Issuu

FRIDAY, NOVEMBER 11, 2016

business@tribunemedia.net

$4.10

Wholesalers in ‘drug shortage’ warning to PHA By NEIL HARTNELL Tribune Business Editors nhartnell@tribunemedia.net Top Bahamian pharmaceutical distributors have warned the Public Hospitals Authority (PHA) that the “extraordinarily unrealistic” order volumes in its latest procurement tender will likely create “drug shortages”. The trio of Lowe’s Wholesale, Nassau Agencies and Commonwealth Drugs (CDM Group) said the minimum guarantees provided by the Government “seem impractical”, and might result in their manufacturer partners having difficulty in meeting the PHA’s needs on short notice. The October 25, 2016, letter addressed to PHA managing director, Herbert Brown, suggested that the

Authority’s orders ‘extraordinarily unrealistic’ Tough for manufacturers to react on short notice Sector seeks better usage data access for forecasting

At least one Bahamian investor group’s ambitions were dashed last night after the Water & Sewerage Corporation’s chairman confirmed it had agreed a 15-year extension for BISXlisted Consolidated Water to operate the Windsor reverse osmosis plant. Leslie Miller told Tribune Business that the deal was “in the best interests of the Bahamian people”, as the cost savings provided by the long-term deal could be up to $4 million per year. His revelations, though, are likely to dismay former Water & Sewerage Corporation chairman, Don Demeritte, and his EPS Consultants’ consortium, who yesterday said they remained “ready, willing and able” to take over Windsor’s management. See pg b5

$4.14

PHA presses on despite supplier ‘wipe out’ fear By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

‘Go direct’ a ‘slap in the face’ for local drug firms

The Public Hospitals Authority (PHA) is pressing ahead with efforts to acquire pharmaceutical drugs direct from overseas manufacturers, despite fears it will “wipe out” Bahamian wholesalers, cost taxpayers and “compromise healthcare quality”. Dr Marvin Smith, the

Concern taxpayer will lose out, and no cost savings And healthcare quality ‘may be compromised’

PHA’s supply chain management chief, made clear in a November 3, 2016, email that the Authority remains intent on excluding local wholesale distributors from its latest procurement exercise despite recent backlash. This was created when Dr Hubert Minnis, the FNM leader, published Dr Smith’s previous October 31 e-mail that first exposed the PHA’s desire to completely

cut Bahamian companies out of its plans to finish the tender. However, Tribune Business can reveal that concerns over the procurement practices of the PHA and its drug buying arm, the Bahamas National Drug Agency (BNDA), are much deeper - and go back further - than Dr Minnis’s e-mail allows for. And these concerns are See pg b5

Govt raises permanent residency mark to $1m

Bahamian wholesale industry instead by provided with data on each drug’s usage so they could better forecast annual volumes. The letter, detailing five concerns over the latest MPC 16 tender exercise, was sent before the PHA raised fresh concerns by deciding to ‘go direct’ to See pg b6

Water plant deal dashes Bahamian investor ambitions By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.14

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Top realtor backs move as clientele, price boost

A top realtor yesterday Tax residency hailed as “a positive move” certificate also the Government’s decision to increase the permaapproved nent residency investment threshold to $1 million, But no economic saying this would help to citizenship; fees to redefine the type of clienincrease tele the Bahmaas attracts. Mario Carey, founder of Mario Carey Realty (MCR), was responding told a Higgs & Johnson after Hope Strachan, min- seminar that Cabinet had ister of financial services, given permission to double

Mario Carey

the threshold from its current $500,000. Mrs Strachan stated: “This threshold is no longer achieving the intended objective, which is to attract high net worth individuals to our country and to support the real estate market in a tangible way, while maintaing the integrity and profile of the Bahamas as a premier financial centre.” Mr Carey said the move could be a positive for the Bahamas. “I think it’s a positive move, a good move, because I think See pg b4

Miller: 15-year Windsor deal with BISX-listed firm Touts savings of up to $4m Accepting rival bids would have ‘made no sense’

Leslie Miller

Sir Franklyn: Trump ‘better for Bahamas’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Donald Trump presidency will be “better for the Bahamas”, a wellknown businessman said yesterday, given that he and the Republican Party will likely be less hostile towards international financial centres (IFCs). Sir Franklyn Wilson told See pg b4

Less hostile than Hillary to IFCs, financial services Tax policies to aid ‘target tourism, 2nd home market’ Hopes globalisation ‘pull back’ to rein in OECD

Reward yourself in two easy ways. Travel Rewards

Cash Back

Scotiabank Gold MasterCard®

Get a Welcome Bonus of

Scotiabank AERO™ Platinum MasterCard®

Get a Welcome Bonus up to

Any Caribbean Island, NYC, Miami, Orlando, and Ft. Lauderdale

10,000 ScotiaPoints†

†

$40 Cash Back

Choose one or both! Apply today and get FREE† additional cards! Welcome Bonuses end December 15, 2016. Call 242 356 1560 or visit your nearest branch. Go to bs.scotiabank.com/rewards to see how your rewards add up.

†

#RewardYourself

†Conditions apply. Subject to credit approval. Offers subject to change without notice. Customers earn 10,000 ScotiaPoints as follows. You earn a welcome bonus of 3,000 ScotiaPoints on your first purchase of any amount. Thereafter, you earn the additional 7,000 ScotiaPoints after you have spent a cumulative amount of BSD$2,500/USD$2,500 on your new Scotiabank AERO™ Platinum MasterCard® credit card during the first 3 cycles from the account open date. Visit bs.scotiabank.com/rewards for full Terms & Conditions. ®Registered trademark of The Bank of Nova Scotia, used under licence. ™Trademark of The Bank of Nova Scotia, used under licence. ®MasterCard is a registered trademark of MasterCard International Incorporated.

PAGE 2, Friday, November 11, 2016

THE TRIBUNE

Don’t be ‘Trump-ed’ by insecure leaders The ascension of Donald Trump to the highest office in American politics has left many talking about strategies of coping with belligerent and insecure leaders, who often wield their power by abusing those in their path. It seems that the loudest, most disrespectful and autocratic voices in the office get the title and label of strong leader. They shout and bully their way to the top, and do whatever is expedient in the process. Today we look at the profile of the insecure leader, and how unfortunate employees suffering under their rule can cope. Here is what an insecure leader looks like:

They surround themselves with people they can con-

trol. Insecure leaders hinder their company because they do not hire or attract the best person for a job. They attract people who are not as good as they are… people with less experience who can be controlled mentally or emotionally.

They misinterpret other people’s motives to fit their story. Insecure leaders have to be right. So they misinterpret what people do and why they do it to make themselves emerge the hero. When people stand up to insecure leaders, they write them off as jealous or arrogant. Motives get misrepresented so they can be wrong.

They look at those who work for them as employees, not their team. Insecure leaders do not look for the best ideas. They cannot collaborate because they do not value other people’s opinions. They prefer to forego extended work relationships, because it is easier to fill your team with disposable cogs rather than friends and teammates you love and trust. They find their identity in how many people work for them rather than how many people they work with.

They consider anyone who disagrees with them as ‘disloyal’. Insecure people do not see peo-

ple as people; they see them as either on their side or against them. They are the centre of all things.

They mishandle conflict. Insecure leaders either avoid conflict through passive aggressive means, or they look at every situation as a potential conflict. They are either too soft and squishy, or harsh and uncaring.

I am certain you have met this person as you shake your head in disgust. You can put a name and a face to this individual.. we all know them. The million dollar question now, then, is how do you hope to cope with insecurity when it is supposed to be leading you? Here are a few quick sug-

BFSB elects officers for two-year terms The Bahamas Financial Services Board’s (BFSB) Board of Directors has elected officers for the 2016-2018 period. They are: * Chairman: Antoinette Russell, Credit Suisse Trust * Deputy Chairman: Paul Davis, Higgs & Johnson * Treasurer: Michele Thompson, Ernst & Young (EY) Secretary: Brian Jones, Deltec Fund Services Assistant Secretary: Keva Ingraham-McPhee, SIS Solutions “I am honoured and pleased to support the work of the Bahamas Financial Services Board in the role of chairman, as we navigate the changing global landscape, and collectively as an industry reposition the Bahamas for growth in international financial services,” said Ms Russell. The BFSB directors and industry association representatives are: Michelle NevilleClarke, Lennox Paton; Myles Culmer, BDO Advisory Ser-

vices; Paul Davis, Higgs & Johnson; Zelpha Davis, UBS Trustees (Bahamas); Khrystle Rutherford-Ferguson, Fidelity Bank (Bahamas); Shameka Fernander, Old Fort Financial; Patrick Feuz, Julius Baer; Niekia Horton, Lombard Odier & Cie; Brian Jones, Deltec Fund Services; Yolande Julien, Glinton, Sweeting & O’Brien; Keva Ingraham-McPhee, SIS Solutions; Antoinette Russell, Credit Suisse Trust; Andre Souza, Arbitral Securities; Laverne Thompson, MMG Bank & Trust; Michele Thompson, EY; Zelma Wilson, KPMG; Latonia Symonette-Tinker, consultant in the Ministry of Financial Services Industry representatives are: * Ivan Hooper - Association of International Banks & Trust Companies (AIBT) * Fareda Sands - Bahamas Association of Compliance Officers (BACO) * Anthony Stubbs - Bahamas Investments and Securities Business Association * Paula Adderley - Bahamas Bar Association (BBA)

* Emmanuel Komolafe - Bahamas Insurance Association (BIA) * Darnell Osborne - Bahamas Institute of Chartered Accountants (BICA) * Carla Sweeting - Bahamas Real Estate Association (BREA) * Robert Turnquest - CFA Society of the Bahamas (CFASB) * Cherise Cox-Nottage Chartered Institute of Arbitrators * Cecil Ferguson - Society of Trust and Estate Practitioners (STEP) * Ian Jennings - The Clearing Banks Association Tanya McCartney, BFSB’s chief executive and executive director, said she looked forward to working with the the new officers to help reposition the financial services sector for long-term growth and sustainability.

gestions. Prepare yourself to try them out next work week if you find yourself in this quandary. a. Remain transparent and keep them in the loop with all projects and assignments. Insecure leaders do not like surprises. b. Constantly assure them of your commitment to the team, and advancement of your common purpose. c. Find other avenues outside of the work environment to utilise your gifts and talents if those opportunities are denied you in the office. d. Cover your back always, and ensure that you document every action, project and assignment given to you. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having com-

Ian ferguson pleted graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

BICA gears up for Accountants Week The Bahamas Institute of Chartered Accountants (BICA) will hold its annual Accountants’ Week starrting tomorrow, under the theme ‘Capitalising on our past and building opportunities for the future’. A series of events will be held in New Providence and Grand Bahama, prior to Accountants’ Week’s end on November 20. The Institute, which is currently celebrating its 45th anniversary of self-regulating the Bahamian accounting profession, will partner with the American Institute of Certified Public Accountants (AICPA) to host joint seminars. The AICPA, founded in 1887 in the US, is the world’s largest member association with more than 400,000 members in 145 countries in business and industry, public practice, government, education, student affiliates and international associates. It sets ethical standards for the profession, US auditing standards, and develops and grades the ‘Uniform CPA’ examination. The seminars during Accountants’ Week will feature local, AICPA and other international speakers who will share perspectives on: Ethics and codes of conduct; national and international financial initiatives impacting future oppor-

tunities; strengthening accounting technical expertise; and soft skills in business. The sessions on the Common Reporting Standard (CRS); Brexit; National Health Insurance; Pension regulation; Gaming; Cyber Security; Succession Planning and Customer Service transcend the accounting profession and are relevant to the legal, economic and social environment that faces the Bahamas. “With the current economic tests facing our nation, a well-informed and regulated accounting profession will help to uphold the credibility of the financial services industry as we deal with external assessments and local challenges. By joining BICA during Accountants’ Week, local professionals will benefit from high quality educational seminars and be a part of history,” said Darnell Osborne, BICA’s president.” The week-long activities will also include church services and charity events in Nassau and Freeport, as well as a fundraising effort to aid Hurricane Matthew Relief. BICA had more than 300 active licensees, and 500 members and associates at December 31, 2015

THE TRIBUNE

Friday, November 11, 2016, PAGE 3

The Trump effect ‘remains to be seen’ By NATARIO McKENZIE

initiatives such as FATCA “remaining to be seen”. Hope Strachan, minister of financial services, told a Higgs & Johnson seminar: “The recent elections in the United States are likely to affect the financial services industry in some way, whether negatively or positively. “We hope that it will be

positive. However, it will depend on the policies instituted by the Trump administration. We have heard that there is to be a sharp decrease in corporate tax with US businesses. “We know that the US has not committed to the Common Reported Standard (CRS), and that in recent times much of the

business lost to many IFCs globally has been repatriated or moved to the US; to centres in Nevada, Delaware and elsewhere on that continent.” Mrs Strachan added: “The question for us is what will be the focus of the US as it relates to the industry. What will be the fate of FATCA under this

president? How will this president treat the global initiatives under the automatic exchange of information and CRS? Those are remain to be seen.” Mrs Strachan said the Bahamas is in a competitive fight for its very existence as an international financial centre (IFC). “Our success depends on

our resilience to withstand the blows coming at us from every direction,” she said. “The Government and industry, indeed all stakeholders, must fight together to remain effective in protecting the integrity and success of the industry. That is the only recipe for success in these challenging times.”

PI condo project ‘100% on target’

“Beyond that, the drawings were exciting, very sophisticated style, a fourstorey atrium entry lobby, European kitchens and baths, large expanses of storm-rated glass, covered parking for golf carts and vehicles, and a lot of amenities including 24-hour concierge and front desk. “And they were bringing this type of living on Paradise Island in at a price that was incredibly attractive, with the junior one-bedroom units starting at under $500,000.” Prices range from $495,000 for junior onebedroom units to $975,000 for two-bedroom residences, and $1.075 million to $1.25 million for two-bedroom penthouses. Khaalis Rolle, minister of state for investments, said the project was a “clear demonstration that local expertise and funding are important contributors to quality construction projects and to the Bahamian economy as a whole. “This is the type of vision being brought to life that allows us to disabuse people of

the belief that everything we do is about foreign. There are tremendous strides being made by local companies like Sterling, which is international but chooses to have its headquarters in the Bahamas, and Aristo, which has an excellent track record of quality real estate development.” THIRTY SIX is slated for a Spring 2018 completion. Baker Construction is participating in project development along with Aristo. The latter’s sales and marketing director, Matthew Marco, said pre-completion sales are brisk with interest from Bahamians, Europeans, Canadians and Americans. “Paradise Island is renowned for having some of the world’s most sought after real estate, with top business executives, elite athletes and Hollywood celebrities calling the island home,” he added. “Even if someone has never been to the Bahamas, they have heard of Paradise Island and want to be here.”

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet minister yesterday acknowledged that Donald Trump’s election as US president will likely have an impact on the Bahamian financial services industry, with the fate of

A Paradise Island condo complex yesterday received the approval of investors and developers, who said the THIRTY SIX project was “100 per cent on target in sales and slightly ahead of schedule in construction”. “We are extremely satisfied, both with the progress of the infrastructural development, particularly in light of Hurricane Matthew, and with the interest from prospective buyers which continues to be very strong,” said Jason Kinsale, Aristo Development’s president and chief executive. Aristo is partnering on the development with financial services provider, Sterling Global Financial, a specialist in real estate and property development funding. “THIRTY SIX appealed to us when the plans were first presented,” said Sterling Global chairman and chief executive, David Kosoy. “We were impressed by a combination of factors – the

Infrastructure is well underway as THIRTY SIX. Minister of state for investments, Khaalis Rolle, (dsecond from right), toured the site this week with, L to R, Aristo Development’s sales and marketing director, Matthew Marco, Sterling Global Financial chairman and chief executive, David Kosoy, and Sterling president, Stephen Tiller. Photo/BVS/DP&A developer’s track record being one of the most important.” Aristo designed and built the Balmoral residential community in the heart of Nassau, and is nearing completion of ONE Cable Beach, a luxury high rise on the oceanfront with penthouse units selling for up-

wards of $4 million. “The company (Aristo) is known for distinctive, upmarket style, quality construction and on time completion,” said Mr Kosoy. “So that was the first indication that this could be a venture in which we would be interested in becoming an equity partner.

“But equally important was the proposed project itself. THIRTY SIX is the first new condominium project development on Paradise Island in a decade, so we knew there would be foreign and local interest, and market demand would be a given.

“Upholding Integrity, Striving for Excellence” THE BAHAMAS INSTITUTE OF CHARTERED ACCOUNTANTS FOR IMMEDIATE RELEASE November 7, 2016 BICA partners with AICPA for 2016 Accountants’ Week

Bahamas First expands leadership programme Bahamas First Holdings, the property and casualty insurer, has launched the fourth cycle of its Future Leaders Development Programme (FLDP) to ensure it maintains the talent necessary to support its growth plans. The 24-month development programme was first launched in 2008. Eleven employees have enrolled in this cycle, which will offer participants training in leadership, management, the insurance industry and professional development. “This is critical for us,” said Bahamas First president and chief executive, Patrick Ward. “I say that because when we look out in the next three to fiveyear cycle of our business planning, the one issue that undermines or underpins our goals and objectives for the next three to five years is the whole question of leadership. “The one thing that must be in place is appropriate leadership that is able to make the kind of judgment, that is able to make the kind of decision, that will effectively do the right things to respond to what is taking place in the market, and to understand the dynamics that are in play and to lead the company in an appropriate way through all those dynamics.” This year’s intake recently completed its one-week orientation. A key element of the programme was the leadership component, using John Maxwell’s ‘Five Levels of Leadership’ workshop. Bahamas First human resources and training manager, Richenda King, said that for the first time the company was able to include employees from its Cayman office, as a result

of the introduction of an online component to the program this year. Four are from Cayman First Insurance, and one is from Professional Insurance Consultants, which is part of the Bahamas First network of agents and brokers. “We are not only a local entity, but we are actually a regional entity. We wondered how we would be able to do the programme in the Bahamas and include our team in Cayman, and we’ve come up with what we think is a winning formula because with the ability of the Internet we could do online classes. We could also, through our technology, do training here in Nassau and connect to Cayman in real time,” Ms King said. More than 20 employees have successfully completed the programme since its inception, and have moved

into management positions or filled key roles within the organization. Gina Sands, who was part of the first cycle, is now manager of the company’s newly-formed Innovation Centre. “This particular program is unlike anything that I’ve seen locally. I’ve heard about some management training programmes, but in the way that it’s designed - and especially the format that we’re moving to now this is similar to an MBA,” Ms Sands said. “Going through the programme you are exposed to high level business components that elevate your level of thinking as an employee. The programme challenges you to think critically and step outside your comfort zone. Another equally important component were the lessons in creating valuable networks.”

NOTICE International Business Companies Act No.45 of 2000 4K Equity Fund Ltd. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of 4K Equity Fund Ltd. (IBC No. 175042 B) has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 1st day of November, 2016. Ian McConnell Liquidator

NASSAU, The Bahamas - The Bahamas Institute of Chartered Accountants (BICA) will hold its annual Accountants’ Week from November 12 through November 20, 2016 under the theme “Capitalizing on our past and building opportunities for the future” with events in New Providence and Grand Bahama. The Institute which is currently celebrating its 45th anniversary of regulating the accounting profession in the Bahamas will again make history as it partners with the American Institute of Certified Public Accountants (AICPA) to host joint seminars. The AICPA founded in 1887 in the United States, is the world’s largest member association with more than 400,000 members in 145 countries in business and industry, public practice, government, education, student affiliates and international associates. It sets ethical standards for the profession, USA auditing standards, and develops and grades the Uniform CPA Examination. The seminars during Accountants’ Week will see a line-up of dynamic local, AICPA, and other international speakers who will share perspectives on: ethics and codes of conduct, national and international financial initiatives impacting future opportunities, strengthening accounting technical expertise, and soft skills in business. The sessions which include The Common Reporting Standard (CRS), Brexit, National Health Insurance, Pension Regulation, Gaming, Cyber Security, Succession Planning and Customer Service transcend the accounting profession and are relevant to the legal, economic and social environment which faces the Bahamas. “With the current economic tests facing our nation, a well informed and regulated accounting profession will help to uphold the creditability of the financial services industry as we deal with external assessments and local challenges. By joining BICA during Accountants’ Week, local professionals will benefit from high quality educational seminars and be a part of history, says Mrs. Darnell Osborne, BICA President.” The week long activities will also include church services and charity events in Nassau and Freeport, as well as a fundraising effort to aid Hurricane Matthew Relief. For more information on the conference and registration, visit www.bicaevents.org. About BICA The Bahamas Institute of Chartered Accountants (“BICA”/”The Institute”) was incorporated on August 6, 1971 and is governed by The Bahamas Institute of Chartered Accountants Act, 2015. The Institute is responsible for the overall governance, discipline and regulation of the public accounting industry, and is tasked with protecting the welfare and interests of the profession. BICA has over 300 active licensees and 500 members and associates at 31 December 2015. Contact US BICA Secretariat P.O. Box N-7037 Nassau, Bahamas Tel: 1(242) 326-6619 Fax: 1(242) 326-6618 Email: info@bica.bs Facebook:https:https://www.facebook.com/groups/1811525312402673/

PAGE 4, Friday, November 11, 2016

Sir Franklyn: Trump ‘better for Bahamas’ From pg B1 Tribune Business that while most Bahamians were likely to have supported defeated Democratic presidential nominee, Hillary Clinton, a Trump victory would better serve this country’s “national economic interests”. Apart from adopting a less aggressive policy towards the Bahamas and other IFCs, the Sunshine Holdings and Arawak Homes chairman said Trump’s campaign pledges on taxes and trade may also benefit this nation. Sir Franklyn argued that the president-elect’s promises to reduce tax rates for wealthy Americans would boost the Bahamas’ “target second home” and financial services client market by increasing their disposable income. Apart from boosting a key investment source for the Bahamas, Sir Franklyn said Mr Trump’s campaign rhetoric, railing against trade deals and liberal-

ised markets that have cost America jobs, implied that his government would pull back from the ‘globalisation’ drive. This, the Arawak Homes chairman said, could also benefit by the Bahamas, as it may mean less US support for multilateral organisations such as the Organisation for Economic Co-Operation and Development (OECD). “There are a number of reasons why it appears to me that a Trump victory is a significant benefit for this country,” Sir Franklyn told Tribune Business. “First, there is the extent to which Trump’s policies will reduce taxes, which the Democrats may say is for the rich at the expense of the middle class. “It’s not for Bahamians to decide whether that is good or not for America. It’s not for Bahamians to decide whether it helps the wealthy or not,” he added. “But an increase in

Govt raises permanent residency mark to $1m From pg B1

it redefines the type of clientele that we get here in the Bahamas,” he said. “We always want to try and attract the best clientele we can. Maybe we get more quality than quantity.” Mr Carey added: “What we have seen in the past typically is that when the threshold has been increased, property values

moved in a direction that complemented that. “If you had a threshold of $450,000 and you then put it at $500,000, you were able to get that because it helped you to qualify. We will see some properties that may be on the threshold, and where they may be able to increase the value because of the added benefit of getting permanent residency. I think it’s a good move.”

the disposable income of wealthy Americans has implications for the Bahamas, as they buy homes in the Bahamas and use IFCs for legitimate tax planning purposes.” Mrs Clinton had already signalled that a US administration headed by herself would likely adopt a hard line towards IFCs such as the Bahamas, having singled this nation out while on the campaign trail. She told MSNBC in a late 2015 interview: “We can go after some of these schemes … the kind of misclassifying of income, trying to make it look like it’s a capital gain, when it’s really ordinary income, going ahead and routing income through the Bahamas or the Cayman Islands or wherever.” Republican administrations, such as the one that will be headed by Mr Trump, have traditionally adopted a softer policy towards IFCs such as the Bahamas, both for ideological reasons and the fact that some of their biggest corporate and individual backers make extensive use of them. The George W. Bush

administration, for example, blunted the OECD’s then-’harmful tax competition’ initiative when the US Treasury Department withdrew its support - a move that relieved the pressure on the Bahamas and other IFCs for some years. The US, though, has already achieved what it wants in terms of tax information exchange via the Foreign Account Tax Compliance Act (FATCA), and a Trump administration may be less interested in the OECD’s antics. That organisation, aided by the media and various surrogates, has in recent months targeted the Bahamas and sought to pressure it into agreeing to the ‘multilateral’ approach for the automatic exchange of tax information under the Common Reporting Standard (CRS). The OECD’s CRS campaign is being driven by the European nations, eager for their own version of FATCA, and a Trump presidency - likely emphasising the promotion of US interests before all others will be less inclined to rein

Mrs Strachan also said that Cabinet has agreed to the introduction of a tax residency certificate for individuals and corporations. “The qualifying criteria being a minimum stay of 90 days in the Bahamas for certain classes of high net worth individuals,” she explained. “These amendments are in response to the clarion call by the industry to bring resolution to some of the long-standing nagging issues which adversely affect the quality of the service being rendered in the sec-

tor. “They are also being instituted as stimulus measures of the industry to fill service gaps often capitalised upon by our competitors.” Mrs Strachan added: “It is wise to expand our portfolio given that that there is no intention now, or in the near future, for the Bahamas to implement an economic citizenship programme. An increase in the fee structure for residency certificates is also to be implemented very shortly.”

THE TRIBUNE

in such initiatives than previous Republican administrations. Nevertheless, Sir Franklyn last night saw potential benefits from Mr Trump’s stance on free trade, which he repeatedly blamed on the campaign trail for costing the US blue collar, working class jobs. “Trump’s policies on trade call into question whether or not the US will continue to support the concept of globalisation the way it has done in the past,” he told Tribune Business. “That is significant for the Bahamas. It’s this concept of globalisation that is giving organisations like the OECD the ability to make life very difficult for the Bahamas. “To the extent that Trump acts in a manner that reduces the influence of organisations like the OECD, that can only help the Bahamas. It’s the OECD that is doing things which are unfair.” Sir Franklyn added that with the Republicans controlling both the White House and both houses of Congress, the Bahamas was likely to finally have a

US ambassador resident in Nassau. The post has been vacant since Nicole Avant left, with President Barack Obama unable to get his nominee approved by a Republicancontrolled Congress - an obstacle Mr Trump does not have. Sir Franklyn added that Mr Trump’s previous business dealings with the Bahamas, particularly the attempt to purchase the Resorts International assets (now Atlantis), may also make him favourably disposed to the Bahamas. “Regardless of what one may think is the best government for America or what may be the best US government for the Bahamas, the better American president for the Bahamas is likely to be Trump,” Sir Franklyn argued. “His tax policies are favourable to persons who form the target market for the second home market in the Bahamas. “There are at least six different reasons why, from our national economic interest perspective, this will be better for the Bahamas.”

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), WB Investment Fund Ltd. (the “Company”) is in dissolution. The date of commencement of the dissolution is November 10, 2016. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before December 9, 2016.

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), Pine Mountain Investment Fund Limited (the “Company”) is in dissolution. The date of commencement of the dissolution is November 10, 2016. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before December 9, 2016.

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), JLBN Investment Fund Ltd. (the “Company”) is in dissolution. The date of commencement of the dissolution is November 10, 2016. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before December 9, 2016.

Luciane Ribeiro Moreno Liquidator

N O T I C E

NO T I C E

IMPERIAL MARITIME LTD. ____________________________________

MONARCH SHIPPING LTD. ____________________________________

SOVEREIGN MARITIME LTD. ____________________________________

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 28th day of October, 2016.

Delano Aranha Liquidator of IMPERIAL MARITIME LTD.

Delano Aranha Liquidator of MONARCH SHIPPING LTD.

Delano Aranha Liquidator of SOVEREIGN MARITIME LTD.

NOTICE

Legal Notice

Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:-

(a) MOON ORCHID CO. LTD. is in dissolution;

(a) FINISH STRONG LTD. is in dissolution;

(b) The date of commencement of the dissolution is the 8th day of November A.D., 2016 and

C.B. Strategy Ltd. LIQUIDATOR

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

COSSINGTON ENTERPRISES LIMITED In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). COSSINGTON ENTERPRISES LIMITED, is in Dissolution.” The date of commencement of dissolution is the 9th day of November, 2016.

Babaeva Irina Vladimirovna of Lenina Street, Bld. 422, Apt. 8, City of Stavropol, Russia Liquidator

THE TRIBUNE

Friday, November 11, 2016, PAGE 5

Water plant deal dashes Bahamian investor ambitions From pg B1 However, Mr Miller said a deal with EPS Consultants or any other Consolidated Water rival “makes no sense”, as they would have to build “a brand new plant” due to terms previously agreed with the BISXlisted company. Once Consolidated Water hit the Windsor water production target set by its last contract in July 2013, the Water & Sewerage Corporation could either agree a five-year extension or take one of two other options. These were to either acquire the Windsor plant, and all associated materials and equipment, from Consolidated Water at an agreed price, or for the latter to effectively dismantle the facility and remove all assets. Given the cash-strapped position that the Water &

Sewerage Corporation and the Government find themselves in, these terms could be viewed as amounting to a ‘poison pill’ that favoured a new contract for Consolidated Water over any rival buyers. Mr Miller, meanwhile, suggested that EPS Consultants and other Windsor contenders lacked the financial backing necessary to take over the water plant and manage its operations. This, though, was effectively refuted by Mr Demeritte, who said that his consortium remained willing to move despite the two to three-year uncertainty over the Government’s plans for Windsor and intentions towards Consolidated Water. Unaware that the Water & Sewerage Corporation had finalised a new contract with his BISX-listed rival, Mr Demeritte said it had

PHA presses on despite supplier ‘wipe out’ fear From pg B1 being further exacerbated by the PHA’s recent promotion of its new drug warehouse storage facility on Shirley Street, which has raised fears that the Government may be planning to exclude local wholesalers from its National Health Insurance (NHI) supply chain. Dr Smith’s latest e-mail, which has been obtained by Tribune Business, appears intent on severing the decades-long ties between Bahamian wholesale distributors and their overseas drug manufacturers/suppliers. “The directive to my office is to contact and receive information for direct procurement from registered and approved manufacturers,” he wrote on November 3. “I am not authorised to have any discussions as it relates to inclusion of local vendors in this process.” Effectively telling the manufacturers not to include, or have discussions with, their local Bahamian representatives, Dr Smith then slammed the ‘leaking’ of his previous e-mail to the media via Dr Minnis. “As professionals, it would be expected that communication from this office to your companies would remain professionally confidential,” he said. “However, portions of my e-mail was quoted in a local news outlet [The Tribune] today. This is unacceptable, and should not be expected. You are asked to refrain from forwarding any such communication on this matter to parties not contacted by this office. If you are not able to do this due to contractual or other obligations, please advise formally.” Dr Smith, who is the BNDA’s director and president of the Caribbean Association of Pharmacists, was thus warning manufacturers to keep their local Bahamian distributors ‘in the dark’. That previous e-mail, obtained by Dr Minnis, alleged that the PHA “did not receive the requisite response” on many of the drugs it previously sought bids on. “To this end, the PHA is desirous of procuring these

items via other methods, including but not limited to direct procurement from manufacturers,” Dr Smith added, He asked manufacturers to supply prices inclusive of shipping and insurance costs, along with minimum volume amounts and delivery times. Dr Smith did not return Tribune Business phone calls and e-mail messages seeking comment before press time last night. One pharmaceutical source, speaking on condition of anonymity, said the PHA’s failure to inform Bahamian companies that it planned to ‘go direct’ - and its continued silence on the issue - as akin to “a slap in the face”. They added that the PHA seemed reluctant to meet with wholesalers to discuss their concerns, and added: “Traditionally we have been included in the process of bidding for 50 years as wholesalers. “For the most part, we felt there could be more transparency, but the PHA was doing its best. Yet if they exclude us, that destroys our industry. Since NHI came up, we’ve been very concerned about the plan for procurement of drugs.” Asked about the PHA’s direct procurement plan, they added: “Nobody’s saying anything to us; it’s almost like a slap in the face. We knew nothing about it until the manufacturers called us all in a tizzy. “All they [the PHA] had to do is say to us: Guys, this is what we plan to do, and this is why. We could then have explained to them why this was not the best thing to do, and someone could have made an informed decision as to the best interests of the country. “To be left out of the link without any explanation was hurtful.” However, this is not the first time that the PHA has sought to ‘go direct’ under the Christie administration, having attempted to do this for both drug and medical/surgical supplies several years ago. Tribune Business understands that concerns surrounding the PHA’s drug procurement processes, known as Minimum Price

been “a difficult pill to swallow” when Consolidated Water was allowed to continue operating Windsor on a month-to-month basis. Mr Miller, though, subsequently laid all doubts to rest when he told Tribune Business: “We’ve just given them [Consolidated Water] an extension on the contract because the price they were giving us on the extension was in the best interests of the Bahamian people. “I think it’s a 15-year extension. We had options of five, 10 and 15 years, and 15 years was better for us because it was a much better price. “I haven’t got my notes in front of me, but it was a substantial savings on an annual basis. I believe it was around $4 million per year.” Mr Miller said the Water & Sewerage Corporation and Consolidated Water had agreed the new contract within the last month, although the latter made no mention of it in its 2016 third quarter results announcement this week.

And Mr Demeritte yesterday told Tribune Business that while he had been informed Consolidated Water was again pushing for a new agreement over the Windsor plant, it had been suggested - by Mr Miller - that he write to Deputy Prime Minister Philip Davis, who has ministerial responsibility, to try and rekindle interest in the EPS Consultants’ bid. Mr Miller, though, said Consolidated Water had been “doing a really good job” in the management of both Blue Hills and Windsor - the two plants that supply water to the Water & Sewerage Corporation and all its New Providence customers. “To allow a new entrant into the market, they would have to put up a new plant,” he told Tribune Business. “We saw no reason to duplicate what was already there. It makes no sense. “These guys come in and tell us what they could do, but they don’t have the financial capacity to do what

they say they’re going to do. They don’t have the financial backing from a sound institution to do x, y, z.” Mr Demeritte, though, reminded the Government of its professed commitment to ‘believe in Bahamians’ when it came to assessing the merits of rival bids to Consolidated Water. “As far as I am aware, we are the best technical proposal and the best price,” he told Tribune Business. “That was done way before anyone else. We still stand ready and prepared to demonstrate that more than ever. “If the Government is about empowering Bahamians, we’d love to put that to the test and employ some. We would love to assist the Government to empower Bahamians. We still stand, anxious and optimistic, that we’ll have that opportunity.” The EPS Consultants group has been marketed as “a cross-section of Bahamians”, and apart from Mr Demeritte it also included

Robert Wells, a former Water & Sewerage Corporation deputy chairman. Other principals included CFAL chief, Anthony Ferguson, and Higgs & Johnson partner, Leroy Smith. Mr Demeritte, meanwhile, said EPS Consultants had set aside 40 per cent of its equity for Bahamian investors - firstly via a private placement, and then through an initial public offering (IPO). “The framework would then be in place for us to leverage that and pursue other water production opportunities in the Caribbean.” Members of the Water & Sewerage Corporation’s management union had also expressed an interest in the Windsor plant, as their industrial agreement gives them a ‘90-day exclusivity’ period to bid on all outsourcing contracts. However, based on Mr Miller’s comments, neither they nor EPS Consultants will now have the opportunity.

Contracts or MPCs, have intensified over the past several years. While no one in the pharmaceutical wholesale industry was willing to speak publicly, likely for fear of losing the PHA’s substantial business, sources speaking to Tribune Business on their behalf said MPC tenders typically used to be issued every 12-18 months. However, its 15th incarnation, labelled MPC 15, has been running for twoand-a-half years. And the PHA has attempted to release the most recent exercise, MPC 16, three times since mid-2014 - the latest version having been issued in April this year. Sources told Tribune Business that Bahamian wholesale distributors were concerned that delays in issuing the tenders, and awarding drug supply contracts, had resulted in the PHA using products and suppliers that were not on its approved list. And they suggested that the MPC 15 exercise had saddled the Bahamian taxpayer with $1.5 million in extra costs as a result of purchasing from higherpriced suppliers. Tribune Business was told that all approved vendors and drugs have to be included on the PHA’s Online Tender Management System (OTIS), where all bid submissions have to be made. To be included, pharmaceutical drugs must meet set guidelines, quality and efficacy criteria, while manufacturers have to provide licenses, safety certificates and show they are not just exporters. Tribune Business was told that the PHA finally awarded what the wholesale industry estimates to be “40-50 per cent” of the MPC 16 tender within the last month. The remaining portion, estimated to include around 760 drug product lines, is what the PHA is now seeking to acquire directly from manufacturers. “This has been an arduous and dragged out process,” one well-placed source told Tribune Business of MPC 16. “It really demonstrates an overall serious issue with the mechanics of the system. “It’s been embarrassing for us. It has cast a dark cloud over us, as many manufacturers are considering

not participating. It’s bad for the country and bad for the local distributors.” The source said Bahamian pharmaceutical wholesalers were concerned that Bahamian patients could be denied quality drugs at reasonable prices as a result. “It may result in product shortages and compromise the quality of healthcare,” they added of the procurement concerns, “plus cause great hardship for local distributors. “You have out-of-stocks that are not necessary, products purchased that are over-priced, and resources not being used properly.” Dr Duane Sands, the FNM candidate for Elizabeth, told Tribune Business he was opposed to the PHA’s ‘direct procurement’ strategy because Bahamian wholesalers provided a significant ‘value added’ role. He added that the PHA’s move also threatened to “wipe out” an industry that generated significant economic activity and employment for many Bahamians, amid suggestions that some medical representatives were already being laid-off. Dr Sands also suggested that the ‘cost savings’ rationale likely to be cited by the PHA to justify its direct procurement did not hold up, given that the public body would now have to take over the supply chain/ logistics functions performed by the wholesalers -

thereby incurring the same, or greater, expenses. “Unfortunately, we’re in a poorly regulated environment locally,” Dr Sands told Tribune Business. “I’m very much with Dr Minnis on this one. It’s a foolish proposal.” The wholesale pharmaceutical industry is also a

high volume/low margin business, with margins ranging from a low of 12 per cent to high of 32 per cent. Should it be decimated, the Government would also likely lose significant tax revenue in the form of Business Licences and ValueAdded Tax (VAT).

IN THE ESTATE OF AINSWORTH McLAREN O’REILLY late of Carefree in the Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased NOTICE NOTICE is hereby given that all persons having any claim or demand against the said estate are required to send the same duly certified in writing to the undersigned on or before the 14th day of January, A.D. 2017, after which date the Executrices will proceed to distribute the estate having regard only to the claims of which they shall have had notice. AND notice is hereby given that all persons indebted to the estate are required to make full settlement on or before the date hereinabove mentioned. CEDRIC L. PARKER & CO. Attorneys for the Executrices 9 Harcourt (Rusty) Bethel Drive Nassau, Bahamas

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

PAGE 6, Friday, November 11, 2016

Wholesalers in ‘drug shortage’ warning to PHA From pg B1 manufacturers for the supply of the 40-50 per cent of drug contracts not yet awarded (see other article on Page 1B). Focusing on the initial tender results, the three companies said: “The [government] guarantees given on the majority of items are not only extraordinarily unrealistic, but in many cases work out to numbers that seem impractical. “For example, many of the guarantees are for 2.5 boxes or vials of product. Manufacturers need to

forecast their production, and cannot effectively do so without being given realistic usage requirements.” The implication here is that the local wholesalers’ overseas drug manufacturing partners may be unable to meet sudden orders at short notice, as a result of the PHA under-estimating its likely supply/usage needs. “If the PHA cannot give realistic guarantees, we humbly request the actual usage of product by government over the past year so we can more accurately forecast needs for the next

12 months,” the three companies wrote in a letter that was also copied to PHA chairman, Frank Smith. “This would avoid shortages and out-of-stock situations that wholesalers are often blamed for.” The three wholesalers were tight-lipped over the letter’s contents yesterday, with some expressing surprise that Tribune Business had seen it. However, sources familiar with the industry’s position, and speaking on condition of anonymity, said the “minimum” guarantees that the wholesalers were given in the latest MPC 16 tender were “way, way off”. They suggested that the PHA, which receives around $200 million in an-

nual funding from the taxpayer, was trying “to fit” its pharmaceutical drug purchases to its available budget. And, when the inevitable supply shortages occurred, the wholesalers would inevitably be blamed. “There’s been a lot of shortages,” the source confirmed, questioning why the PHA did not follow the practice of health authorities in other Caribbean islands, such as Cayman, where wholesalers were given access to prior year usage data to ensure orders could be forecast accurately. “Wholesalers have never at any point been given the amount of product used over the past three-four

THE TRIBUNE

years,” the source said. “The PHA’s ordering system is so erratic.” The three companies said they “share common concerns and challenges”, including the absence of the normal performance bond form that accompanied drug procurement contract awards. “One bank has already rejected a bond request without the customary bond form,” they warned. The trio also expressed concern that they were asked to bid on a 24-month contract, but the PHA only awarded one-year terms. “The reason for reducing the timeframe does not seem valid,” they wrote, “since we have to believe that the tendering process

had already taken care of wholesalers and manufacturers who cannot supply. “Moreover, pricing is, among other things, related to projected consumption for a given tender period.” The wholesale trio also asked for the complete list of awards and bid prices, as had been customary, and queried whether there would be an additional tender given that numerous drugs were not awarded. The PHA’s response appears to have been to exclude the Bahamian wholesale industry, and instead go to their manufacturer partners to solicit bids directly.

After off-mark polls, some question value of ‘big data’ AP Writer – For an American public that relies on data for everything from where to find the best taco to the likely victor in a baseball game, Election Day offered a jarring wake-up: The data was wrong. Donald Trump's stunning electoral win came despite prognosticators' overwhelming insistence he would lose. And it has forced many to question not just political polling, but other facets of life that are being informed and directed by data. “If 'big data' is not that useful for predicting an election then how much should we be relying on it for predicting civil uprisings in countries where we have an interest or predicting future terror attacks?” asked Patrick Tucker, the author of “The Naked Future: What Happens in a World That Anticipates Your Every Move?” His book examines predictive analytics that aim to pinpoint answers to questions as varied as

when a person will get married to how many kindergartners in a given class will end up with a cold. Technology has filled people's lives with crowdsourced, data-driven or otherwise instructive metrics and left many convinced of their validity. We look to Yelp rankings to find a good meal and TripAdvisor to gauge a city's finest hotel. Netflix tells us which shows are best to watch and Zillow tells us the worth of the home we might buy. Amazon, Google, Facebook — all are ubiquitous presences in everyday life with data at their core. So many took the predictions of polling aggregators as gospel — and their forecasts of Hillary Clinton's chances of winning the presidency went as high as 99 percent. Tammy Palazzo, a 49-yearold corporate trainer in Maplewood, New Jersey, was among them. She's a political junkie who all day long

supporters watch as results come in at the a GOP election party in Cedar Falls, Iowa. Donald Trump’s stunning election win came despite prognosticators’ overwhelming insistence he would lose and has forced people to question not just political polling, but all the facets of life that are being informed and directed by data. (AP Photo) refreshed FiveThirtyEight, the site from the heralded election-predictor Nate Silver. She purposely sought to look beyond her biases, livINTENT TO CHANGE NAME BY DEED POLL NOTICE is hereby given that MERANCIA ST. JULIEN BRAZELA ing in a neighborhood dotted The Public is hereby advised that I, DEMENTRIA of Lower Bogue, Eleuthera, Bahamas is applying to the Minister with signs for Clinton, a canTRINECE ROLLE of #8 Senator Drive, Carolis Manor responsible for Nationality and Citizenship, for registration/ didate she admired, and took in a variety of news sources. Subdivision, New Providence, Bahamas intend to change naturalization as a citizen of The Bahamas, and that any person Then came Tuesday night. my name to DEMETRIA TRINECE ROLLE. If there are who knows any reason why registration/naturalization should not be “This is not going the way any objections to this change of name by Deed Poll, you granted, should send a written and signed statement of the facts it's supposed to go,” she may write such objections to the Chief Passport Officer, within twenty-eight days from the 4th day of November, 2016 to thought, watching returns come in but not in Clinton's P.O.Box N-742, Nassau, Bahamas no later than thirty (30) the Minister responsible for nationality and Citizenship, P.O. Box favor. “There was just so days after the date of publication of this notice. N-7147, Nassau, Bahamas. much reinforcement from the media that this was pretty locked down.” Allan Lichtman, a history professor at American University, was among the few who defied the confluTHURSDAY, 10 NOVEMBER 2016 t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com ence of polls and projected Trump's win. His model, deBISX ALL SHARE INDEX: CLOSE 1,915.56 | CHG -4.37 | %CHG -0.23 | YTD 91.61 | YTD% 5.02 veloped in 1981, uses history as a guide to who will win BISX LISTED & TRADED SECURITIES 52WK HI 52WK LOW SECURITY SYMBOL LAST CLOSE CLOSE CHANGE VOLUME EPS$ DIV$ P/E YIELD the presidency through 13 4.25 2.47 AML Foods Limited AML 4.06 4.06 0.00 0.304 0.090 13.4 2.22% true-or-false questions look17.43 17.43 APD Limited APD 15.85 15.85 0.00 50 1.351 1.000 11.7 6.31%

NOTICE

PUBLIC NOTICE

MARKET REPORT

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

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 9.00 6.12 6.23 11.81 10.00

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

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

9.09 3.50 1.96 0.12 5.83 8.50 5.83 10.50 13.98 2.43 1.55 5.82 8.78 9.00 8.50 6.61 11.93 10.00

9.09 3.50 1.96 0.12 5.60 8.50 5.83 10.50 13.98 2.12 1.55 5.82 8.78 9.00 8.50 6.61 11.93 10.00

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

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

114.63 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 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 0.00

PREFERENCE SHARES

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

0.00 0.00 0.00 0.00 -0.23 0.00 0.00 0.00 0.00 -0.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,600

100

VOLUME

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

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

8.4 15.9 N/M N/M 30.3 15.4 11.5 19.4 26.5 22.6 9.3 11.4 14.3 9.4 13.1 9.4 15.8 0.0

0.00% 4.57% 0.00% 0.00% 3.34% 3.06% 3.43% 3.43% 4.36% 2.83% 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

0.0 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

ing at economic indicators, military failure and success, social unrest and third-party candidacies. He's been consistently right. “Polls are not predictions. They are snapshots and they are abused and misused as though they are predictions,” he said. Claudia Deane, a vice president at Pew Research Center, said many traditional methodologies in opinion polling are under attack as survey experts try to adapt to changing technology and communication methods. She says researchers are trying to find ways to accurately tap into social media or other indicators of public opinion that could enhance phone and internet surveys, but scientific methods are still being developed. “The surveys are trying to predict the popular vote, and we're doing that in a country where we have a 50-50 electorate,” she said. “Polling is not built for that kind of precision. It's not an excuse, it's just a mathematical fact.” “Big data” has been a buzzword for the last decade in Silicon Valley. Investors and tech companies, from little-known startups to corporate giants, have poured billions of dollars into software and computer systems that promise to pore through mountains of information and glean useful insights into business trends or consumer behavior. David Dill, a computer science professor at Stanford University, said it has opened the door to do things that weren't possible before. It enabled the collection of vast stockpiles of information all while advances in computing hardware and online networking have made it possible to run more sophisticated analytical programs and crunch bigger sets of data more quickly.

NOTICE

NOTICE is hereby given that ELDIEU BRAZELA of Lower Bogue, 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 4th 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 ATENSIO PIERRE of Fox Hill, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th 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 ROBERT EDWARD RAMSEY of Eden Street North, P.O.Box N10549, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th 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 SHALDON CHARLES RAMSEY of Eden Street North, P.O.Box N10549, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, November 11, 2016, PAGE 7

Obamacare ‘Replacement’ Might Look Familiar AP News – The Affordable Care Act transformed the medical system, expanding coverage to millions, injecting billions in tax revenue, changing insurance rules and launching ambitious experiments in quality and efficiency. Less of that might disappear under President-elect Donald Trump’s pledge to “repeal and replace Obamacare” than many believe, say policy analysts. Republicans promising change might not quickly admit it, but in some respects Obamacare’s replacement may look something like the original. “It gets into a questions of semantics,” said Mark Rouck, an insurance analyst for Fitch Ratings. “Are they really repealing the act if they replace it with new legislation that has some of the same characteristics?” Problems that helped give rise to the health law — rising costs, an aging population, mediocre medical results — haven’t gone away. The ACA pushed insurers, hospitals and employers to launch their own reimbursement reforms, which are largely unaffected by who runs Washington. Even fierce health-law opponents may pause at the political risk of taking benefits from millions who gained coverage since its implementation. Subsidies for the middle class to buy insurance may remain — even if they’re not the Obamacare tax credits applied through online marketplaces, said Joseph Antos, a health economist at the American Enterprise Institute. “The idea that they’re just going to wipe that money away is pretty unlikely,” he said. “They don’t want to be in a position of saying they’re just kicking millions of people out in the street.” Others disagree. “I think they go away,” said Ana Gupte, a health care analyst for Leerink Partners. “The subsidies … are at risk” along with the ACA’s requirement that everybody have health coverage, she said.

Topping the list of ACA provisions likely to survive under Trump is the requirement that employers cover workers’ children up to the age of 26, analysts said. The measure is widely popular and not especially expensive. A health law crafted by Republicans might also retain the ACA’s protections for people with preexisting illness seeking coverage, said Glenn Melnick, a health economist at the University of Southern California. That could include relaxing the ACA’s limit on how much insurers can charge and allowing them to adjust premiums based on an individual’s health, he said. However, that might put the price of insurance out of reach for many. The health law’s payment reforms might also survive in some form. The ACA prompted hundreds of experiments to control costs by rewarding doctors for efficiency and fixing payments for episodes of care or treating entire populations. “Part of what I would expect to hear from [the new administration] is we want more value out of the entire system,” said Daniel Steingart, a hospital analyst at Moody’s Investors Service. “All of that jibes pretty closely” with ACA payment experiments by the Department of Health and Human Services, he said. “I can foresee a scenario where they gradually expand all those programs.” Republicans have criticized HHS’s innovation lab, which presides over accountable care organizations and many other payment tests. But they may find it more appealing under their own supervision, said Rodney Whitlock, a strategist and former top Republican health advisor in the Senate. “You can really want to curtail it — until maybe you’re in charge,” he said. “Then maybe you would like it.” In any case private insurance companies, employers and hospitals are likely to continue their own payment

the HealthCare.gov 2017 web site home page is seen on a laptop in Washington. Donald Trump’s election ushers in a time of high anxiety for people with health insurance under President Barack Obama’s law, which expanded coverage to millions but has struggled to find widespread public acceptance. While repeal seems certain, it won’t be swift. A replacement for “Obamacare” could take even longer, and it may retain some parts of it. (AP Photo)

Medicare premium to rise modestly for most beneficiaries WASHINGTON (AP) — Medicare has announced the "Part B" premium for 2017, and for most beneficiaries it's a modest increase. Next year's tiny Social Security cost-of-living increase means that about 70 percent of Medicare recipients will be protected from rising medical costs. For this group, the average premium will be about $109 a month. That's about 4 percent more than the $104.90 they paid this year. Medicare's Part B covers outpatient services such as office visits. For the remaining beneficiaries, the average 2017 premium will be $134, or 10 percent higher. On top of the basic premium, individual retirees making more than $85,000 and married couples with incomes above $170,000 pay an extra surcharge. Those range to nearly $300 at the highest income levels. The Part B deductible will be $183.

reforms, analysts said. “Private industry is really taking that and running with it,” said Gupte. To be sure, health policy and financing are likely to look substantially different in a Trump administration, experts said. The ACA’s biggest coverage expansion came through the Medicaid program for the poor and disabled, which added more than 15 million people. Trump has suggested giving states fixed federal grants for Medicaid, which could lead to a substantial reduction in coverage or benefits. Even partial cuts in Medicaid funding and subsidies for private plans would hurt hospitals, which have benefited from the health law’s revenue infusion. “If you’re running a health system and you now have more insured people through a Medicaid expansion or exchange customers — if even a portion of those go away, that might be your [profit] margin for the year,” said Benjamin Isgur, who heads the Health Research

Institute at PwC, a consultancy. On the other hand, hospitals and insurers represent a powerful lobby seeking to maintain something that looks like the status quo. “There’s a bigger role [hospitals] can play, a much more cost-effective role we can play if we have a longterm strategy” as part of a consistent health reform program, said Bill Ryan, a spokesman for the Einstein Healthcare Network, a Philadelphia-based hospital system. “And stopping and starting seems to be a crazy way to do this.” Other aspects of health care will probably stay the same in the near future no matter what Congress does, analysts said. Health costs continue to grow faster than the economy’s ability to pay for them. Partly as a result, high deductibles — what patients pay before insurance kicks in — have become widespread in employer and individual plans alike. Neither have much to do with the health law, said Don Berwick, who was acting Medicare administrator early in the Obama administration. Republicans “managed to make the public think Obamacare was causing all the trouble. That is absolutely wrong,” he said. “They could repeal it tomorrow and still have a broken delivery system and costs would continue to go up.” Now Republicans face the same challenge, said Mark McClellan, who ran Medicare in the George W. Bush administration. “It’ll be a different path, but the urgency of finding ways to transform health care — to give care that’s more personalized in prevention and less costly and more accessible, especially to people of limited means — the pressure to do that is not going to go away,” he said. “It’s going to increase.” KHN Senior Correspondents Julie Appleby and Jordan Rau contributed to this story.

PAGE 8, Friday, November 11, 2016

THE TRIBUNE

Obama sends $11.6B anti-terror request to lameduck Congress WASHINGTON (AP) — President Barack Obama on Thursday asked Congress for $11.6 billion in additional war-related funding, including money to fight Islamic State militants, sustain higher overseas troop levels, and modernize the Afghan military's helicopter fleet. The request was sent to lawmakers for consideration during the lame-duck session that starts next week. It's evenly divided between the Pentagon and the State Department and foreign aid accounts related to battling IS. “In addition to enhancing our effort to defeat ISIL, this plan would fund the president's decision to adjust our troop levels to bet-

ter support the Afghan government's strategy to secure its nation, and would help enhance Afghanistan's aviation capability,” said Defense Secretary Ash Carter. “Swift passage of this plan will help the Department of Defense and our partners in the U.S. government and around the world protect this nation.” The request's fate in the coming weeks is uncertain. It's not clear what Republicans controlling Congress want to do about a raft of unfinished spending bills now that Donald Trump has won the White House. While top Republicans like Senate Majority Leader Mitch McConnell, R-Ky., want to clear away the unfinished budget work — and avoid cluttering the Trump

agenda with this year's leftovers — many conservatives hope to win better outcomes next year with Trump in the White House. At the very least, however, Congress must pass a temporary spending bill to avert a government shutdown next month, which would give lawmakers and the new administration time to hash out a final accord on more than $1 trillion in unfinished bills to fund agency operating budgets. Before the election, Democrats promised they would try to play a strong hand against GOP moves to beef up the defense budget without comparable treatment for domestic programs. The White House and congressional Democrats insist that additional defense dollars

President Barack Obama speaks in the Rose Garden of the White House in Washington. The president has asked Congress for $11.6 billion in additional war-related funding, including money to fight Islamic militants, sustain higher overseas troop levels, and modernize the Afghan military’s helicopter fleet. (AP Photo) be matched with increases for non-defense programs, and pairing the upcoming Pentagon request with nondefense items that would still fit under the umbrella of security costs could free up money for domestic programs elsewhere. The military portion includes $2.5 billion to maintain elevated U.S. troops levels of 8,400 in Afghanistan as announced over

the summer. About $383 million would pay for air strikes against IS. The request would mean a total of $85 billion in war-related funding for the budget year that started in October. The $5.8 billion portion of the request for the State Department and the Agency for International Development would help stabilize areas of Iraq that have been reclaimed for the militants,

remove unexploded bombs and increase aid for Somalia, among other purposes. The chairman of the House Armed Services Committee, Rep. Mac Thornberry, R-Texas, said the request was not enough since it “does not accommodate the increased pace of operations against ISIL and does nothing to begin addressing the readiness crisis.”

Average US 30-year mortgage rate rises to 3.57 percent WASHINGTON (AP) — Long-term U.S. mortgage rates rose this week for a second straight week. Mortgage giant Freddie Mac said Thursday the average for a 30-year fixed-rate mortgage increased to 3.57 percent from 3.54 percent last week. Rates remain near historically low levels, however. The benchmark 30year rate is down from 3.98 percent a year ago. Its alltime low was 3.31 percent in November 2012. The 15-year fixed-rate mortgage, popular with homeowners who are refinancing, rose to 2.88 percent from 2.84 percent. The rates reflect the mortgage market in the week prior to Republican nominee

Donald Trump's election as president. On Wednesday, the day the result became known, bond prices fell sharply. That sent yields higher. Long-term mortgage rates tend to track the yield on the 10-year Treasury note, which jumped to 2.06 percent from 1.80 percent a week earlier — exceeding 2 percent for the first time since January. Traders have been selling bonds more aggressively to hedge against the possibility that interest rates, which have been extremely low for years, could rise steadily under a Trump administration. The sell-off in bonds continued Thursday morning, with the yield on the 10-year Treasury note rising to 2.12

percent. To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for a 30-year mortgage was unchanged from last week at 0.5 point. The fee for a 15year loan also held steady at 0.5 point. Rates on adjustable fiveyear mortgages averaged 2.88 percent, up from 2.87 percent last week. The fee remained at 0.4 point.

an existing home for sale in Roswell, Ga. Yesterday, mortgage giant Freddie Mac reported that long-term U.S. mortgage rates rose during the week for a second straight week. (AP Photo)