”, and that neither party had consented to its termina-

tion, the Government alleged that the document “was repudiated at earliest July 14, 2014, when the Deputy Prime Minister and Minister of Works publicly rejected the purported LOI and denied that [Mr Wells] was given authority to execute it”.

The Government alleged that Stellar knew within 10 days that it would not honour the LOI, and that it further rammed home this point in a March 10, 2015, letter sent to its chief executive, Dr Fabrizio Zanaboni.

The letter, signed by Ministry of Works permanent secretary, Colin Higgs, said the ministry was “not the primary government agency to consider any wasteto-energy proposals that proposed to utilise waste from landfill sites in the Bahamas.

“Further, the operation and management of landfill sites falls within the portfolio of the Ministry of the Environment and Housing, and Stellar may wish to pursue their project with that Ministry in the first instance.”

Given that Stellar filed its legal action some 17 months after that letter was dispatched, the Government is arguing that the action is time-barred, given that legal claims against public officials executing their duties have to be filed within 12 months of the actions complained of.

Mr Higgs, in an affidavit filed with the Supreme Court yesterday, emphasised how little authority Mr Wells had at the Ministry of Works during his two-year tenure.

“Mr Wells was assigned oversight of the maintenance of roadside verges, public parks and the Urban Renewal Small Homes Repair programme,” Mr Higgs alleged.

“He was not authorised to give directions to the permanent secretary, and he was not authorised to enter into any agreement on behalf of the Ministry of Works and Urban Development or the Deputy Prime

Stephen Wrinkle dertake the work. This legislation will seek to license, regulate and control the construction industry.”

Mr Wrinkle added that the legislation will give foreign investors a starting point when hiring Bahamian contractors for work. “It will also enable Bahamian contractors to move toward bonding with international bonding companies that Minister.”

Mr Higgs said the National Energy Task Force, which Mr Wells co-chaired, reviewed 11 waste-to-energy proposals and shortlisted two, neither of which was Stellar.

“To the best of my information, knowledge and belief, the recommendations emanating from the Task Force’s report were not pursued or acted upon,” the permanent secretary added.

Mr Higgs alleged that the first he knew of the Stellar LOI was from the media on July 11, 2014, a week after its signing. He was then presented with an unsigned copy by Mr Davis on July 21.

Mr Higgs said the Deputy Prime Minister “never executed or considered” either of the two LOI versions, the first of which was dated June 30, 2014, and had his name affixed to it.

Nor did Mr Davis instruct Mr Wells to sign the July 4 version, Mr Higgs alleged, and no Cabinet paper was prepared on whether Stellar should be considered for National Economic Council (NEC) approval.

Apart from arguing that Stellar’s claim is timebarred, the Government is also seeking to have it struck out by the Supreme Court. And it is arguing that the $727.364 million default judgment in the group’s favour was entered “irregularly”, and should be overturned.

Stellar is seeking dam-

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will recognise the Bahamian contractor’s license,” he added.

“This will open many doors for Bahamian contractors, who are continually getting shut out of these projects because they do not have the qualifications to meet the requirements for insurance and bonding.

“It opens up the path for Bahamian participation in FDI projects to a much greater extent than we have enjoyed. It also opens up the very real possibility of bona fide joint ventures with these international construction firms. That’s a crucial aspect that is not normally talked about.”

Deputy Prime Minister Philip Davis opened the debate on the Construction Contractors Bill in Parliament on Monday, outlining some of the key clauses and provisions that he said would bring about comprehensive reform. ages against Mr Wells, the Government, Mr Allen and his law firm, and Mr Forbes and his Sigma Holdings entity, the latter duo having acted as ‘advisers’ to the project.

The group is also seeking declarations that the Government both “honour” the LOI contract and not award a waste-to-energy contract to any other company until damages are paid, on the grounds that it was the victim of fraudulent and/ or negligent misrepresentation.

Stellar is alleging that because there was “no mutual consent” between itself and the Government “to terminate and release” the other from their obligations, the LOI remains in effect.

The Government, not surprisingly, is denying all these allegations.

K Peter Turnquest

$200m GB cruise port beneficial if ‘balanced’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

East Grand Bahama’s MP said yesterday that the $200 million Carnival cruise port for his constituency will boost the economy, provided the deal is balanced and Bahamians are the net beneficiaries.

K P Turnquest, who is also the Free National Movement’s (FNM) deputy leader and Finance spokesman, said: “The idea of a cruise port is a good idea if the deal is balanced and Bahamians are net beneficiaries.

“By that I mean that Bahamians, east GB residents in particular, are provided tangible and profitable entrepreneurial and employment opportunities from on shore activities and in construction.”

Mr Turnquest was commenting after Prime Minister Perry Christie said his administration had approved the agreement with Carnival Cruise Lines for east Grand Bahama’s $200 million cruise port.

While speaking in the House of Assembly on Monday, Mr Christie said: “The Government took particular pains to lift the policy of the Bahamas and institutionalise it in the agreement. That will enable Grand Bahamians to access

the privileges that that development will give them; that is, water sports.

“Those that are reserved privileges for Bahamians have been lifted up, identified, and Bahamians who live in Grand Bahama will be incentivised to take advantage of the firm policy decisions that we have made to protect the best interests of Bahamians and promote the best interests of the Bahamas.”

Mr Turnquest told Tribune Business: “The construction activity and opportunities from eco tours, bone and deep sea fishing, water sports, and adventure activities would create economic expansion and spur residential and commercial development that would create and sustain the east end communities, and could offset any losses at the Harbour and Port Lucaya Marketplace.”

He continued: “The key to this proposal being a net benefit to the island of GB is in the details of the onshore structure.

“A port like the one in Grand Turk would be of limited value to the overall sustained economic development of the island, as it would be self-contained and activities controlled by the cruise line, with only limited empowerment opportunities and benefits to the nearby communities.”

PAGE 4, Wednesday, November 9, 2016

Wells blasts LOI ‘unfounded claims’ From pg B1 article) again accuses him of acting “ultra vires” and without authority.

He and his attorneys, the law firm of fellow MP, Gregory Moss, also give no indication of who may have instructed the former Ministry of Works parliamentary secretary to sign the fateful document with Stellar on July 4, 2014.

Both Deputy Prime Minister Philip Davis, Mr Wells’s immediate boss at the Ministry of Works, and his permanent secretary, Colin Higgs, both denied any knowledge of the LOI or telling Mr Wells to sign it (see other Page 1B article).

Mr Higgs, in a November 8 affidavit to support the Government’s case, also reaffirmed that Mr Davis knew nothing of the earlier LOI version, dated June 30, 2014, which had the Deputy Prime Minister as the signatory.

With both Mr Wells and his former colleagues in both the Government and the Progressive Liberal Party (PLP) maintaining their veil of secrecy, Bahamians

are no closer to the truth behind the mysterious LOI saga, which many believe is a ‘manufactured’ political controversy.

Tribune Business previously exclusively revealed that other Cabinet ministers knew of the LOI and the Government’s intent to sign it, given that Michael Halkitis, minister of state for finance, referred to the document in a letter he sent to the Inter-American Development Bank’s (IDB) country head. The ‘Deputy Prime Minister’ LOI version was also purportedly attached to that letter.

However, virtually the only thing Mr Wells was prepared to admit to in his defence was that he signed the LOI on July 4, 2014 something he could hardly deny given that the document bears his signature.

Otherwise, he denied “each and every” allegation made against himself in Stellar’s ‘statement of claim’, in particular refuting the group’s suggestion that he gave their waste-to-energy proposal his personal encouragement.

Pointing out that he was responding from memory, as he no longer had access to the Ministry of Works’ files, Mr Wells admitted to receiving a letter sent on Stellar’s behalf on December 6, 2013.

“The first defendant [Mr Wells] also admits to having responded to that letter in the normal manner to the effect that the letter was received, and that the proposal therein was under consideration by the Government,” the Bamboo Town MP’s defence said.

“The first defendant denies that his letter in response was ‘an encouraging reply’, as alleged by [Stellar], or that it was anything other than a standalone response to proposals which were made to the Government.”

Stellar, whose principals include Dr Fabrizio Zanaboni and Jean-Paul (JP) Michielsen, interpreted Mr Wells’s reply far more warmly.

The latter’s response, as previously revealed by Tribune Business, also prompted ex-Cabinet minister, Algernon Allen, to seek a $100,000 payment from Stellar for writing the December 6, 2013, letter in his capacity as the group’s legal adviser.

Capital access not guaranteed by end to exchange control From pg B1 sector has dropped is not necessarily a function of whether or not banks are willing to lend,” Sir Franklyn told Tribune Business.

“Whether the money is coming from a local bank or an international bank, there’s no substitute for bankable proposals. In this climate we have today, where are the bankable proposals, the leaders trying to do something? Where are the entrepreneurs? Where are the ideas?”

He added: “While the issue of exchange control

liberalisation is certainly a topic for discussion and review, the fact commercial bank lending is down is not reason to say we will or will not go down this road.”

The Central Bank of the Bahamas’ own data provides some weight to Mr Wilson’s arguments, as they show excess liquid assets in the Bahamian commercial banking system stood at a very healthy $1.4 billion at end-September 2016.

This figure, which has increased by more than $117 million year-to-date, represents assets available for lending purposes. Yet in

Govt ‘run amok’ if PM unaware of $2.1bn proposal From pg B1 benchmarks were met.

The revelations triggered a major public backlash, centred on fears that the Bahamas is selling its economic sovereignty to Beijing, and in the process giving a foreign government significant leverage and influence over its internal affairs.

Suspicion and mistrust over Chinese investments and economic intentions towards this nation were sparked by the Baha Mar impasse, with the Christie administration’s handling of the matter exacerbating concerns.

These have focused on the fact that Chinese investments in the Bahamas are being made largely by stateowned companies or private sector conglomerates with close ties to Beijing, raising fears that a communist country with an incompatible political system is gaining control over too many of this nation’s key economic assets.

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“Because of the country’s response, the Prime Minister came out and said Andros is in his hands,” Mr McCartney told Tribune Business.

“If Andros is in the Prime Minister’s hands, we should be very, very afraid. The country has been in the

Gowon Bowe the risk averse environment that has prevailed since the 2008-2009 recession, commercial banks have tightened their lending criteria and are only extending credit to the ‘best’ prospects.

THE TRIBUNE

Meanwhile, Mr Wells also denied that the National Energy Task Force had “shortlisted” Stellar’s project for the Government’s approval consideration.

“The first defendant denies, to the best of his knowledge, information and belief, that the project contained in the LOI had been ‘shortlisted’ or otherwise given any preferential treatment by the National Energy Task Force, which the first defendant chaired prior to in or about October 14, 2014, when his services as parliamentary secretary in the Ministry of Works and Urban Development were terminated,” Mr Wells’s defence alleged.

And, despite now being a member of the Opposition FNM, Mr Wells also backed the Government’s position that the LOI’s terms do not entitle Stellar “to compensation to be agreed” if the two sides did not agree a contract for the waste-toenergy plant following the completion of engineering feasibility studies.

Stellar is seeking $727.364 million in damages against Mr Wells, the Government, Mr Allen and his law firm, and businessman/accountant Frank Forbes and his Sigma Holdings entity, the latter duo having acted as

‘advisers’ to the project.

The group is also seeking declarations that the Government both “honour” the LOI contract and not award a waste-to-energy contract to any other company until damages are paid, on the grounds that it was the victim of fraudulent and/ or negligent misrepresentation.

Stellar is alleging that because there was “no mutual consent” between itself and the Government “to terminate and release” the other from their obligations, the LOI remains in effect.

But, denying this was the case, Mr Wells said that even if it was binding, the LOI had “automatically terminated” on July 3, 2015. This was by virtue of its clause 8, which said the document was valid for just one year from its signing.

The Bamboo Town MP also alleged that the LOI “was not a contract”, but “merely a preliminary step” to Stellar potentially executing a power purchase agreement (PPA) with BEC, once the viability of the project - to be based at the New Providence landfill - was proven.

Mr Wells also argued that the LOI was “subject to numerous pre-conditions... which were never so ful-

filled”, with Stellar also requiring National Economic Council (NEC) or Cabinet approval - something it never obtained.

The former parliamentary secretary also argued that Stellar’s claims against him were “prohibited” by law, specifically the Limitation Act’s 1995 section 12 and the Interpretation and General Clauses Act’s section 49.

The former requires that legal actions launched against any public officer in the execution of their duty be launched within 12 months of the act complained of - and the Stellar LOI controversy occurred more than two years ago.

The Interpretation and General Clauses Act’s section 49 also protects public officials from “personal liability in respect of anything done or suffered in good faith and without negligence” in the executing their duties.

However, this strand of Mr Wells’ defence may have been undermined by the Government’s defence, which alleges that he signed the LOI without proper authorisation.

Mr Bowe, meanwhile, suggested that should the Central Bank allow Bahamian businesses to seek financing overseas, it would “put to rest” arguments by some companies that they would be successful if it were not for exchange controls.

Pointing out that Bahamian companies will carry the same risk and credit profile whether they are seeking capital domestically or overseas, Mr Bowe said some could face a “harsh reality” even if the financing pool is broader.

“Some of the chatter that says the Central Bank is a hindrance to business success will be alleviated,” he explained. “Just because there is easier access to credit in international markets doesn’t mean you will

qualify for it.”

The Central Bank is eyeing further exchange control liberalisation measures that would allow Bahamian companies to obtain capital and financing overseas, while also removing remove obstacles to their participation in, and the financing of, investments overseas.

Emphasising that this was a discussion worth having, Mr Bowe told Tribune Business: “When we talk about access to capital and the ability to raise foreign currency, it could be a tremendous boost, as it will open up a world of capital funding.

“We are certainly encouraged by the direction they [the Central Bank] are trying to move in. We know a large complaint or gripe persons mention is that

there is cheaper funding outside the Bahamas, but exchange controls prevent access to that. Some of that is real, and some of that is perception and may not be reality.”

He added that exchange controls, and restrictions on the movement and free flow of capital, were incompatible with the global trend towards free market economies and liberalised trade.

“Every journey begins with one step,” Mr Bowe said. “It’s a journey to free market economies and a liberalised capital market environment. We’re in a free world now, and to have a restrictive capital regime is no longer compatible in the world environment in which we operate.”

Prime Minister’s hands for four years, and look where we are - crime ridden, people losing their jobs, VAT, the lack of accountability and transparency, and Baha Mar has not worked.

“The Government is going to try and do everything in the next six months to get some type of injection into the economy and win the election. The Bahamian people will see past that.

They have been complete and utter failures.”

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) IGGARRO LIMITED is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on November 8, 2016 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before December 7, 2016 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

YOUR

CHOICE FOR THE FAMILY

November 9, 2016 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

CORTUSA S.A Company No. 251769 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that CORTUSA S.A. is in voluntary liquidation. The voluntary liquidation commenced on 2nd November, 2016 and MARTINA STEIGER of Gässli 1, 7203 Trimmis, Switzerland has been appointed as the Sole Liquidator.

Dated this 2nd day of November, 2016 Sgd. MARTINA STEIGER Voluntary Liquidator

NOTICE TOP TIGER INVESTMENTS HOLDING LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TOP TIGER INVESTMENTS HOLDING LIMITED is in dissolution as of November 4, 2016 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

@JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019

THE TRIBUNE

Wednesday, November 9, 2016, PAGE 5

Scotland seeks to block Brexit talks without its approval LONDON (AP) — The Scottish government said Tuesday that it will ask Britain’s Supreme Court to block Prime Minister Theresa May from triggering European Union exit talks without consulting the Scottish Parliament first — another potential blow to May’s hopes of a quickie divorce from the bloc.

The prime minister has said she plans to trigger two years of exit talks by invoking Article 50 of the EU treaty before the end of March.

But last week the High Court complicated that plan, ruling in response to a legal challenge that lawmakers in Britain’s Parliament must first get a vote.

The government is asking the Supreme Court to overturn the judgment. The court said Tuesday that it will hear the case Dec. 5-8.

In a reflection of the constitutional importance of the case — which hinges on the balance of power between Parliament and the executive — all 11 Supreme Court judges will hear the appeal.

Scottish First Minister Nicola Sturgeon said Scotland would also seek to intervene in the legal action, because “the consent of the Scottish Parliament should be sought before Article 50 is triggered.”

She said Scotland’s top legal official, Lord Advocate Frank Mulholland, would make a formal application to the top court.

Britons voted by 52 to 48 percent on June 23 to leave the EU, but voters in Scotland strongly backed staying in.

Sturgeon, who heads the pro-independence Scottish National Party, has said she

may seek a mandate for independence if Scotland is forced out of the bloc, and its single market of 500 million people.

Sturgeon noted that May has said British people “had voted with, in her words, ‘emphatic clarity’ when they voted by a margin of 4 points to leave the EU. “The margin for ‘remain’ in Scotland was 24 points: a far more emphatic and clear result,” she said.

The British government has told other European leaders that the increasingly complicated legal situation won’t delay its plan to trigger Article 50 by March 31.

But the Supreme Court says it will likely not rule until early 2017, and if the government loses it will have little choice but to allow Parliament to debate the subject.

Nicola Sturgeon, First Minister of Scotland and leader of the Scottish National Party, delivers a keynote address on the benefits of EU membership for work and living standards at an event hosted by the Resolution Foundation at St John’s in London. The Scottish government says it will ask Britain’s Supreme Court to block Prime Minister Theresa May from triggering European Union exit talks without consulting the Scottish Parliament first., it was reported yesterday. (AP Photo)

Global stocks steady as investors await US election results BEIJING (AP) — Global stock markets were steady Tuesday, following strong Wall Street gains the day before, as investors focused on the final hours of a tight U.S. presidential race.

KEEPING SCORE: Germany’s DAX was 0.1 percent lower at 10,449 and France’s CAC-40 was down by the same rate at 4,458. London’s FTSE 100 was stable at 6,805. Wall Street looked set for a subdued opening, with futures for the Dow Jones industrial average and Standard & Poor’s 500 down 0.1 percent and 0.2 percent, respectively.

PRESIDENTIAL JITTERS: Hillary Clinton appeared to gain an edge over rival Donald Trump but analysts said the race was too close to call and traders hedged their positions. Clinton’s position improved after the FBI announced its review of newly discovered Clinton emails found no evidence to warrant charges. Unease had ratcheted up in recent weeks over signs the race was tightening. Clinton is seen as more favorable to trade while Trump has unnerved markets by calling for controls on imports and immigration. That triggered the longest losing streak for the S&P 500 since 1980.

ANALYST’S TAKE: “Markets are moving toward

Violet Lay waits beside her mother Susan to finish voting in a polling booth at the Nativity School on Election Day, yesterday, in Cincinnati.

(AP Photo)

pricing in a Clinton victory, but not fully, given the painful lesson from Brexit,” Mizuho Bank said in a report.

“We expect market volatility to increase somewhat tomorrow as U.S. exit polls and elections results start streaming in.”

GLOBAL TRADE: China’s exports fell again in October in a fresh sign of weak global demand that is complicating Beijing’s efforts to shore up economic growth

and reduce reliance on trade and investment. Exports contracted by 7.3 percent from a year earlier while imports fell 1.4 percent. Similarly downbeat figures emerged from Germany, where exports dropped 0.7 percent in September over August, while imports fell 0.5 percent in season- and calendar-adjusted terms.

ASIA’S DAY: The Shanghai Composite Index gained 0.5 percent to 3,147.89 points

and Hong Kong’s Hang Seng advanced 0.5 percent to 22,909.47. Seoul’s Kospi added 0.3 percent to 2,003.38, India’s Sensex rose 0.1 percent to 27,500.95 and Sydney’s S&P-ASX 200 gained 0.1 percent to 5,257.80. Tokyo’s Nikkei 225 was nearly unchanged at 17,171.38.

Benchmarks in New Zealand, Taiwan and Southeast Asia also rose.

CURRENCY: The dollar rose to 104.53 yen from

Monday’s 104.39 yen. The euro gained to $1.1064 from $1.1042.

ENERGY: Benchmark U.S. crude dropped 18 cents to $44.71 per barrel in electronic trading on the New York Mercantile Exchange.

The contract gained 82 cents on Monday. Brent crude, used to price international oils, shed 15 cents to $46.00 in London after adding 57 cents the previous session.

German factory production, exports drop in September BERLIN (AP) — German factory production and exports fell in September, according to official figures released Tuesday, which analysts said points to flat third quarter GDP growth for Europe’s largest economy.

The Economy Ministry said industrial production dropped 1.8 percent in September over August, according to season- and calendar-adjusted figures.

That followed a robust 3 percent rise in August, which was revised upward from the 2.5 percent growth initially reported, and a 1.5 percent drop in July.

The ministry said overall production in the third quarter was up 0.3 percent over the previous quarter and that it expects a “slight

uptick” in factory production growth in the coming months.

Meantime, Germany’s trade surplus narrowed slightly as both exports and imports decreased in September.

According to the Federal Statistical Office, exports dropped 0.7 percent in September over August, while imports fell 0.5 percent in season- and calendar-adjusted terms.

With exports of 106.4 billion euros ($117.7 billion) and imports of 82 billion euros, the trade surplus fell to 24.4 billion euros in September, or 21.3 billion euros in adjusted figures.

Exports to the U.S., China and the United Kingdom made up almost a quarter of the total, according to

German Chancellor Angela Merkel, left, visits an office of the immigration authorities in Berlin, Monday, Nov. 7, 2016. (AP Photo)

bilateral trade data, ING economist Carsten Brzeski noted. That raises concerns that the decline in value of the pound, an economic slowdown in China and the possibility of greater trade protectionism under a new U.S. president could cause problems in the future.

“The German economy remains on an incredible roller-coaster ride. Down

one minute, up the next,” Brzeski said. “The combination of Brexit uncertainty, a mature business cycle and political and economic uncertainty in many important trading partners keeps the industry treading water.”

He predicted “meagre growth” when Germany releases its third quarter GDP figures next week.

VACANCY Applications are invited for the position of Corporate Administrator Applicants must have: • At least five years’ experience in corporate administration including a thorough knowledge of the incorporation, maintenance & liquidation of companies, preparation of annual returns, corporate resolutions, notices and other corporate documents; • A thorough understanding of due diligence and compliance; • Computer literacy, including advanced

proficiency in the use of Microsoft

Applications, Viewpoint and CP or other similar time and billing software; • Sound organisational skills and the

ability to consistently produce high

quality work under pressure, to use

initiative, work as a team player and be able to work overtime at short notice.

Qualified candidates may apply in confidence no later than November 15, 2016 to: corpvacancy1@gmail.com

Supreme Court weighs cities’ plea to sue banks for bias WASHINGTON (AP) — The Supreme Court seems inclined to allow Miami to sue banks for predatory lending practices among minority customers that led to foreclosures, declines in property taxes and dips in property values.

At least four of the eight justices appeared willing during arguments Tuesday to let the suits go forward under the anti-discrimination Fair Housing Act. Miami and other cities are trying a novel approach to hold banks accountable for the wave of foreclosures during the housing crisis that hit in 2007.

If the court splits 4 to 4, the decision of a lower court in favor of Miami would remain in place, but there would be no nationwide ruling addressing similar lawsuits by other cities.

Miami claims that Wells Fargo, Bank of America and Citigroup pursued a decade-long pattern of targeting African-American and Hispanic borrowers for costlier and riskier loans than those offered to white customers. The loans to minority homeowners went into default more quickly as well, the city says.

Wells Fargo and Bank of America appealed the lower court ruling to the Supreme Court, arguing that cities can’t use the Fair Housing Act to sue over reductions in tax revenues.

The banks said the connection between a loan and the tax consequences is too tenuous. Citigroup did not appeal, though its lawsuit also would be affected by the high court ruling.

Neal Katyal, representing the banks, said a ruling for Miami could lead to lawsuits asking for “billions of dollars.”

Robert Peck, Miami’s lawyer, told the court that the banks are exaggerating the claims. “We said we lost millions of dollars,” Peck said, adding that similar lawsuits filed by Baltimore and Memphis, Tennessee, were settled for less than $10 million each.

During the Election Day-session, two justices who typically pepper lawyers with questions that often reveal how they view a case were uncharacteristically quiet. Justice Stephen Breyer asked only a couple of questions and Justice Samuel Alito did not ask any.

Some justices said they worried about opening the courthouse door to shop owners, gardeners and other companies that might lose business as a result of home foreclosures.

NOTICE In the Estate of AUDLEY MUNNINGS late of Bernard Road, Fox Hill in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas deceased.

NOTICE is hereby given that all persons having any claim or demand against the above-named estate are required to send the same to the undersigned on or before the 30th day of November, A.D. 2016 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved. AND NOTICE is hereby given that all persons indebted to the said estate are requested to settle their respective debts at the chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 7th day of November, A.D. 2016 MANGRA & CO. Chambers Suite 12 Bayparl Building No. 18 Parliament Street, Nassau, N.P. The Bahamas

PAGE 6, Wednesday, November 9, 2016

THE TRIBUNE

India scraps high currency notes to fight corruption NEW DELHI (AP) — India’s highest-denomination currency notes are being withdrawn immediately from circulation, the country’s prime minister said Tuesday night, a surprise announcement designed to fight corruption and target people who have stashed away immense amounts of cash.

As of midnight Tuesday, 500and 1,000-rupee notes, worth about $7.50 and $15, will have no cash value, Prime Minister Narendra Modi said in a televised address.

“A few people are spread-

ing corruption for their own benefit,” he said in the speech.

“There is a time when you realize that you have to bring some change in society, and this is our time.”

People holding the discontinued notes will be able to deposit them in bank and post office savings accounts before the end of the year - but anyone making large deposits will find themselves the target of Indian tax authorities. The government will shortly be issuing new 500- and 2,000-rupee notes, the prime minister said.

ATM machines where money could be withdrawn in 100-rupee notes, trying to avoid being caught without cash over the next few days.

Anuj Mathur, a banker, was among more than two dozen people lined up outside a south New Delhi ATM machine at about 10 p.m. Tuesday. It will be an inconvenience for the next few days, until the new notes are in circulation, he said, but he applauded the government’s decision.

“It’s a good measure,” he said.

“This will clean up the system.

India’s economy - and its tax base - has long been hobbled by a culture of what is known here as “black money,” with business people using cash to avoid paying taxes. Raids on corrupt politicians and businesses regularly turn up people holding millions of dollars’ worth of rupees, with cash sometimes filling dozens of boxes.

The government has been urging people over the past year to declare the money they are holding in cash.

Across the country Tuesday night, people rushed to bank

The sudden change, though, will be difficult for India’s millions of poor people, many of whom don’t have bank accounts and who may not have cash available in lower-currency notes to keep themselves financially afloat for the next few days.

“It will cause some hardship to you,” Modi said in his speech.

“Let us ignore those hardships.”

In an indirect reference to rival Pakistan, Modi also accused a neighboring country of circulating fake Indian currency to damage the Indian economy.

Tesla inks deal to buy German manufacturing engineering firm PALO ALTO, Calif.

(AP) — Tesla Motors says it has agreed to buy a German engineering company to help automate its electric car manufacturing.

The company is buying buy Grohmann Engineering, which Tesla says is a leader in highly automated manufacturing methods.

Tesla expects to start building the $35,000 Model 3 electric car next year, and it wants to build 500,000 cars per year in two years.

More than 300,000 people have put down deposits to reserve a Model 3.

Tesla expects to add more than 1,000 engineering and technician jobs in Germany over the next two years.

The company says the acquisition should bring improvement in the speed and quality of production at its Fremont, California, factory. The deal is expected to close early next year.

The purchase price wasn’t disclosed.

the Tesla showroom at the Washington Square Mall, in Portland, Ore. Tesla Motors said yesterday, that it has agreed to buy German engineering company Grohmann Engineering to help automate its electric car manufacturing. (AP Photo)

US job openings increase slightly in September

job seekers attend the New York Department of Citywide Administrative Services job fair, in New York. The Labor Department said Tuesday, Nov. 8, that U.S. employers posted slightly more job openings in September, a likely sign that the steady job gains of recent months could continue. (AP Photo)

MARKET REPORT TUESDAY, 8 NOVEMBER 2016

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

BISX ALL SHARE INDEX: CLOSE 1,931.49 | CHG 0.02 | %CHG 0.00 | YTD 107.54 | YTD% 5.90 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.50 4.70 0.18 8.28 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.00 11.00 8.50 6.90 12.25 11.00

52WK LOW 2.47 17.43 8.19 3.49 1.77 0.12 5.50 8.05 5.50 7.66 13.05 2.18 1.31 5.60 6.60 9.85 6.12 6.23 11.81 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 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

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

LAST CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 5.83 8.50 5.83 10.50 13.98 2.29 1.55 5.82 8.78 10.00 8.50 6.61 11.93 10.00

CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 5.83 8.50 5.83 10.50 13.98 2.31 1.55 5.82 8.78 10.00 8.50 6.61 11.93 10.00

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

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

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

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01

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

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

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

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

115.14 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.07 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.07 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

E J K L M N

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

52WK LOW 100.00 100.00 100.00

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

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

VOLUME

600

120 50

200 10

VOLUME 2 5

2

15

10

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

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

P/E 13.4 11.7 8.4 15.9 N/M N/M 31.5 15.4 11.5 19.4 26.5 24.6 9.3 11.4 14.3 10.4 13.1 9.4 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 3.21% 3.06% 3.43% 3.43% 4.36% 2.60% 2.58% 4.12% 3.13% 0.00% 3.29% 1.82% 5.36% 0.00%

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

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

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

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

INTEREST 7.00% 6.00% Prime + 1.75%

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

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

MUTUAL FUNDS 52WK HI 2.01 3.91 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.94 11.15 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.40 1.61 1.50 1.03 6.41 7.62 5.66 8.65 10.54 9.57

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

NAV 2.01 3.90 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.59 11.15 9.57

YTD% 12 MTH% 3.11% 4.17% 3.28% 4.34% 2.07% 2.93% 4.73% 5.64% 5.70% 7.66% 2.86% 3.86% 2.64% 3.93% 2.51% 3.63% 5.44% 4.48% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%

NAV Date 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016

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

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

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

WASHINGTON (AP) — U.S. employers posted slightly more job openings in September, a likely sign that the steady job gains of recent months could continue.

The Labor Department said that job openings edged up to 5.49 million in September, a modest increase from 5.45 million openings in August. Openings had plunged to an eight-month low in August.

The data affirms recent evidence that hiring has been more tempered after setting a robust pace of the prior two years. Still, the economy is generating enough jobs to reduce unemployment and boost incomes. And most economists have expected monthly job growth to slow as the number of unemployed has decreased.

Openings increased in September in construction, manufacturing and financial activities, among other sectors. But openings slipped at restaurants and in the logistics sector.

Hires dipped to 5.08 million in September, a 3.5 percent increase. But workers

seem hopeful enough about finding work that more of them are quitting.

The number of people who quit their jobs increased between August and September to nearly 3.1 million. But over the past year, the number of people quitting their job has climbed 11.7 percent.

Quitting is often an indicator that Americans are confident about the job market and their chances of finding better-paying work.

This is why many economists view an increase in quits as helping to push up wages.

The figures come after last Friday’s jobs report, which showed that employers added 161,000 jobs in October. The unemployment rate ticked down to 4.9 percent. Average hourly earnings have climbed 2.8 percent over the past 12 months, the biggest gain in seven years.

The report released Tuesday, known as the Job Openings and Labor Turnover survey, or JOLTS, offers a fuller view of the job market than the Friday employment numbers.

NOTICE

NOTICE is hereby given that RUTH EVERETTA WHYLLY of Green Castle, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JESULA DESHOMMES of Millennium Gardens, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, Shamara Ginear Smith and Jarvis Franklyn Rolle of Prince Charles Drive and Jacaranda Street, New Providence, Bahamas intends to change our child’s name from SHAMARI GABRIEL SMITH to SHAMARI GABRIEL ROLLE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

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medic identifying widespread

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used. Use the given letter or letters — SHIRE THE TRIBUNE Wednesday, November 9, 2016, PAGE 7 ILS below the main grid — to start.

SkIRT outbreak (8) 7 1 1 20 13 SLAnT Solution next Saturday.

15 Entire drink taken by man (5) TACkS SoILS 3 4 4 16 8 11 11 12 Difficulty: 8/10 Target: 25 mins ATTACkS 18 Some underdogCRUSAdE rescuing Clue: Greet caver about a collection.

SIREd THE SUnSHInE PUZZLE dESIREd 0 4 8 12 11 THINKING SPACE monsters (5) S H I R E FOR YOUR CHANCE TO WIN £ The Sunshine Puzzle has dISMISS been a firm favourite with readers of the Express for many EXECUTE TSMISS YOUR POWER 4 13 12 1 BRAIN 15 years. All you need to do is find the correct home for the listed words.

We have 20 Citizen, Alan, into dancing (8)

ACRoSS HAndLES helped you by placing two. Here are the words that go into the grid: ECUTE 1 Quiet pub with elaborate oPERATE 23 For GI, clear off mass of (8) ice (7) 19 25 23 21 at the peak H O R S E CHASE PRAISES ® ndLES 5 Trousers left in bags (6) 25 Frill found by man, a thug (7) CHInA RESERvE APUZZLE 10 Elated when told of troop 11 1 3 9 18 21 6 HoRSE RESULTS being moved (2,3,2,3,5) ERATE 26 Not at home often, the man ® tests 11your logic and word Alphapuzzle nIGHT 11 Monarch upsetting rep SHAMPoo 221 21 1 2 more (7) power. Each grid number represents a no-onE AISES directing having no chance of SUSPECT JUDGE PARKER CARPE DIEM 12 Regular procedure for po letter.

Every letter of the alphabet is SHALL SySTEMS 2 13 25 10 18 15 21 11 13 7 22 success (3,2,3,7) European after heavy SERvE used. Use the given letter or letters Today’s — CoASTLInE full solution:SHIRE defeat (7) below dECoRATEd 320 613 24 the main 13 grid — 10 to start.

0907 181 2566 SkIRT 27 Stray setter in13road (6) quiet one, with European, SULTS dISAPPEAR For up to six Extra LetterSLAnT clues: medic identifying widespr Solution next Saturday.

28 Unusually learned head of year dISMISSES SoILS 24 11 4 18 15 outbreak (8) 11 111 12 5 Difficulty: 8/10 Target: 25 mins 0907 181 2567 AMPoo InTERPRET 15 Entire drink taken by man (Deduct two minutes for each clue ATTACkS letter heard) from one of the18 Channel about a collection.

Some underdog rescuing LAnGUAGES 112 3Clue: Greet 14 caver 11 dESIREd Alternatively, for six extra letter clues direct to your 11 SPECT THINKING SPACE (5) nUISAnCES S HIslands I R(8) E 20 monsters mobile, text DSXALPHA to 88080. Texts cost £1 dISMISS Citizen, Alan, into dancing For today’s solution call: 0907 181 2584 PRIMITIvE plus normal network operator rate. EXECUTE STEMS 23network For GI,access clearcharge. off mass of ic *Calls cost 80p per minute plus your telephone company’s *Calls cost 80p per minute plus your telephone SURRoUndS HAndLES 25 Frill found by man, a thug down company’s network access charge.

SUSPECTEd T ASTLInE oPERATE 26 Not at home often, the m 23 21 LAST SATURdAy’S SoLUTIon H O R S E M PRAISES directing having no chanc ACRoSS Catechism, Lifer, Revolting, 1 Abbey, RightBilingual, cable Raita, grabbed by(3,2,3,7) pair (6) D CoRATEd success RESERvE 18 21 6 ution: Piety, Petticoat, Cameraman, Sober, Soubrette, Penal, Bairn, 27 Stray setter in road (6) RESULTS amp, Nucleus, Festival, Duly, Locket, Junkie, 2 Onedown rep apt change Regulator, Bathe, Stipulate.

Alibi, to Epicentre, High,learned State head C 28 Unusually of SAPPEAR SHAMPoo got Haggard.

1 (clue), Nomad, 11 Department, Blast, Extenuate, Youth, Inamorata, Close call, from one of Taser, the Channelc stationery item (9) gs, Calcium, Captives, Curd, Landau, Speech, SUSPECT Islands (8) MARVIN Birch, Aloft, Jump.

SMISSES ogma, SySTEMS 15 21Essay, 11 Excited.

3 Getting snake, one socialist O down CoASTLInE Today’s full solution: TERPRET BLONDIE THE DAILY EXPRESS 30-SECOND CHALLENGE ® IN THE SUNDAY EXPRESS EVERY 1 Right cable grabbed by pa had ambition (7) dECoRATEd 0907 181 2566 to E13‘EXTRA 10 TOUGH’ ULTRA ALPHAPUZZLE WEEK? 2 One=rep TodAy’S AnSwERS: BEGINNER = 72; INTERMEDIATE = 185; ADVANCED 95.apt to change dISAPPEAR nGUAGES For up to six Extra Letter clues: 4 Prisoner, 51, meeting female stationery item (9) E dISMISSES 4 18 15 0907 181 2567 3 Getting snake, one sociali ISAnCES InTERPRET with hesitation (5) (Deduct two minutes for each clue letter heard) TEASER TARGET 3 had ambition (7) ALETTA SUDOKU LAnGUAGES 14 11 Alternatively, for six extra letter clues direct to your 4 Prisoner, 51, meeting fem For today’s solution call: 0907 181 2584 6 The French woman’s first set IMITIvE nUISAnCES mobile, text DSXALPHA to 88080. Texts cost £1 the grid so that with hesitation (5) ● mensateaser: Win A Dozen Summers on DVD Can you find 18 or more words 1 5 9 Fill 7 rate. every column, row, and For today’s solution call: 0907 181 2584 taken 6 The French woman’s first PRIMITIvE plusthe normal network operator*Calls cost 80p per minute plus your telephone company’s network access charge. of clothes from case (7) containing only five letters 3x3 square includes all RRoUndS *Calls cost 80pacclaim per minute plus your telephone network access charge. of clothes taken from cas ro Garnering critical on its theatrical release,company’s A Dozen Summers is a delightful, per minute plus your3telephone 1 7 the digitsSURRoUndS from 1 to 9. shown on the*Calls left? cost Each80p word 7 Ringleader in county with homegrown coming-of-age comedy drama starring a brilliant7young cast alongside in county Ringleader with network Moderate SUSPECTEd must includecompany’s the letter in the access charge.

1 7 Level: SPECTEd 8 2 N LAST SATURdAy’S soldier’s dog (5) Target: 24 mins Ewen MacIntosh and Colin Baker. Out now on SoLUTIon DVD courtesy of Screenbound.

M in this case p, and centre,

S H I R E

HOR S E

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The Daily Express Alphapuzzles 3 (published by Express Newspapers 2007) is available at £6.99.

To order, call The Express Bookshop on 01872 562310, send a cheque/PO payable to ‘Express Bookshop’, to: Express Bookshop, PO Box 200, Falmouth, TR11 4WJ, or order online at www. expressbookshop.com UK delivery is free.

Alphapuzzle® ©2016 Acorn Editorial Ltd. All words appear in Chambers Dictionary.

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REC soldier’s dog (5) UC Sly dude upsetY aboutL nitrogen N given without warning (8) NbyR Quicker way used curt T A

LAST SATURdAy’S SoLUTIon ACRoSS Catechism, Abbey, Bilingual, Raita, Lifer, Revolting,

The Daily Express Alphapuzzles 3 (published by

Newspapers 8 at £6.99. must containExpress at least four 2007) is available To order, call The Express Bookshop on 01872 letters, but there is no limit on 562310, send a cheque/PO payable to ‘Express 5 ocket,the Junkie, number of times you can Bookshop, PO Box 200, Bookshop’, to: Express Falmouth, TR11 Your 4WJ, or order online at www. use a letter in any word.

6 9 expressbookshop.com free. ndau, Speech, list should include a conjoined UK delivery isLtd. Alphapuzzle® ©2016 Acorn Editorial All 2 9 eight-letter word. words appear in Chambers Dictionary.

5 9

YESTERDAY’S SOLUTION

7 1 4 3 6 5 8 2 9

9 5 3 2 8 7 4 6 1

8 6 2 9 4 1 3 5 7

2 8 9 5 3 4 1 7 6

6 3 7 8 1 9 5 4 2

5 4 1 6 7 2 9 8 3

1 7 5 4 2 3 6 9 8

4 2 8 1 9 6 7 3 5

8 Sly dude upset about nitr given without warning (8) 9 Quicker way used by curt copper appearing on time 14 It’s on curved structure in State with sovereign (8) 16 To train, I’d abandoned established practice HOW many words of (9) 17 Splendid stuff initially four overwhelmed letters or more can us (8) you from interrupting the 19 make Cold fellows letters shown wrong lines here?

(7) In21 making a word, each Crime of being on barrier letter may be used once 22 Comfortably lifting guns, only.youth Eachleader must (6) contain the letter 24centre Performer withand a cold get river (5) theretomust be at least 25 nine-letter Country artist, 50, suppor one word.

No right (5) plurals oruniversity verb forms

Take the online Mensa workout at www.mensa.org.uk or apply for a supervised IQ test in your area, Piety, Petticoat, Cameraman, Sober, Soubrette, Penal, Bairn, email bookatest@mensa.org.uk or telephone 01902 772771.

Mensa does not accept hyphenated words, and uses the Oxford Dictionary of English (Second EditionEpicentre, Revised) as itsHigh, official reference.

Regulator, Bathe, Stipulate. down Alibi, State

8

3 9 6 7 5 8 2 1 4

2 ACRoSS Catechism, Abbey, Bilingual, Raita, Lifer, Revolting, Department, Blast, Extenuate, Youth, Inamorata, Close call, Taser, 8 Piety, Petticoat,1 Cameraman, Sober, Soubrette, Penal, Bairn, g Jump. b k Birch,yAloft, What letter 4 6 9 5 HAGAR THE HORRIBLE TIGER Regulator, Bathe, Stipulate. down Alibi, Epicentre, High, State f p should replace 4 6 2 copper appearing on time (5,3) THE DAILY EXPRESS 30-SECOND CHALLENGE IN words THE SUNDAY EXPRESS 8LPHAPUZZLE words • Good:® 23 theClose question m = 185; ADVANCED E Department, Blast, Extenuate, Youth, Inamorata, call, Taser, 5 EVERY 3 4 7 WEEK? TodAy’S AnSwERS: BEGINNER = 72; INTERMEDIATE = 95. on curved structure in my 14 It’s ds • Incredible: 30 words mark?

For extra clues call: t h d ?

Birch, Aloft, Jump.

State with sovereign (8) N: 0901 322 5603 TEASER TARGET

A

7

● TO order The Express Sudoku puzzles (£5.99) or the Infinite Sudoku CD Rom (£9.99) call The Express Bookshop on 01872 562310, send a cheque/ *Calls cost 75p plus your telephone company’s network access charge.

PO payable to Express Bookshop to Express Bookshop, PO Box Fill the grid so that 200, Falmouth, TR11 4WJ, or order online at www. every column, row, and *Calls cost 80p per minute plus your telephone company’s network access charge. expressbookshop.com 3x3 square includes all UK delivery is free.

SUDOKU For today’s full solution

effuse, effuses, feel, feels, fees, fell, flees, flue, flues, fluff, fluffs, fuel, fuels, , fuss, fusses, luff, luffs, self, suffuse,

1 5

SMALL CROSSWORD SATURDAY Answer for Teaser 13/08/16: Camping. The added words are 16 To train,

I’d abandoned

CHECK, DREAM, THEME, SHAPE, FRUIT, BLIND and DOUGH. mensateaser: Win A Dozen Summers on DVD established practice (9)

17 Splendid stuff initially R E C = 72; INTERMEDIATE = 185; ADVANCED = 95. overwhelmed us (8) Lisa Wild 19 fellows interrupting Y Cold L U wrong lines (7) TEASER TARGET SMALL CRoSSwoRd N2122 Crime R ofTbeing on barrier (7)TH Comfortably lifting guns, large

9

call: 0907 181 2575 HE DAILY EXPRESS 30-SECOND CHALLENGE 1 3 7

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the digits from 1 to 9.

Level: Moderate Target: 24 mins

1TodAy’S 7 8 2AnSwERS: BEGINNER YESTERDAY’S SOLUTION PE AND SUE 8 5 9 7 9 8 2 6 5 1 4 3 on 1 5 6 8 3 4 7 2 9 5 2 n 4 3 2 9 7 1 5 8 6 ur 6 9 1 3 2 9 5 8 6 4 1 7 8 6 8 4 3 1 7 2 9 5 d CALVIN & HOBBES 4 6 5 7 1 4 9 2 3 6 8 9 2 5 8 4 3 1 5 9 6 7 2 4 6 2 2 6 5 7 4 8 9 3 1 9 1 7 6 2 3 8 5 4 5 3 4 7 ● TO order The Express Sudoku puzzles (£5.99) or the Infinite For extra clues call: Sudoku CD Rom (£9.99) call

For your chance to win, call: 0907 181 2723* or text DXMENSA to 86660** Garnering critical acclaim on its theatrical release, A Dozen Summers is a delightful, *Calls cost 80p per minute plus your telephone company’s network access charge and last 2.5 minutes. **Text cost £2 plus your usual network rate. Lines close at midnight on Friday, 26. For full T&Cs see www.express.co.uk/campaigns/terms/7. homegrown coming-of-age comedy drama starring a brilliant young castAugust alongside SP: Spoke, 0333 202 3390. By responding to promotions, offers and competitions you agree that Northern & Shell may contact you by post, SMS Ewen MacIntosh and Colin Baker.

Out now on DVD courtesy of Screenbound. and/or email with offers, goods or services that may be of interest to you. To stop receiving SMS messages please text ‘NS NOINFO’ to 86660.

ending in “s”.

Take the online Mensa workout at www.mensa.org.uk or apply for a supervised IQ test in your area, *SP: – Helpline 0333 202 3390 email bookatest@mensa.org.uk or telephone 01902 772771. Mensa doesSpoke not accept hyphenated words, and uses the Oxford Dictionary of English (Second Edition Revised) as its official reference.

GET THE BRILLIAnT

TODAY’S TARGET Good 13; very good 20; excellent 26 (or more). y g b k Solution Monday.

What letter ACROSS 1 2 3 4 5 CAN you crack the Alphabeat 1 Excellent of its kind (8) f p should replace 6 Topmany cards (4) mental muscles to the limit. E YESTERDAY’S HOW words of 8 9 10 8 Premature (5) Alphapuzzle, every letter of t SOLUTION the question 6 m 7 E four letters or more can 11 Covered passageway with given letters the given bl apace aped and camp shops (6) you make from the mark?

To addcamper to the fiendish 12 Military land force (4) t 11h d ? camped cape fun, letters shown here? , 14 Computer-aided same ifcaper you turn the page ups caped carp 0901 322 5603 The Express Bookshop on In making a word, each s, d instruction (abbr.)

(3) 01872 562310, send a cheque/ 12 13 14 *Calls cost 75p plus your telephone company’s network access charge.

SMALL CROSSWORD SATURDAY So, for example if there is a cramp cramped Answer for Teaser 13/08/16: Camping. The added words are letter be(5)used once carped PO payable to Express Bookshop 15 Failsmay to win corresponding six-letter word crape crimp crimped For today’s full solution to Express Bookshop, PO Box 16 Charged (3) only.

Eachparticle must contain CHECK, DREAM, THEME, SHAPE, FRUIT, BLIND and DOUGH. Falmouth, TR11 4WJ, or 15 17 Bombast damp damper decamp Every black square has a sy call: 0907 181 2575 200, order online at www. the centre (4) letter and 19 Infuriate (6) For your chance to win, call: 0907 181 2723* or text DXMENSA to 86660** *Calls cost 80p per minute plus your telephone company’s network access charge. expressbookshop.com diaper drape drip epic This can help identify other b there must be(5)at least UK delivery is free.

20 Employment *Calls cost 80p per minute plus your telephone company’s network access charge and last 2.5 minutes. **Text cost £2 plus your paca ‘twin’. pace Solution 16 17 18 corresponding To pre-order the Rupert Annual for 2017 (no.81) at £9.99 (August 2016) please call 0871 988 8370; 21 Tree’s outer layer (4) No madcap one nine-letter word. usualTR11 network Lines close at midnight on Friday, August 26. For full T&Cs see www.express.co.uk/campaigns/terms/7.

Alternatively send a cheque/PO to The Classic Rupert Bear Shop, PO Box 200, Falmouth 4WJrate. or order paced pacier OST CUCKOO 31 at www.mensa.org.uk 22 Protect, (8) SP: Spoke, 0333 202 3390. to promotions, offers and competitions you agree that Northern & Shell may contact you by post, SMS A 22 pacer plurals or maintain verb forms online at www.classicrupertbearshop.com.

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Rupert is a littleorcomforted not 772771. Mensa does not accept hyphenated para l bookatest@mensa.org.uk telephonebut01902 1 Wise (9) C 27 12 8pard19 10 *SP: Spoke – Helpline 0333 202 3390 very much. All at once he spies a PARAMEdIC 20 21 2 Curly hairstyle (4) TODAY’S TARGET s, and uses theshining Oxfordobject Dictionary English (Second Edition Revised) as its official reference.

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7 Cardboard or plastic ACROSS I want,” he calls. “You don’t belong to 1 2 3 4 5 pried G 37 prim ● The Express Bookshop stocks a Excellent wide selection puzzle books 18 prime 27 3 18 containers (7) 1 obtain ofofits kind (8)across Mr Noah, you’re free to do as you like. Sudoku is a number-placing puzzle based on a 9x9 grid all crossword puzzle genres. To our up to date list please visit primed ramp ramped 9 Snake type (5) H 6 01872 Top562310 cards or(4) www.expressbookshop.com, call write to Express YESTERDAY’S with several given numbers.

The object is to place the Please, will you fetch my cuckoo back rape rapid reap recap 6 7 8 9 Bookshop, PO 10Box 200, Falmouth 8 Premature (5)enclose an SAE for 10 Beginner (7) TR11 4WJ. Please I 20 ripe 13 32 35 29 SOLUTION 13 Youthful (5) from Africa?” “But I’m not free,” says numbers 1 to 9 in the empty squares so the each row, return. repaid 11 Covered passageway with each column and each 3x3 box contains the same number 18 Jelly type (4) J apace aped camp LAST SATURdAy’S shopsSoLUTIon (6) the weathercock importantly. “How do only once. The difficulty level 11 of the Conceptis Sudoku ACRoSS 1 Alfresco, 6 12 19 Hearingcamper organ (3) cape Call 09078 181292586 Nile,Military 8 Noose,land 11 Neatly, Iced, force12(4) camped K 39 15 for 25 you think Nutwood people will know increases from Monday to Sunday 14 Sci, 15 Sieve, 16 Aid, Epee, 19 People, 20 Heart, 1417 Computer-aided today’s Target solution caped caper carp which way the wind is blowing if I L 21 Code, 22 Engender. (abbr.) (3) *Calls cost 80p per minute plus your For today’s solution instruction 12 13 14 carped cramp cramped telephone company’s don’t tell them? I must get back to down 1 Antipathy,15 2 Flee, Entrecote, M 23 charge.

12 the 14tasknetwork 30 Fails3to win (5) 4 Coy, Best 181 described as a numberaccess crossword, in35use Kakuro call: 0907 2583 All puzzles crape crimp crimped 5 Perimeter, 7 Incline, 9 Olive, 10 Succeed, 13 Diver, my work. Goodbye.” he sky, “I cannot go, so don’t ask me, 16 Charged particle (3) *Calls cost 80p per minute plus your telephone is to fill all of the empty squares, numbers 1 to 9, so The using Chambers Dictionary N 18 Plod, 19 Pan. (4) 15 company’s network access charge.

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R padre paid pair paired 19 DOWN e comforted but not S 16 9 23 18 15 para parade 1 Wise (9) at once he spies a PARAMEdIC pard T 20 21 2 Curly hairstyle (4) in the sky. It is the Yesterday’s pear perm 3 Restores confidence to (9) pare pared Yesterday’s 13 14 10 12 U 8 n its way back to 4 Mineral (3) pica pied pier pram V 22 Sudoku Answer Kakuro Answer 5 Accidentally (2,7) you’re just the person price priced pride 16 22 21 34 W 6 7 Cardboard or plastic s. “You don’t belong to pried prim prime * ** ● The Express Bookshop stocks a wide selection of puzzle books across containers (7) X e free to do as you like. all crossword puzzle genres. To obtain our up to date list please visit primed ramp ramped 9 Snake type (5) 25 2 34 9 13 www.expressbookshop.com, call 01872 562310 or write to Express Y u fetch my cuckoo back 10 Beginner (7) rape rapid reap recap Bookshop, PO Box 200, TR11 4WJ. Please enclose an SAE for st 80p per minute plus your telephone company’s network access charge and last 2.5 minutes. **Text cost £2Falmouth plus your Z 13 Youthful (5) “But I’m not free,” says return. repaid ripe 18 Jelly type (4) al network rate. Lines closedoat midnight on Friday, August 26. For full T&Cs see www.express.co.uk/campaigns/terms/7.

LAST SATURdAy’S SoLUTIon ck importantly.

“How 19 Hearing organ (3) Call 0907 181 2586 for 1 Alfresco, 6 Nile, 8 Noose, 11 Neatly, 12 Iced, e,ood 0333people 202 3390.will By know responding to promotions, offers and competitions you agree that Northern & Shell ACRoSS may contact you by post, SMS 8 1 2 3 4 5 6 7 14 Sci, 15 Sieve, 16 Aid, 17 Epee, 19 People, 20 Heart, today’s Target solution wind is blowing if I

nsateaser: Win A Dozen Summers on DVD

REC YLU NRT

ering critical acclaim on its theatrical release, A Dozen Summers is a delightful, egrown coming-of-age comedy drama starring a brilliant young cast alongside wen MacIntosh and Colin Baker. Out now on DVD courtesy of Screenbound.

Lisa Wild

What letter should replace the question mark?

y g b k f

p

m

E

t h d ?

HECK, DREAM, THEME, SHAPE, FRUIT, BLIND and DOUGH.

our chance to win, call: 0907 181 2723 or text DXMENSA to 86660

22 Engender. email with offers, goods or services that may be of interest to you. To stop receiving SMS messages please text ‘NS NOINFO’21 toCode, 86660.

“I cannot go, so don’t ask me, I have a job to do, you see.”

*SP: Spoke – Helpline 0333 202 3390

1

2

3

4

ACROSS 1 Excellent of its kind (8) Down Across 6 Top cards 9(4) 2 I tear about, angry (5) 1 I’d returned with an 8 9 10 8 Premature (5) account causing some 3 A highly commendable 11 Covered passageway with amusement (9) speech (6) shops (6) 11 8 Quick to catch five 1 4 A dearth, for not 12 Military land force (4) 12 in a falsehood (5) a long time (8) 14 Computer-aided 14 9 It may go up - everybody’s 5 Inflammable substance instruction (abbr.) (3) 13 14 in favour (7) 16 from an upturned15 treeFails (6) to win15 (5) 10 Indian taking 6 Tidying around, showing 16 Charged particle (3) decorum (7) 15 the pledge? (6) 17 Bombast (4) 20 11 A matter of some 7 Protect a worker19 Infuriate (6) gravity (6) who is accused (9) 20 Employment (5) 17 18 11 War is seen to produce 12 Lively cartoon films are (8) 22 layer (4) 21 Tree’s outer fatigue (9) 15 He has a home split 22 Protect, maintain (8) 23 13 The return from 19 round the side (8) the capital (8) DOWN 18 Is ecstatic being Wise (9) a new parent (6) 14 She is taken over1 21 2 Curly hairstyleAcross (4) a bumpy road, 20 Inclined to agree (6) 1 Shameless 3 Restores confidence to (9)(9) apparently (7) 21 A parliamentary term? (7) 8 Foreigner (5) 4 Mineral (3) 16 Dark thoughts? (6) 22 Play for a drink 2 9 Waterfall (7) (2,7) 17 Near in France to5get Accidentally to on the street (5) 10 Coax (6) 7 Cardboard or plastic quickly (6) 23 Made to retire at ress Bookshop stocks a wide selection of puzzle books across containers (7) 11 Tranquil (6) 19 Inclined to be flat? (5) an early age? (4,2,3) Anonymous (8) ord puzzle genres.

To obtain our up to date list please visit 9 Snake type (5)12 15 Embrocation (8) essbookshop.com, call 01872 562310 or write to Express 10 Beginner (7) 18 Develop (6) PO Box 200, FalmouthCryptic TR11 4WJ. Please enclose an SAE forEasy Solution Yesterday’s Yesterday’s Solution 13 Youthful (5) 20 Potential (6) Across: 1 Hideous, Across: 1 Go-ahead, 4 Fight, 184 Befit, Jelly type (4) 21 Stimulating LAST SATURdAy’S SoLUTIon 7 Meek, 8 Cashmere, 7 Maps, 8 Assuages, 10 Shake 19 Hearing organ (3)appetite (7) SS 1 Alfresco, 6 Nile, 8 Noose, 11 Neatly, 12 Iced,

EASY PUZZLE

3 CRYPTIC 4 PUZZLE 5

hands, 12 Steers, 13 Parole,

10 Disappoint, 12 Canine,

22 Sumptuous 15 Sieve, 16 Aid, 17 Epee, 19 People, 2013Heart, Chatty, 15 First night, 15 Schooldays, 18 Partaken, meal (5) 21 Code, 22 Engender.

18 Remedial, 19For Hack, today’s 20 Timid, solution 19 Cane, 20 Ridge, 21 Trinket.

23 Having keen Lighten. wn 1 Antipathy, 2 Flee, 3 Entrecote, 4 21 Coy, Down: 1 Games, 2 Appealed, call: 0907 181 2583 sight (5-4) 2 Dressing, imeter, 37Dismal, Incline,4 Found 9 Olive, 105Succeed, 13Down: Diver,1 Humid,*Calls fault, Gigi, cost580p per minute plus your telephone 3 Slalom, 4 Behindhand, Flee, 18 Plod, 19 Pan. company’s network access charge.

6 Testate, 9 Depreciate, Down 6 Thereby, 9 Open-minded, 11 Tomahawk, 12 Slipper, 14 Modest, 16 Sheet, 17 Bred.

11 Stagnant, 12 Culprit, 14 Assail, 16 Token, 17 Imam.

HOW many words of four letters or more can you make from the letters shown here?

In making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. No plurals or verb forms today’s solution ending inFor “s”. call: 0907 181 2583

down 1 Antipathy, 2 Flee, 3 Entrecote, 4 Coy, 5 Perimeter, 7 Incline, 9 Olive, 10 Succeed, 13 Diver, 18 Plod, 19 Pan.

SMALL CRoSSwoRd 2

GET THE BRILLIAnT EXP

THE A

SMALL CRoSSwoRd

ROSSWORD SATURDAY Answer for Teaser 13/08/16: Camping. The added words are

? I must get back to dbye.” s Newspapers 2016

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*Calls cost 80p per minute plus your telephone company’s network access charge.

TODAY’S TARGET Good 13; very good 20; excellent 26 (or more).

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All puzzles use 17 TheIntensity Chambers Dictionary of sound (6) 19 Meeting place (5)

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PAGE 8, Wednesday, November 9, 2016

THE TRIBUNE

IMF chief hails Egypt austerity, urges approval of $12b loan CAIRO (AP) — The head of the International Monetary Fund praised Egypt’s recent austerity measures on Tuesday and called on the world lender’s Executive Board to finalize a $12 billion loan package to help rebuild the economy of the Arab world’s most populous country.

Egypt’s long-running financial woes have worsened in recent weeks amid a dispute with Saudi Arabia, which provided billions of dollars in aid after the military ousted an elected Islamist leader in 2013 but cut off fuel shipments last month over a dispute related to the Syrian conflict.

IMF chief Christine Lagarde praised Egypt’s decision last week to float its currency and slash fuel subsidies, measures that have hiked the price of basic goods, but which she said would shore up its reserves, attract foreign investment and reduce its budget deficits.

“The Egyptian authorities have embarked on an ambitious reform program to put the country’s economy on a sustainable path and achieve job-rich growth,” she said.

She said she would recommend that the IMF Executive Board approve Egypt’s request for $12 billion in loans when it meets this Friday.

Egypt is struggling to recover from years of turmoil following the 2011 uprising that toppled Hosni Mubarak. Some fear the sharp rise in prices caused by the austerity measures could ignite further unrest, but in the short term they seem to have restored some investor confidence.

Egypt’s shares have risen for a fourth successive business day, with the benchmark EGX 30 index closing up 2.48 percent on Tuesday.

The Egyptian pound traded at banks on Tuesday at around 17.75 to the dollar, nearly twice the dollar’s official, pre-float exchange rate. The pound was trading at an all-time low of 18.50 to the dollar in the parallel black market prior to the float.

An Egyptian court meanwhile upheld a ruling by a lower tribunal that annulled President Abdel Fattah el-Sissi’s decision to transfer two strategic Red Sea islands to Saudi Arabia, a

Egyptian Central Bank Governor Tarek Amer speaks during a press conference at the Central Bank of Egypt in Cairo. Egypt devalued its currency by 48 percent on Thursday and announced the pound would be allowed to float. The head of the International Monetary Fund has praised Egypt’s recent austerity measures and called on the world lender’s Executive Board to finalize a $12 billion loan package to help rebuild the economy of the Arab world’s most populous country. (AP Photo) curity Council resolution on Syria that was opposed

by Riyadh. Saudi Arabia is a leading supporter of the rebels fighting to topple President Bashar Assad, while Egypt fears the rise of Islamic militants and has pushed for a negotiated solution that might keep him in power.

Egypt has also been working to shore up relations with Russia, which is a key ally of Assad. The halt of the fuel shipments led Egypt

to sign a memorandum of understanding on imports from Iraq, which is closely allied with Saudi Arabia’s main regional rival, Iran.

Egypt had announced the transfer of the two islands, Tiran and Sanafir, to Saudi Arabia during a high-profile visit to Cairo by King Salman in April.

Egypt said the islands had always been part of Saudi Arabia, but were placed under Cairo’s protection from Israel in the 1950s. But the

decision infuriated many Egyptians, who saw it as a sell-off to a wealthy patron, and the move ignited the largest protests since el-Sissi was elected in 2014.

A lower court has already ruled against the transfer of the islands, saying it was unconstitutional. The government has appealed that decision before three separate courts, one of which upheld the earlier decision on Tuesday. The other two have yet to rule on the case.

Energy Department grows less bearish about US oil production

It won’t be easy for OPEC to nail down the details.

OPEC nations have been pumping record amounts of crude this fall even though prices are less than half what they were in mid-2014.

Iran, Libya and Nigeria have reportedly argued to be exempted from production cuts, which could put pressure on Saudi Arabia to shoulder more of the reduction. And it’s unclear whether any OPEC pullback might be offset by production from countries outside the cartel.

DALLAS (AP) — The decline in U.S. oil production may not be as severe as expected just a month ago.

The government is raising its forecast of U.S. production for both this year and 2017, as drillers respond to higher crude prices. Still, output won’t match 2015, which was the biggest year for U.S. production since 1972.

The Energy Department predicted Tuesday that domestic production will top

8.7 million barrels per day next year. That’s 140,000 more barrels per day than the department estimated just a month ago. Forecasters also raised their estimate of 2016 daily oil production by 110,000 barrels to more than 8.8 million barrels.

That’s still below 2015’s output that hit 9.4 million barrels per day.

The rising forecast is because this year’s rebound in oil prices has translated into more drilling, said Anthony

move that could further escalate tensions between the two formerly close allies.

Saudi Arabia had agreed in April to provide Egypt with 700,000 tons of fuel a month for five years on easy repayment terms, but Egypt said Monday that the fuel shipments have been suspended indefinitely. Saudi Arabia has not commented on the matter.

Cairo angered the Saudis last month by voting for a Russian-backed U.N. Se-

Starkey, an energy analyst for S&P Global Platts. The number of active oil rigs in the U.S. has risen by more than 100 since oil prices plunged below $30 a barrel early this year. About 20 rigs have been added in just the past month.

“Most analysts have been revising their production numbers higher as rig activity increases and the outlook for prices has improved with the rhetoric from OPEC that they will do something

to help balance the market” when cartel members meet later this month, Starkey said.

Meanwhile, OPEC trimmed its forecast for growth in world crude consumption over the coming decades but predicted again that oil and gas will still account for more than half the world’s energy in 2040.

In its annual forecast, the Organization of the Petroleum Exporting Countries said that world oil demand will

be 109 million barrels a day by 2040. That is 16 million barrels more than current demand but 400,000 barrels a day less than OPEC predicted in its previous annual forecast.

The 14 OPEC nations are more interested, however, in doing something about short-term prices. OPEC oil ministers are scheduled to meet Nov. 30 to complete a September agreement on slightly reducing production to drive up prices.