11142016 business

MONDAY, NOVEMBER 14, 2016

business@tribunemedia.net

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PHA: 20% local spend rise rebuts ‘wipe out’ fears

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Public Hospitals Authority (PHA) yesterday said the 20 per cent increase in spending with Bahamian pharmaceutical wholesalers over a two-year period proves that fears it is intent on “wiping out” the industry are groundless.

The Authority, which is responsible for managing the Princess Margaret and See pg b4

Slams ‘total falsehoods’ over wholesaler cut-out Can’t ‘turn blind eye’ if locals can only supply 50% $5m already awarded to Bahamians in latest tender

QC slams ‘free lunch’ for Port and Hutchison

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A well-known QC has slammed the Government’s Freeport incentive legislation for “giving a free lunch” to those who can most afford it - Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) two family shareholders.

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that the recent amendments to the Grand Bahama (Port Area) Investment Incentives Act 2016 would produce “little financial impact”.

The changes, which extend the time that GBPA licensees have to apply for the continuation of incentives (tax breaks) from six to 10 months post-May 4, 2016, were touted by the Christie administration as a much-needed stimulus for Freeport’s economy after Hurricane Matthew.

See pg b5

GB Incentives Act changes of ‘little impact’ Freeport ‘financial pot getting smaller and smaller’ Carnival cruise port economy ‘killer’ for city

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GB Power: Consumers to pay $25m storm cost

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Opposition deputy slams as ‘highly irregular, unfair’

Grand Bahama Power Company’s (GBPC) plan to recover its $25 million in Hurricane Matthew restoration costs from consumers was last night blasted as “highly irregular and unfair” by one of the island’s MPs. K P Turnquest, the east

Fears monopoly utility exploiting ‘captive market’ Issue again raises Freeport regulatory issue

Grand Bahama representative, told Tribune Business that the utility monopoly would be “taking advantage of a captive market” if it levied a ‘hurricane recovery charge’ on its 19,000 customers’ bills.

He was speaking after Emera, the Canadianheadquartered utility that is GB Power’s 80.4 per cent majority shareholder, confirmed its intention to

reclaim Hurricane Matthew restoration costs from Grand Bahama businesses and residents.

Emera’s financial filings for the 2016 third quarter confirmed that the rebuilding of GB Power’s transmission and distribution network is estimated to cost $25 million.

“The Q3 2016 results for Emera Caribbean do not See pg b4

‘Penny wise and pound foolish’ BTC mobile competitor ‘not

By NEIL HARTNELL Sands blasts PHA’s ‘direct Tribune Business Editor purchase move’ planning to lose’ nhartnell@tribunemedia.net A well-known surgeon has branded the Public Hospitals Authority’s (PHA) move to exclude Bahamian wholesalers from the pharmaceutical drugs supply chain as “penny wise and pound foolish”.

Dr Duane Sands, the FNM senator, told Tribune Business that while the PHA may feel it can save money by purchasing direct from drug manufacturers, any benefits would be outweighed by other costs to the Bahamas - especially to patients.

He explained that the ‘direct purchasing’ move, through overturning an established supply chain that has

Fears it will remove ‘public health protection’ Says cost savings don’t translate to better quality functioned effectively for decades, would eliminate “the many layers of protection for public health” that are provided by Bahamian wholesalers.

“This is another distressing concerns,” Dr Sands said of the PHA’s See pg b3

By NATARIO McKENZIE Tribune Business Reporter nnmckenzie@tribunemdia.net The Bahamas’ second mobile operator says it is “not planning to lose”, as it kicked-off its market entrance with the introduction of the ‘Aliv’ brand, promising to deliver a superior experience and customer plans.

Speaking at a ribbon cutting ceremony at NewCo 2015’s Soldier Road and Highbury Park headquarters, vice-president of sales and marketing. Johnny Ingle, said: “We are leveraging an extremely See pg b5

Fred Smith QC

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PAGE 2, Monday, November 14, 2016

Caribbean tourism ministers and executives of the Caribbean Tourism Organisation pay a courtesy call on secretary-general Baroness Scotland at Marlborough House.

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Mr Wilchcombe and Tourism director-general, Joy Jibrilu, at the United Nations World Tourism Organisation and World Travel Market Ministerial Meeting.

Tourism minister tells world: Bahamas is open The Minister of Tourism has reiterated that the Bahamas is open for visitor business despite the continued rebuilding in Hurricane Matthew’s wake.

Obie Wilchcombe, also chairman of the Caribbean Tourism Organisation (CTO), wasaddressing tourism leaders during the United Nations World Tourism Organisation and World Travel Market Ministerial Meeting on November 9 in London.

The focus was on ‘Tourism and Security: Promoting Safe and Seamless Travel’. The ministerial group discussed health scares, natural disasters, geo-political changes and terrorism.

CNN International’s Becky Anderson, who chaired the Summit, prompted Mr Wilchcombe to highlight the current is-

sues impacting tourism.

He spoke on Hurricane Matthew’s impact, and explained how international media and other bodies in reporting on the storm did not communicate to the world that only several Bahamian islands suffered major damage.

Mr Wilchcombe said this gave the appearance that the entire Bahamas was completely shut down. He made it clear that while there was rebuilding underway for certain islands, the Bahamas was open for business.

“What is very important, and what we need to get across, is that we need to have a greater understanding so that there could be greater communication lines, and we want to make sure that the dialogue is correct as when the advi-

sory is given, as it was for us prior to Hurricane Matthew’s arrival, that you are to avoid the Bahamas,” the Minister said.

“That’s our entire nation.

Severe damage was done to three of our islands, but not the entire Bahamas. So what happened is people reacted to it, and it does have a negative impact.”

Mr Wilchcombe also encouraged his colleagues in the international tourism business to donate to the rebuilding efforts for Hurricane Matthew.

During his visit to London, in his capacity as Caribbean Tourism Organisation chairman, Mr Wilchecombe led a courtesy call on November 9t with Commonwealth secretarygeneral, Baroness Scotland.

Minister of Tourism and chairman of the Caribbean Tourism Organisation, Obie Wilchcombe, addressing the United Nations World Tourism Organisation and World Travel Market Ministerial Meeting on November 9 in London.

ELIZABETH ON BAY The Water and Sewerage Corporation has signed a $2.4 million contract with Island Site Development (ISD) for the rehabilitation of the Corporation’s waste-water infrastructure in New Providence. On hand for the signing (L to R): Glen Laville, general manager of the Water and Sewerage Corporation; Leslie Miller, chairman of the Water and Sewerage Corporation; and Naveen Gupta, chief executive of Island Site Development.

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The Water and Sewerage Corporation (WSC) has signed a $2.4 million contract with Island Site Development to rehabilitate key wastewater infrastructure in New Providence. The contract signing follows a tender process that started in June 2016.

The contract is funded by the Inter-American Development Bank (IDB) under a loan agreement signed on December 16, 2011, for the implementation of the WSC Support Programme – New Providence Water Supply and Sanitations Systems Upgrade.

The third component of the WSC Support Programme focuses on the

preparation of a Wastewater Master Plan. The plan will address the wastewater collection, treatment and disposal needs of New Providence, as well as the rehabilitation of critical sewerage infrastructure on the island.

A Master Plan was completed in October 2015, designed to determine the best way to address these issues. The WSC is using this Master Plan to determine which wastewater assets it will rehabilitate and construct, with the funds from the IDB, to improve the overall system.

The WSC is using a phased approach to carry out these works, and each of these contracts is being procured separately, via three separate contracts: 1. (Small Works) Rehabilitation of small pumping stations and related works.

2. (Major Works) Construction of wastewater treatment plants and pumping stations.

3. (Engineering Consultant) Construction supervision of both the major and small construction works.

Using the IDB’s international tendering procedures for National Competitive Bidding (NCB), Island Site Development (ISD) was awarded the small works

contract once the bids were evaluated. They were determined to be the lowest bidder.

Glen Laville, General Manager of the Water and Sewerage Corporation, said: “Several of our wastewater facilities have required rehabilitation for many years. It’s definitely a relief to have the funding available to address some of the more critical components.”

Expected to take six months, the work consists of rehabilitating 10 sewage pumping stations and the installation of 1000 feet of gravity collection mains along with other associated works.

WSC is also in the process of requesting proposals and accepting tender bids for the second contract listed. Proposals for these major works are due at the end of November and a firm will be selected by January 2017. These works are expected to last 18 months, and bid information is on the company website.

The WSC will also finalize the selection of a consultant firm (third contract listed) to assist with construction supervision for both wastewater contracts mentioned above. The firm selected will ensure the quality and timeliness of the construction works.

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Monday, November 14, 2016, PAGE 3

Tripartite Council ‘serves no purpose’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Trade Union Congress’s (TUC) president has vowed to pursue the its grievance against Sandals Royal Bahamian’s termination of 600 employees to its “logical conclusion”, arguing that the Attorney General’s decision to nullify their case against the resort’s top executives had put workers in a ‘frightening” position.

Obie Ferguson also ar-

gued that the National Tripartite Council, which advises the Government on labour and industrial matters, “serves no purpose”.

Mr Ferguson said the labour movement was “worse off” from a legal standpoint than when it began. “If you go to the labour department and the employer fails to attend a conciliation meeting, there is nothing your an do, zero,” he argued.

“That is because of the decision of the Attorney General with respect to Sandals. If the union has a

logistics/procurement switch. “There appears to be a move to upend the entire apparatus of drug distribution and acquisition in the country.

“That has the potential to wipe out a lot of the insurance and safeguarding layers, particularly for patients.”

Tribune Business revealed on Friday how the PHA is seemingly intent on pursuing its ‘direct purchases from manufacturers’ strategy, despite the opposition and numerous warnings that it will be counterproductive.

Dr Marvin Smith, the PHA’s pharmaceuticals supply chain management chief, referred Tribune Business to the Authority’s spokesperson, Judy Terrell.

The PHA subsequently responded to this newspaper’s questions (see other article on Page 1B) Dr Smith’s November 3 e-mail to pharmaceutical manufacturers confirmed the PHA’s intention to exclude Bahamian wholesalers, as he said: “I am not authorised to have any discussions as it relates to inclusion of local vendors in this process.”

This followed his October 31, 2016, e-mail to the same readership, in which Dr Smith, director of the Bahamas National Drug Agency (BNDA), seemed to justify the ‘go direct’ move on the grounds that it had not received satisfactory bids for many of the drugs tendered in the latest procurement round, ‘MPC 16’.

Dr Sands said the PHA appeared to be operating on the rationale that it could save money by purchasing cheaper ‘generic’ drugs directly from manufacturers, as opposed to acquiring more expensive ‘brand name’ pharmaceuticals.

“On the face of it, you might think that’s a reasonable idea,” he told Tribune Business. “But there are many benefits provided by the local, mature wholesale industry.

“They provide multiple layers of safety, education and training, provide backup for recalls, provide access to alternatives, and provide access to branded and generic drugs.”

Dr Sands and others also questioned whether ‘direct manufacturer purchases’ would generate any significant cost savings, given that the PHA would have to take over the role and functions previously performed by the wholesalers, and presumably incur the same expenses.

These functions include purchasing/ordering, shipping, credit, inventory management and storage.

“This is an example of penny wise and pound foolish,” Dr Sands argued to Tribune Business. “In one fell swoop, to save a couple of dollars, we wipe out a significant industry.

“Two, you destroy many of the layers of protection for public health. Three, the issue of transparency comes to mind. Who’s going to be purchasing and vetting these products now? Is there going to be a middleman?”

Bahamian wholesale in-

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resented Royal Bahamian line staff, accused Sandals of union busting - a charge the resort has rejected.

“I want the public to understand that the Sandals matter will never be resolved until it is resolved.

As long as I have breath in my body I will go where I have to, to prove to the Government that they have a duty to direct that matter and, if they don’t do it to the extent the law provides, I will pursue it to its logical conclusion,” said Mr Ferguson.

Mr Ferguson said trade union executives are very concerned over the direction of labour relations in the Bahamas, and he argued that the National Tripartite Council serves very little purpose.

“We have two members from the TUC on that tripartite committee. In all fairness, the committee serves no purpose. If they recommend something and the employer says no, that’s it, simple. The Government is an employer; we must not forget that,” said Mr Ferguson.

Obie Ferguson

Commission hosts global regulators

‘Penny wise and pound foolish’ From pg B1

general dispute and it goes to the labour department, nothing will happen today, zero. This is a frightening thing.”

Back in August, following an abrupt closure which saw 600 employees made redundant, Sandals outlined a $4 million renovation to be undertaken during a two-month period at its Cable Beach property.

Executives of the Bahamas Hotel, Maintenance and Allied Workers Union (BHMAWU), which falls under the TUC and rep-

dustry concerns over the PHA’s ‘go direct’ strategy for completing the MPC 16 tender have been exacerbated by the opening of its new warehouse storage unit for pharmaceuticals on east Shirley Street.

While such a facility could aid a ‘direct purchasing’ strategy, these fears have been pushed to further heights surrounding the Government’s drug procurement strategy under NHI, which is presently unknown.

Dr Sands, though, argued that it made no sense to bypass a local industry that provided significant ‘added value’ for the Bahamian public, especially patients, and helped to safeguard public health.

“They’ve been knocking at this door for a while,” Dr Sands added of direct purchasing. “The idea is that cheaper is clearly better, generic versus branded, because we can provide more pills for less money.

“But that doesn’t necessarily mean that you get quality. The suggestion that elimination of an entire industry, or bypassing an entire industry, is going to be to the benefit of the Bahamian public is something that needs to be tested.

They perhaps need to have a pilot programme and compare the results.”

The Securities Commission of the Bahamas hosted regulators from 18 jurisdictions in the Americas to discuss supervisory matters, further developing the capital markets regulator’s regional and international profile.

The meeting, held on 3-4 November, was the second of two general meetings of the Inter-American Regional Committee (IARC) of IOSCO and the Council of Securities Regulators of the Americas (COSRA) in 2016. The venue for the meeting was Atlantis, Paradise Island.

The Commission was represented by Tonya Bastian Galanis, chairman, and Christina Rolle, executive director.

“Meetings such as these ultimately help us to increase the effectiveness of our regulation in this everchanging global landscape, but importantly they also demonstrate locally the importance of the financial services sector to our country and that we are committed to sound regulation.

Hopefully, it signals the same to the international community,” Mrs Bastian Galanis said.

Ms Rolle said that hosting the IARC/COSRA meeting advanced a Securities Commission initiative

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impact they have on our economy and lives.”

The Chair of IARC is the Comisión Nacional Bancaria y de Valores de México (National Banking and Securities Commission of Mexico/CNBV).

Securities regulators from 18 jurisdictions in the Americas, representatives of IOSCO and the IDB, and a private bitcoin company participated in the IARC/COSRA meetings hosted by the Securities Commission. Pictured in the front row are (L-R): Ethel Ramírez, deputy director-general, international affairs, Comisión Nacional Bancaria y de Valores de México (National Banking and Securities Commission of México); Janice P. Holness, executive director, Financial Services Commission, Jamaica; Tonya Bastian Galanis, chairman, Securities Commission of the Bahamas; Tim Pinkowski, policy advisor, IOSCO; Christina R. Rolle, executive director, Securities Commission of the Bahamas; Eduardo Flores Herrera, vice-president, Securities Supervision, CNBV. to enhance its international profile as a regulator committed to best practices.

“The Commission identified increased participation with regional and international securities regulatory bodies as strategically important to give voice to the particular developmental needs of Bahamian markets and their regulation, and to achieve better representation of local regulatory

concerns to international standard setting bodies,” Ms Rolle said.

“We certainly believe we are achieving this goal, as our international counterparts and representatives from various standards setters interact with the Commission and its management team, and learn first-hand about our capital markets and financial services industry, and the

CNBV’s vice-president of securities supervision, Eduardo Flores Herrera, said: “We took away a lot of challenges. I think the idea of this sort of meeting is that we all end up having markets that are equally developed to our own economies.

“So there is a lot of room to grow, and a lot of room to work and to promote more engagement by all the countries.”

In addition to securities regulators, various international bodies were represented at the meeting. The IOSCO general secretariat was represented by Tim Pinkowski, policy advisor.

The Inter-American Bank (IDB) was represented by Florencia Attademo-Hirt, representative for the Bahamas.

A private firm, BITSO, which specialiaes in cryptocurrencies, was represented by its president, Daniel Vogel.

PAGE 4, Monday, November 14, 2016

GB Power: Consumers to pay $25m storm cost From pg B1 include any of the approximate $25 million of restoration costs, which are expected to be capitalised and recovered from customers over time,” Emera said of GB Power.

“The island of Grand Bahama took a direct hit from Hurricane Matthew in October 2016. Property damage on the island is extensive. GBPC’s generation and substation infrastructure generally weathered the storm well.

“However, over 1,500 transmission and distribution poles and related conduits were damaged or destroyed, as were many connections to customer homes,” it added.

“Restoration efforts are well underway, with GBPC’s team being sup-

plemented by over 200 people and over 100 pieces of equipment from other Emera affiliates, including Tampa Electric, Emera Maine, Nova Scotia Power, and Emera Utility Services.”

Sarah McDonald, GB Power’s chief executive, had previously pledged to Tribune Business that the utility would avoid any “harmful rate shock” to customers still struggling to recover from Matthew’s devastation.

She added that the company would work with its regulator, the Grand Bahama Port Authority (GBPA), to determine the most appropriate method for recovering its “prudent” restoration costs once all work was completed.

“We’ll work with the GBPA to find a way to re-

PHA: 20% local spend rise rebuts ‘wipe out’ fears From pg B1 Rand Memorial hospitals, plus the Sandilands Rehabilitation Centre, described suggestions that its new drug purchasing strategy would eliminate Bahamian wholesalers as “complete falsehoods”.

In a lengthy statement sent to Tribune Business in response to this newspaper’s inquiries, the PHA said it could “not turn a blind eye” to sourcing pharmaceutical drugs overseas if local suppliers were unable to provide them.

It explained that it had been forced to do this with its latest drug tender exer-

cise, known as MPC 16, after only receiving satisfactory bids for 50 per cent of the items required.

The PHA was responding to Bahamian distributor concerns that were sparked when Dr Mavin Smith, head of its pharmaceutical purchasing arm, the Bahamas National Drug Agency (BNDA), sought bids on the outstanding MPC 16 drugs directly from their overseas manufacturers.

His October 31 e-mail to all PHA-registered and approved manufacturers sought to ‘cut out’ Bahamian wholesalers from the process, stating that the BNDA “did not receive the

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cover the prudent costs of restoration, but we don’t want a rate shock that will be harmful to people trying to get back on their feet,” Mrs McDonald emphasised.

However, Emera and GB Power’s confirmed intentions, and the scale of what they will be seeking to recover from hard-pressed consumers, will again raise questions over who should foot the bill for storm restoration - the latter’s shareholders, including the 19.6 per cent Bahamian minority in BISX-listed ICD Utilities, or consumers.

The situation is also likely to revive debate on who should be GB Power’s regulator - the Utilities Regulation and Competition Authority (URCA) in Nassau, which is supposed to oversee the energy sector nationwide, or the GBPA. Mr Turnquest, the FNM’s deputy leader, was adamant that he would not support GB Power’s plans for charg-

ing storm restoration costs, or the previously proposed hurricane self-insurance fund, to consumers.

“I think it’s highly irregular and unfair for consumers to bear that cost,” Mr Turnquest told Tribune Business, suggesting that GB Power had done something similar under previous ownership when Frances and Jeanne struck in 2004.

“It’s part of their infrastructure costs. They’re selling us a service. For us to pay another cost for this recovery is highly unfair.”

While admitting he was unaware how other utilities in hurricane prone jurisdictions recovered their restoration costs, Mr Turnquest said he was also opposed to consumers financing any GB Power self-insurance fund.

“Why should we be paying for that? It’s an operating fee for the business,” he added. “If I want to operate a business, I can’t pass on

my insurance costs to my customer every year. Don’t come to me talking about special insurance cover and recovery fees. That’s not my problem; that’s your problem.”

GB Power executives have previously told Tribune Business that it is impossible to obtain insurance coverage for its transmission and distribution network, given the risk of hurricanes.

And they have argued that it is standard practice in the energy utility industry to recover costs, such as hurricane restoration, from additional charges levied on consumer bills.

Yet the Bahamas Electricity Corporation (BEC), and its Bahamas Power & Light (BPL) subsidiary, have never traditionally imposed a hurricane restoration charge - and have given no indication of doing so this time.

However, Mr Turnquest told Tribune Business: “In

short, I will not support it.

It’s highly unfair to expect a set of consumers already taxed in the recovery to pay for the restoration of poles.

“I don’t know what to say about this. I think it’s unfair, and taking advantage of a captive market and doubling down on the back of people stressed and hurting from higher rates and recovery costs.”

Mr Turnquest agreed that GB Power’s recovery demands would reignite debate over whether URCA should take over regulatory responsibility for GB Power, an issue that has already ended up before the courts.

“This again points back to the need for a qualified, independent regulator to make sure whatever recovery is needed is fair and explain why an adjustment is necessary,” he added.

GB Power previously filed a Judicial Review with the Supreme Court challenging URCA’s authority to regulate it.

requisite response” from local vendors.

“The PHA is desirous of procuring these items via other methods, including but not limited to direct procurement from manufacturers,” Dr Smith added.

Just in case the industry did not get it, he reiterated in a November 3, 2016, email: “I am not authorised to have any discussions as it relates to inclusion of local vendors in this process.”

Bahamian pharmaceutical wholesalers thus feared that the PHA’s decision to exclude them from the remainder of MPC 16 may mark the start of a longerterm strategy of the Authority ‘going direct’ to manufacturers, especially given the opening of its east Shirley Street drug warehouse in recent weeks.

However, the PHA yesterday told Tribune Business that such fears were “careless mistruths”, explaining that Bahamian pharmaceutical wholesalers had been given every opportunity to bid on MPC 16.

The Authority said the initial tender was widely advertised in the newspaper on February 22, 2016, and the closing date of April 18, 2016, was extended by two weeks to May 2, 2016, at the request of Bahamian vendors.

This, the PHA said, was done “even though some in the industry felt that all vendors had more than equal opportunity to prepare their tender bids, as opposed to the traditional six to eight weeks”.

Tribune Business sources familiar with the wholesale industry’s position, though, last week said the tender launched in February 2016 marked the third time that the PHA had attempted to launch MPC. MPC tenders typically used to be issued every 1218 months, but the same sources said the 15th incarnation, labelled MPC 15, had been running for twoand-a-half years.

As a result, 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 were suggesting 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.

None of these concerns were directly addressed by the PHA statement, which said Bahamian wholesalers and distributors were its “source of first choice” for pharmaceutical supplies.

It said this assertion was supported by the fact overseas drug manufacturers were not allowed to participate in the initial bid process, thereby giving Bahamians first preference.

“When our local vendors cannot supply items needed, the Public Hospitals Authority - because of its mandate to the Bahamian people - has to look outside of the country to source the required items,” the PHA said.

“After the extended closing date of May 2, the tender

proposals from local vendors were analysed, and on completion of that review our analysis team reported that approximately 50 per cent of items required were received from the proposals submitted.

“For the benefit of the Bahamian people, we would wish to report that already eight local vendors were offered contracts totalling in excess of $5 million based on their proposals.”

With 50 per cent of the MPC 16 tender items not awarded in the original bid, the PHA said it had little choice but to ‘open the field’ and look abroad - including going direct to foreign manufacturers - if it was to service all patient needs.

“It would be foolhardy to suggest that when drugs and medical supplies cannot be sourced in country that the PHA turns a blind eye to sourcing them elsewhere, leaving those entrusted to our care without the medications they may require for treatment,” the PHA added.

“With regards to assertions that the PHA’s direct procurement approach has resulted in job losses, the record will reflect that the PHA’s expenditure on pharmaceuticals with local vendors has been on the rise for some time now.

“For example, in the period July 2014-June 2015, local pharmaceutical vendors received more than $15 million. For the period July 2015-June 2016, local vendors received more than $16 million, and it is projected that by the end of the fiscal year 2016-2017, the PHA would have spent in excess of $18 million with local vendors for the procurement of pharmaceuticals alone.

“This clearly shows an increase in business with local vendors, and dismisses any possible suggestion that the PHA could be responsible

for the loss of jobs in the industry.”

The PHA added that the introduction of its online bid management system, Online Tender Management System (OTMS), had enabled more qualified Bahamian vendors to participate.

“This hardly sounds like a move to ‘wipe out’ the industry, but rather a move to enhance relationships by inviting other suppliers to the table,” the PHA said.

However, several wholesale sources have queried the narrow two-day window that the PHA/BNDA gave overseas manufacturers to bid on the remaining MPC 16 drugs.

Dr Smith’s e-mail, which was dispatched on October 31, gave them just 48 hours to put together complex bids involving prices, shipping and insurance costs, minimum order amounts and shipping/delivery times.

This, Tribune Business was told, has left some in the industry questioning whether the PHA had already selected its providers, give the difficulty of meeting its bid deadline.

Meanwhile, referring to its new Shirley Street facility, the PHA said: “The transformation of the PHA’s Supply Chain Management System is designed to bring about a greater level of efficiency, maximisation of scarce resources, transparency, accountability and a culture of continuous improvement throughout all levels of the supply chain system.

“It is the PHA’s clear intention to ensure that supplies needed for our patients can be accessed 24-hours a day, seven days a week.”

The PHA, though, did not address supplier concerns about its “unrealistic” order quantities, which have been blamed for frequent drug shortages.

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Monday, November 14, 2016, PAGE 5

QC slams ‘free lunch’ for Port and Hutchison From pg B1 However, by automatically giving the GBPA and Hutchison Whampoa’s interests a 20-year extension of the same expired incentives, Mr Smith argued that the Government had again let both entities ‘off the hook’ when it came to their development obligations.

The Christie administration has also moved to amend the legislation by including all Hutchison Whampoa’s subsidiaries among those receiving an automatic 20-year extension, something that Mr Smith branded as “puerile and ineffective tinkering” in regard to Freeport’s economy.

“It displays a fundamental failure to appreciate how uninspired that provision is,” he told Tribune Business of the application extension for all other GBPA licensees, “because there are so few people and investors that would be able to apply.

“The major players [the Hayward and St George families, and Hutchison] have been given a free lunch, when they are the ones who can most afford to pay for it.

“They don’t pay real property taxes, they don’t pay Business Licence fees, they don’t pay Stamp Duty on big internal transfers.

They collect airport and harbour fees, and service charges,” Mr Smith added.

“This is like the sound of one hand clapping. The Grand Bahama (Port Area) Investment Incentives Act 2016, and recent extension of the time by which people can apply, is a sleight of hand. It all sounds good, but has little financial impact.”

Mr Smith argued that the GBPA and Hutchison Whampoa had failed to fix key infrastructure deficiencies in Freeport that existed before Hurricane Matthew’s devastation.

“One of the big challenges we face is that if you don’t land before 5.30pm, you have no runway lights and the airport is closed,” he told Tribune Business.

“That severely restricts both domestic and international travel. Customs and Immigration are closed after that time. Even before Hurricane Matthew, I had lamented the lack of a radar at Grand Bahama International Airport.

“This is a big issue out of Hurricane Matthew. We can’t be the magic city, the industrial capital of the Bahamas, and not even have a radar at the airport tower.

This lies squarely at the feet of Hutchison and the GBPA,” Mr Smith added.

“One of the big issues is

BTC mobile competitor ‘not planning to lose’ From pg B1 dynamic infrastructure.

“NewCo has built strong foundational platforms that enable world class offerings. It’s critical that NewCo delivers on its promise.

NewCo, in this very short period of time, is well positioned now to produce a fresh, compelling and enduring brand into the marketplace.

“The time is right in the Bahamas for choice, for

value, for service and care.

The people of The Bahamas deserve it.”

Cable Bahamas has a 48.75 per cent equity stake in NewCo 2015. The majority 51.75 per cent stake is owned by the Government through HoldingCo. Prime Minister Perry Christie reiterated the Government’s intention to sell this interest as quickly as possible to private Bahamian institutional investors, but there has been no indi-

that the infrastructure of Freeport has continued to deteriorate over time, and the development companies, the GBPA and DevCo (Grand Bahama Development Company), have leveraged the valuable land and other assets they have to borrow money without putting in the necessary infrastructure for future growth.”

As an example, Mr Smith said the domestic and nonUS international travellers at Grand Bahama International Airport were still being housed in the temporary hangar accommodation created in the aftermath of Hurricanes Frances and Jeanne in 2004.

And he warned that the latest “killer for Freeport” is likely to be the $200 million private port in east Grand Bahama that will be developed by Carnival Cruise Lines.

The Government has just given its approval to the agreement with Carnival for the project, and Mr Smith warned the port’s creation - and diversion of thousands of passengers annually to east Grand Bahama - would cause “a catastrophic decline in business for Freeport licensees”.

“The big problem Freeport faces is that the service charges and license fees not getting any bigger,” Mr Smith told Tribune Business. “The financial pot in Freeport is getting smaller and smaller.

“The damage resulting cation of when this will occur and how, with all talk of an imminent private placement having melted away.

NewCo expects to launch its services on November 23. “We’re the challenger.

We’re hungry, humble, teachable, we have something to prove and we’re willing to serve. We’re not stuck in our ways, and we’re certainly not planning to lose,” said Mr Ingle.

He added that the company will introduce a ‘first world’ brand experience over two LTE networks.

NewCo has made a multimillion dollar investment in its infrastructure.

JOB VACANCY THE TEACHERS & SALARIED WORKERS CO-OPERATlVE CREDIT UNION is seeking to fill the following vacancy:

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from Frances, Jeanne and Matthew to Freeport’s infrastructure means that the Port Group of Companies does not have the financial wherewithal to effect repairs.

“Freeport is locked into this cycle of less and less resources to sustain itself, let alone promote itself and develop itself for the future.

When a catastrophe of Matthew’s size hits Freeport, it not only jolts our economy; it brings it to the precipice of collapse.”

Meanwhile, environmental activists and the Government appear to be on a new collision course over the proposed $200 million Carnival cruise port. Both Save the Bays, for which Mr Smith is legal director, and the Waterkeepers Alliance issued statements against the project for fear it will harm “one of the most fragile and important ecological wonders of the Bahamas”.

They, like Mr Smith, are calling for the project to be sent back to Freeport.

“We welcome Carnival Cruise Lines and recognise the importance of the cruise industry to the overall economy of the Bahamas,” said Joe Darville,

chairman of Save The Bays.

“Our fear is that the very beauty that Carnival’s passengers and other visitors find in Grand Bahama could easily be destroyed if the port is built in that area.

It is one of the most fragile and important ecological wonders of the Bahamas.”

Waterkeepers Bahamas’ executive director, Rashema Ingraham, said East End is a microcosm of all that makes the environment of the Bahamas “the amaz-

ing treasure” it is.

“Driving past the Casuarina Bridge and the new Jack Hayward Bridge into East End, a whole world opens up,” she said.

“There is nowhere else in the Bahamas quite like it; even the light is different.

But it is very fragile and much of it is quite shallow or marshland. The campus of the College of the Bahamas (University of The Bahamas as of November 10) is on marshland.”

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.

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

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PAGE 6, Monday, November 14, 2016

THE TRIBUNE

Trump advisers back deregulation, privatised Social Security WASHINGTON (AP) — During his triumphant presidential campaign, Donald Trump renounced Republican orthodoxy on a Social Security overhaul.

“We’re not going to hurt the people who have been paying into Social Security their whole life,” Trump declared, calling the payment of promised benefits “honoring a deal.”

But the man heading the Trump transition team’s Social Security effort? Michael Korbey, a former lobbyist who has spent much of his career advocating for cutting and privatizing the program.

“It’s a failed system, broken and bankrupt,” Korbey said as a lobbyist in the mid-1990s. Korbey acknowledged that some of the changes his group backed would hurt retirees, but “our constituents aren’t just senior citizens,” he told a newspaper in 1996. A decade later, as a senior adviser to the Social Security Administration, Korbey was an advocate for the George W. Bush administration’s failed attempt to privatize Social Security.

Korbey is just one example of apparent discord between Trump’s populist economic platform and the

people who have been put in charge of planning to carry it out. While there are some true Washington outsiders on the team — such as Dan DiMicco, a former steel industry executive who is Trump’s transition head for the office of U.S. Trade Representative — many of the players are familiar from the Republican economic establishment. The mix indicates a strong leaning toward rolling back much of the Obama administration’s post-financial collapse changes, and a general posture toward deregulation.

The team will not necessarily carry over into the Trump administration — though members of past transition teams often have.

Instead, they are in charge of putting together hiring recommendations, working with outgoing appointees and laying the groundwork for administration’s opening months.

Bill Walton, one of the two people overseeing the economic transition effort, is the former chief executive for Allied Capital, a financial firm that was sold after nearly failing during the financial crisis. He is both a trustee for the Heritage Foundation and a senior fel-

low at another conservative organization, the Discovery Institute.

David Malpass, who is overseeing both the Treasury Department staffing and part of the broader economic issues portfolio, was Bear Stearns’ chief economist in the years leading up to its collapse. In August 2007, as U.S. economic growth ground to a halt and the debt markets shuddered, he wrote a Wall Street Journal op-ed titled “Don’t Panic About the Credit Market.”

“Housing and debt markets are not that big a part of the U.S. economy, or of job creation,” the piece declared, predicting continued economic growth and dismissing concerns that recent growth had been dependent on the housing bubble.

Eight months later, Bear Stearns collapsed, unable to withstand the toxic combination of overheated home prices and shoddily assembled debt that Malpass dismissed. But Malpass landed on his feet, founding a consulting firm called Encima Partners.

Since then, he’s faulted both the Federal Reserve’s monetary response to the financial crisis and regulations intended to prevent future

such calamities.

In a 2010 National Review article titled “Chris Dodd’s Big, Misguided Bill,” Malpass argued against the value of creating the consumer financial protection bureau, writing that the Obama administration should “streamline and concentrate” existing consumer protection regulators, a step that he said “would result in a reduction of government jobs.”

In Paul Atkins, Trump has found a leading proponent of the theory that government should get out of the financial industry’s way.

Appointed to the Securities and Exchange commission in July 2002 at the height of the era’s corporate accounting scandals,

he was considered the most conservative member of the SEC during his tenure. Atkins objected to stiff penalties imposed on companies for allegedly fraudulent conduct, contending that they don’t effectively deter crime.

And in 2005, he defended the practice of backdating stock options — a practice in which executives paid themselves for fictitious outperformance in their companies’ stocks. Numerous executives went to jail for those activities — but Atkins caused a stir by saying he found nothing objectionable about it.

In the years that led up to the financial crisis, Atkins warned of dangers posed by “enacting regulations that

supplant the market’s judgment.” Among the initiatives he successfully backed at the SEC was a loosening of leverage restrictions on investment banks, a step that allowed firms like Bear Stearns and Lehman brothers to borrow more money and invest it in mortgagebacked securities.

Atkins resigned in August of 2008, and now runs a financial services industry consulting firm. But he has maintained his vigorously pro-market stance.

“We all know that overregulation can “kill the goose that laid the golden egg,” he said in a 2012 speech opposing the regulation of money market funds.

The surprising message from bonds about a Trump presidency NEW YORK (AP) — He’s called the spiraling federal debt a disaster, leads a party of avowed fiscal hawks and has promised to balance the budget.

But if you expect Donald Trump to act as a model of fiscal rectitude as president, the bond market has a message for you, and a very Trumpian one at that: “Wrong!”

Investors have been yanking money out of bonds around the world since Trump’s victory became apparent early Wednesday, sending prices tumbling and wiping out several months of gains. They expect higher debt, higher inflation and higher interest rates — all negatives for bonds.

Bond investors can get things horribly wrong, and it’s only been a few days.

But for a normally calm market, a sort of sleepy cousin of the stock market that has been mostly rising, it’s been a stunning turn of events.

“The bond market is supposed to be a dull, boring, stable place,” said Colin Lundgren, head of U.S. fixed income at Columbia Threadneedle Investments.

“Instead, it’s been at the center of the storm.”

After years of too little inflation, investors are worried that Trump will inadvertently kick off too much and send the national debt up sharply. If that happens, he could do something long

Anthony Riccio, center, works with fellow traders on the floor of the New York Stock Exchange. Investors have been yanking money out of bonds around the world, sending prices tumbling and wiping out several months of gains in widely held U.S. government debt since the election. (AP Photo) forecast, and much feared: kill off the three-decadelong bond bull market that has lifted prices so high, and pushed borrowing rates so low, many experts think it’s a bubble ready to pop.

Investors are demanding more interest to lend to the U.S. government now because they fear higher inflation is coming as Trump opens the spending spigots to get the economy to grow faster.

He’s promised to deliver 3.5 percent growth a year.

Legal Notice

That is much faster than the average 2 percent or so recently, and higher than many economists think possible on a sustained basis.

To get there, Trump says he’ll slash regulations and taxes, and use federal tax credits to generate $1 trillion from private sources to fix and expand the nation’s roads, bridges, airports and transit systems. That has helped send stocks higher in anticipation of bigger corporate profits.

But the country will likely

need to borrow more under Trump’s plans — a lot more, according to estimates from the non-partisan Committee for a Responsible Federal Budget. It says the combination of higher spending and lower taxes will add $5.3 trillion to the nation’s debt over the next decade.

That is on top of the nearly $20 trillion in debt that ballooned under President Barack Obama and his predecessor George W. Bush.

The Trump campaign says his spending won’t be

Legal Notice

NOTICE

NOTICE

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000,of The Commonwealth ofThe Bahamas, Notice is hereby given that:-

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000,of The Commonwealth ofThe Bahamas, Notice is hereby given that:-

(a) QUETICO INVESTMENT HOLDINGS LIMITED is in dissolution;

(a) THE QUETICO FOUNDATION LIMITED is in dissolution;

(b) The date of commencement of the dissolution is the 14th day of November, 2016; and

(b) The date of commencement of the dissolution is the 14th day of November, 2016; and

(c) The Liquidator is Vincent L. King of Montague Sterling Centre, 3rd Floor, East Bay Street, Nassau, Bahamas.

(c) The Liquidator is Vincent L. King of Montague Sterling Centre, 3rd Floor, East Bay Street, Nassau, Bahamas.

Bahamas Personal Management Services Ltd. Registered Agent

Bahamas Personal Management Services Ltd. Registered Agent

Legal Notice

Legal Notice

NOTICE

NOTICE

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000,of The Commonwealth ofThe Bahamas, Notice is hereby given that:-

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000,of The Commonwealth ofThe Bahamas, Notice is hereby given that:-

(a) THE RADCLIFFE FOUNDATION LIMITED is in dissolution;

(a) RADCLIFFE INVESTMENT HOLDINGS LIMITED is in dissolution;

(b) The date of commencement of the dissolution is the 14th day of November, 2016; and

(b) The date of commencement of the dissolution is the 14th day of November, 2016; and

(c) The Liquidator is Vincent L. King of Montague Sterling Centre, 3rd Floor, East Bay Street, Nassau, Bahamas.

(c) The Liquidator is Vincent L. King of Montague Sterling Centre, 3rd Floor, East Bay Street, Nassau, Bahamas.

Bahamas Personal Management Services Ltd. Registered Agent

Bahamas Personal Management Services Ltd. Registered Agent

a problem because faster growth will increase tax revenue even at lower rates.

Michael Lewitt, a bond fund manager who says he voted for Trump, isn’t buying it.

“Cutting taxes and spending more money and not reforming entitlements, that’s going to send debt through the roof,” said Lewitt of the Credit Strategist Group.

“The market is saying he is not going to worry about this, and that’s going to be bad for bonds — really bad for bonds.”

Another possible problem for bond holders is Trump’s protectionist leanings.

On the campaign trail, he threatened to slap tariffs on Chinese and Mexican goods and rip up trade pacts. If he follows through, that could stoke inflation by sending prices of imported goods sharply higher.

Bond investors loathe inflation because it erodes the purchasing power of their fixed payments.

A little more inflation might be a good thing, of course. If anything, the world has been suffering from too little of it. Consumer prices have risen 1.5 percent in the past year, about a half point lower than what is considered the ideal level.

Higher inflation is usually a sign of faster economic growth, and it has a way of building on itself. It causes people to spend right away on things out of fear they

might have to pay more for them later, and that can stimulate even more growth.

But it’s hard to contain inflation once it starts revving up. A Trump presidency, some investors think, makes it more likely the Federal Reserve will raise shortterm borrowing rates next month to keep prices from rising too fast.

What makes this all unnerving is that the bond market is such a fragile place now.

The interest that investors are getting on some government bonds is lower than it has been in hundreds of years. Even a little more inflation could wipe out gains from collecting that interest over the life of their bonds, and so many investors are jittery and have moved fast to dump their holdings.

That is what happened in trading in the U.S. government bonds in recent days.

Investors dumped Treasury notes due in 10 years, sending their yields soaring from 1.75 percent to 2.15 percent in just 36 hours. It typically takes many months for yields to move that much.

All this would be bad enough if there wasn’t so much debt at risk now. In the eight years since the peak in borrowing before 2008 financial crisis, governments, households and companies around the globe have taken on another $69 trillion in debt, a jump of 53 percent, according to McKinsey Global Institute.

THE TRIBUNE

Monday, November 14, 2016, PAGE 7

Trump’s views appeal to Americans looking for ‘common sense’ CHICAGO (AP) — The voters who made possible Donald Trump’s victory included people who consider themselves moderates and came around to Trump after supporting other candidates.

Some live in the “blue wall” of states in the Upper Midwest that, until Tuesday, backed every Democratic presidential candidate since Bill Clinton won the presidency in 1992.

Some voted for Democrats in the past. Some kept their Trump support secret until after the election to avoid scorn from acquaintances and co-workers.

Here’s a look at voters who helped usher in a Trump presidency, and why they did so: In Michigan, Patrick Burke supported Ohio

Gov. John Kasich in the GOP primary but “jumped on in full support” of Trump as he bested the field.

The 60-year-old automotive and business consultant lives in suburban Detroit’s Macomb County, which was home to the “Reagan Democrats” in the 1980s. In 2012, Obama carried Macomb County by 4 percentage points. Trump enjoyed an 11 point-plus margin there.

Trump stands for “making sure that if you work hard that your government is there to help you rather than hurt you,” Burke said, noting that Trump’s message “of prosperity and reducing the debt and a strong military and reforming immigration really resonated” with blue-collar workers.

A drive through Burke’s city Wednesday found more Trump signs than Hillary Clinton, and some took their allegiance to the extreme: One home’s front lawn featured a large wooden basket with life-sized, scarecrow-like people sticking out and a sign labeling it “The Deplorables,” — a

reference to Clinton’s description of half of Trump’s supporters as a “basket of deplorables.” The lawn display also featured a sign that reads: “Climb In There is Room For All.” Trump’s vitriolic volleys are well-known — his declaration that Mexico was sending “rapists” across the border, and a tape that emerged last month on which Trump bragged about grabbing women’s genitals.

Burke said Trump isn’t perfect, but he believes the most divisive and vulgar rhetoric “was just all talk.”

“I like the fact that he’s been successful. He has built some incredible things. He has had his failures but he’s had huge successes,” Burke said. “I think that Trump has the vision that we need to have now to get us pointed back in the right direction.”

Iraq War veteran Rebecca Zbichorski, 28,

of Milwaukee, is a firsttime voter who supported Trump because “America needs a kick in the behind.”

A factory worker who gets her health care through the Veterans Health Administration, Zbichorski enlisted in the military at 18 and served nearly eight years as a Marine. She said she sees Trump as a “regular type of guy” who doesn’t care what anyone thinks, which made him the best candidate to give U.S. government the “shake-up” she thinks it needs.

Health care was her top issue as a voter, she said.

Identifying neither as liberal or conservative, she would prefer Canada-style national health care. She notes Trump once spoke favorably of Canada’s system before his current support for working with Congress to repeal and replace President Barack Obama’s

Affordable Care Act. Her family, she said, has had a “nonstop hassle of getting insurance” under Obama’s health care law.

She discounted the women who came forward to say Trump made unwanted sexual advances.

“In the military, that’s a common situation,” she said. “It’s what happens with a man in power and a woman who comes in who’s gorgeous and attracted to money and power. ...

I don’t know the full facts.

The only people who know are the women in question and the man himself.”

She unapologetically keeps a copy of Trump’s book “Crippled America” in full view of her co-workers. It was a way to broadcast her position, which she sums up with a social media meme, minus the hashtag: “I’m voting for Trump. SorryNotSorry.”

“He’s the slap in the face. He’s the wakeup call,” Zbichorski said. “Let the man do what he’s got to do.”

Eileen Barlow, a 56-year-old small business owner and part-time bartender, voted for Trump because he’s a businessman and not a politician.

He’s also not a Clinton.

“My grandfather always said that what we need is a businessman in the presidential office, and that’s what Donald Trump is,” Barlow said as she stood behind the bar at the local American Legion post in the Chicago suburb of Naperville, Illinois, readying for a busy night that included a meat raffle.

In her voting lifetime, Barlow says she supported Republicans about 60 percent of the time and Democrats roughly 40 percent.

Most of her family members are Democrats. But Bill Clinton was her “tipping point.” Barlow voted

for him twice. Then came the scandal over his sexual relationship with Monica Lewinsky “After what happened with him, it turned me off the Clintons permanently.

Not just that he did it. But admit it. Don’t stand there and lie to us,” she said.

Obama’s signature health care law was another reason.

Both Barlow and her husband are small business owners, and between them have three adult kids.

Come Feb. 1, they will be paying just shy of $1,400 per month in health insurance premiums for the two of them, with a $2,500 deductible per person.

“The Affordable Care Act is a mess,” she said.

“We’re trying to save for retirement. We paid for our own kids’ college — we’re still paying for it because we didn’t want our kids to be loaded down with debt.

And now (Democrats) are talking about giving away free college? Who’s going to pay for that?”

Like a lot of Trump supporters, she said, she kept quiet about backing Trump: “You don’t want to be ridiculed, mocked, told you’re stupid.”

Illinois is a reliably leftleaning state, and Clinton, who was born in suburban Chicago, easily won it Tuesday. She also won DuPage County, where Barlow lives. But Trump resonated with voters elsewhere in a way Mitt Romney didn’t, taking 12 more Illinois counties than the 2012 GOP nominee.

At Anthony’s Barber Shop in Middletown Township, Pennsylvania, owner

Anthony Canamucio’s

customers range from doctors to lawyers to retired steel mill guys of all races.

Most of them, like Canamucio himself, voted for Trump.

“We were sick and tired of elitist and career politicians,” he said.

Canamucio, who typically votes for Republicans, supported Wisconsin Gov. Scott Walker early in the crowded GOP primary, but as that battle stretched on, his choice shifted.

“You could see who was just a career politician trying to move up the ladder — Walker included,” he said. “And then there was Trump.”

Trump “spoke like people speak here when they’re in my barber chair” and had positions on issues that the 50-year-old barber said mirror most of “middle America.”

Take immigration: Canamucio said it doesn’t make sense to him that states are issuing driver’s licenses to immigrants who are in the U.S. illegally or that Syrian

refugees are coming to this country rather than going to neighboring Arab states.

In Trump, he found someone who felt the same way.

“He was the first person who seemed to have some common sense,” he said.

Now, it’s important for Trump to follow through on his campaign promises, he said. “I think people are expecting him to do what he says he’s gonna do. They’re just sick of having smoke blown up their you-knowwhat.”

Clinton won Middletown Township and Bucks County. But Trump outpaced Romney’s performance in the suburban Philadelphia county and shaved Clinton’s winning percentage from just over 50 percent for Obama in 2012 to roughly 50 percent this year.

J.S. Johnson & Company, Limited hereby notifies all of it’s shareholders that based on unaudited results for the quarter ended September 30, 2016, the Board of Directors has declared an interim dividend of sixteen cents (16 ) per ordinary share to be paid on Friday, November 18th, 2016, to all shareholders of record as of Friday, November, 25th, 2016.

EMPLOYMENT OPPORTUNITY

Restaurant Managers

A food service industry leader is seeking to employ Experienced Managers for its restaurants. The successful candidates must possess effective leadership skills and will be expected to work closely with the Restaurant Manager in managing the overall restaurant operations.

The individuals should have a solid understanding of the food and beverage industry and possess a minimum of 3 to 5 years experience in the related field with a proven track record of exceptional customer service. a supporter of Donald Trump displays signs supporting the President-elect in St. Clair Shores, Mich. The front lawn features a large wooden basket with life-sized, scarecrow-like people sticking out and a sign labeling it “The Deplorables,” a reference to Hillary Clinton’s description of half of Trump’s supporters as a “basket of deplorables.” The lawn display also features a sign that reads: “Climb In There is Room For All. (AP Photo)

Primary Duties and Responsibilities: • Ensures the company’s customer service excellence standards are exemplified consistently and that all team members are held accountable to same • Facilitate a high level of customer satisfaction by obtaining regular customer feedback • Identifies and resolves “bottlenecks” in food preparation and delivery to increase speed of service without sacrificing accuracy of orders • Ability to maintain a safe, clean and high quality restaurant operation at all times • Supervises and trains team members on all restaurant systems • Ability to effectively communicate, both orally and in writing, on a consistent basis with Restaurant Management team, superiors and support staff • Practical knowledge of inventory control management • Ability to coach, train and develop team members as well as delegate work in a way that encourages teamwork during shift to ensure smooth restaurant operations • Proven ability in handling of customer complaints, ensuring speedy and satisfactory resolution • Ensures the awareness and knowledge of all of the company’s systems, policies, procedures and operations through training and development • Provides productive direction to team members in a clear and concise way, and sets an example for team members by working hard to ensure swift and smooth food production and quality service • Sets challenging goals for self and team, provides timely performance feedback and ensures accountability Qualifications and Experience • Minimum of three to five years experience in the food and beverage and hospitality industries in a managerial or supervisory role • Working knowledge of computerized information systems used in restaurant operations, e.g. Point of Sales (POS) systems • Proficiency in various software applications, e.g. Microsoft Word, Excel, PowerPoint Salary will be commensurate with qualifications and experience.

Interested candidates should submit their resumes in confidence to the following email address:

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PAGE 8, Monday, November 14, 2016

EU foreign ministers to gather to grapple with Trump impact

Republican presidential candidate Donald Trump speaks at a campaign rally in Grand Rapids, Mich. In a new book, Megyn Kelly says Trump tried unsuccessfully to give her a free hotel stay as part of what she called his pattern of trying to influence news coverage of his presidential campaign.

In “Settle for More,” to be released Tuesday, Nov. 15, 2016, Kelly also said Trump may have gotten a pre-debate tip about her first question, in which she confronted him with his critical comments about women. (AP Photo)

BRUSSELS (AP) — European Union foreign ministers will gather Sunday to discuss the impact of Donald Trump’s election on trans-Atlantic ties and whether it will complicate relations with an increasingly belligerent Russia.

MARKET REPORT FRIDAY, 11 NOVEMBER 2016

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

BISX ALL SHARE INDEX: CLOSE 1,915.70 | CHG 0.14 | %CHG 0.01 | YTD 91.75 | YTD% 5.03 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 2.50 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 9.00 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 5.60 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

CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 5.60 8.50 5.83 10.50 13.98 2.28 1.55 5.82 8.78 9.00 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 0.16 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

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

113.56 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-1.07 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 1,100

1,083

3,000

VOLUME

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

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

P/E 13.4 11.7 8.4 15.9 N/M N/M 30.3 15.4 11.5 19.4 26.5 24.3 9.3 11.4 14.3 9.4 13.1 9.4 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 3.34% 3.06% 3.43% 3.43% 4.36% 2.63% 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

THE TRIBUNE

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

At informal dinner talks in Brussels, well away from the media, the ministers will debate how many of Trump’s campaign announcements — like isolationist positions on security, his rejection of international trade pacts and refusal to criticize Russian President Vladimir Putin — might translate into real policy.

Before the talks, NATO’s secretary-general appealed for trans-Atlantic unity and warned that “going it alone” wasn’t an option for either Europe or the U.S. Before the dinner, EU diplomats were at a loss to explain Trump’s stunning victory or understand yet what it might really mean.

Giovanni Grevi, senior fellow at the European Policy Centre think tank, said that “cooperation between Europe and the U.S. will not become impossible, but it will become much more difficult.”

“Donald Trump has been putting America first ... in defining his foreign policy and it seems he is taking a very transactional approach to international affairs.

This is very likely to apply also to trans-Atlantic relations. He will value Europeans in so far as they can match his priorities,” Grevi said.

Given Trump’s clear opposition to major trade pacts, EU officials are all but certain that the massive Trans-Atlantic Trade and Investment Partnership, or TTIP, will have to be renegotiated, if any life remains in the project at all.

“With the new presidentelect we don’t really know what will happen. There is strong reason to believe that there would be a pause in TTIP, that this might not be the biggest priority for the new administration,” EU Trade Commissioner Cecilia Malmstroem said Friday.

Perhaps the most pressing problem though is to understand how Trump wants to deal with Putin.

The EU has imposed sanctions on Russia over its annexation of Crimea and destabilizing role elsewhere in Ukraine. Some of those measures, including asset freezes on individuals and

organizations, come up for renewal in January.

EU leaders are due to discuss them at a summit in Brussels on Dec. 15-16, but any signal from Trump about a softening of U.S. relations with Russia is likely to embolden already-reluctant countries like Germany, Italy and others to push for an end the sanctions regime, diplomats said.

The EU foreign ministers will meet again formally on Monday, to discuss strained ties with membership candidate country Turkey, the conflict in Syria and Libya, and defense cooperation with the NATO military alliance.

Writing in Britain’s Observer newspaper, NATO Secretary-General Jens Stoltenberg insisted that Europe and the U.S. must work together in the face of security challenges.

Stoltenberg appeared to be responding to Trump’s criticism of NATO during his campaign. The president-elect has suggested that Washington could abandon its NATO commitments, which include mutual defense in case of attack.

“We face the greatest challenges to our security in a generation. This is no time to question the value of the partnership between Europe and the United States,” Stoltenberg wrote.

Meanwhile, Britain distanced itself from the European meeting, suggesting it intends to take a different approach to Trump. Officials said Foreign Secretary Boris Johnson — who has told his EU counterparts to snap out of the “general doom and gloom” and “collective whinge-o-rama” following the U.S. election result — would skip Sunday’s talks.

“We do not see the need for an additional meeting on Sunday because the U.S. election timetable is long established,” the Foreign Office said in a statement.

“We will work with the current and future administrations to ensure the best outcomes for Britain.”

NOTICE

NOTICE is hereby given that GARY EDMOND of Gladstone Road, 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 14th 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 PIERRE PHILIPPE of #3 Columbus Drive, Freeport, 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 7th 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 MAROLANDY PETIT-HOMME of Rahming Street, Fox Hill, P.O.Box GT-2587, 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 7th 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 JULIENNE BEAUCHAMP of Bailey Town, Bimini, 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 7th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Monday, November 14, 2016, PAGE 11

Chinese ship opens new trade route via Pakistani port GWADAR, Pakistan (AP) — Pakistan’s top civil and military leaders on Sunday opened a new international trade route by seeing off a Chinese ship that will export goods to the Middle East and Africa from the newly built Gwadar port in insurgency-wracked Baluchistan province.

The first convoy of Chinese trucks carrying goods for sale abroad arrived in Pakistan a day earlier through newly constructed roads which link China’s northwestern Xinjiang region with southwest Pakistan.

China is building a network of roads and power plants under a project known as the China-Pakistan Economic Corridor or CPEC, which is expected to absorb $46 billion in Chinese investment in the coming decades.

Prime Minister Nawaz Sharif and the country’s powerful army chief Gen. Raheel Sharif traveled to Gwadar to see off the Chinese ship. The premier said the Chinese-funded multibillion dollar project will play a significant role in improving Pakistan’s economy and raising the national standard of living.

In speech to a gathering of diplomats, civil and military leadership, Nawaz Sharif vowed to provide best the possible security to all foreign investors.

He said that CPEC will benefit for 3 billion people in the region. “The Enemies of CPEC are enemies of Pakistan,” he said.

Amid security concerns for foreign workers, the Pakistani army has created a special force to guard the new trade routes and the port, which is located in the same province where a Saturday blast at a Sufi shrine killed more than 50 people.

The attack was claimed by the Islamic State group and Pakistani officials said it was partially aimed at harming

the Chinese-funded projects in the southwest and elsewhere in the country.

Sunday’s ceremony provided the rare sight of the prime minister and the army chief sitting together and smiling. Relations between Pakistan’s civil and military leadership have been publicly strained for months.

A prominent newspaper reporter recently published an article alleging tensions between the government and army over the country’s counter-terrorism strategy.

The article prompted accu-

sations from the army that details had been leaked by the government, and Prime Minister Sharif launched an investigation into the issue.

China and Pakistan have long maintained close political and military relations, based partly on mutual antipathy toward neighboring India. The Gwadar port is located on the Arabian Sea and it occupies a strategic location between South Asia, Central Asia and the Middle East. The port is also located at the mouth of the Persian Gulf, just out-

A Pakistan Navy soldier stands guard while a loaded Chinese ship prepares to depart, at Gwadar port, about 700 kilometers (435 miles) west of Karachi. Pakistan, yesterday. Pakistan’s top civil and military leaders opened a new international trade route by seeing off a Chinese ship that’s exporting goods to the Middle East and Africa from the newly built Gwadar port in the country’s low-insurgency wracked Baluchistan province. (AP Photo)

side the Straits of Hormuz.

China is seeking convenient and reliable access to the Arabian Sea and the Indian Ocean. Chinese ships now use the Strait of Malacca,

a narrow passage between the Malay Peninsula and Indonesia. The proposed new route would give China access to the Persian Gulf region and the Middle East.