11162016 business

WEDNESDAY, NOVEMBER 16, 2016

business@tribunemedia.net

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Bran: ‘Look elsewhere’ for Baha Mar purchaser

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Branville McCartney

The Democratic National Alliance’s (DNA) leader yesterday said Baha Mar’s potential purchaser would not be granted a casino licence if the Gaming Board “did proper due diligence”, as he accused the Government of “playing with fire”.

Branville McCartney told Tribune Business that a DNA administration would not grant Chow Tai Fook Enterprises (CTFE) approval to purchase Baha Mar, and “would look

elsewhere” when it came to finding a developer for the $3.5 billion property.

And he expressed concern that the Christie administration may ignore concerns about CTFE’s suitability as Baha Mar’s owner in its haste to ensure a general election victory in May 2017.

“I will tell you that if the Gaming Board were to do their proper due diligence, the casino licence would not be granted,” Mr McCartney told Tribune Business of CTFE. “They would be hard pressed to obtain See pg b5

No casino licence if proper Gaming Board probe Says DNA would not give necessary approvals Contractor chief: Work at site ‘less than suggested’

TUC chief: Labour law reform Corporate redress regime ‘unlikely’ before next election upheld with $33m verdict

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

‘Very little progress’ at Tripartite Council talks

The Trades Union Congress’s (TUC) president yesterday said it was “highly unlikely” that the controversial labour law reforms will be enacted before the upcoming general election, with little progress in negotiations at the National Tripartite Council.

Obie Ferguson told Tribune Business that ‘stalemate’ was the likeliest outcome given that Shane Gibson, minister of labour and national insurance, wanted the Council’s three members - employers, trade unions and government representatives - to reach a consensus on the proposed amendments before he submitted anything to Cabinet.

Describing the employers as “intransigent”, and holding their position against reforms they believe could cripple Bahamian businesses and the economy, Mr Ferguson argued that the Government was ‘conflicted’ because it was an employer itself.

“There’s very little progress being made with respect to the proposed amendments to the Industrial Relations Act and the Employment Act,” Mr Ferguson told

‘Intransigent’ parties make consensus difficult Ferguson suggests Govt ‘conflicted’ as employer this newspaper, following the Tripartite Council’s second meeting last Friday.

“Nothing is really happening of any note, and therefore it’s unlikely we’ll see any amendments made to the two Acts before the election. I doubt that very seriously.

“The Minister’s position is that he would wish the parties to make the recommendations to him, and if we don’t do it, nothing will happen.”

Reaching a quick consensus, or compromise, over the proposed reforms is a remote prospect given how far apart Bahamian employers and the labour movement are.

Prominent among trade union desires is the removal of the Employment Act’s existing ‘12year cap’ on statutory severance/ See pg b5

Pinder: Sue for $13m over ‘Bahamas papers’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A former financial services minister yesterday suggested that this nation sue to recover the $13 million in Companies Registry search fees owed by the international journalists’ group responsible for the ‘Bahamas papers leak’.

Ryan Pinder described the publication of 1.3 million documents from the Bahamas’ corporate registry back in September as “much ado about nothing”, suggesting that the International Consortium of Investigative Journalists (ICIJ) be sued for $13 million in retrieval fees.

The Graham Thompson & Company partner, while making a presentation at yesterday’s Accountant’s Week session, said: “They were only able to get consolidated information, publicly available information, such as the names of directors. It came from the Registrar General’s Department and it’s publicly available.”

Mr Pinder added: “The only problem is the ICIJ has 1.3 million documents, meaning at $10 a search they owe the Government of the Bahamas $13 million. I told the Attorney General we should sue them. They owe us $13 million for taking our information.

Ex-minister: Journalists group owes search fees Says trumpeted ‘leak’ is ‘much ado about nothing’ Did not lose a single client

“Other than that it is much ado about nothing.

There is no adverse affect on the business. I have not lost one client, and I was only asked about it for one day. It’s much ado about nothing, that’s all it is.”

The corporate registry ‘leak’ came five months after the country’s financial services sector was dragged into the spotlight as a so-called ‘tax haven’ in the infamous ‘Panama Papers’ leak.

In the Bahamas’ case, the ICIJ unveiled a free online database created from 1.3 million files from the Bahamas’ corporate registry. Its members circumvented the retrieval fee and incomplete online registry by providing a searchable forum of the directors, and some shareholders, of more than 175,000 Bahamian companies.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Supreme Court has prevented the Bahamas being perceived as “a parochial, quirky jurisdiction” for international business through its recent ruling on a $33 million insolvency dispute, a former attorney general said yesterday.

John Delaney QC told Tribune Business that had the verdict in favour of his client, Wason Holdings, been reversed, it could have potentially undermined the Bahamas’ economic model as an international financial services (IFC) and business centre.

He explained that an alternative verdict would have placed obstacles in the way of foreign creditors seeking to enforce payment demands against Bahamian-domiciled entities, and “restricted” how they could pursue overseas arbitration awards in this nation.

Mr Delaney was speaking after BHP International Markets and its attorneys, See pg b4

Ex-AG: Bahamas made ‘backwater’ if reverse ruling Could have undermined global busines model Court shows insolvency, arbitration ‘state of the art’

John Delaney QC

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Correspondent de-risk threatening 25% of Bahamas institutions Central Bank: Over 100 licensees may be impacted But Bahamas ‘quite fortunate’ on effects to-date No ‘wholesale vulnerability’ exposed as yet

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net The Central Bank’s chief inspector warned yesterday that 25 per cent of its licensees will find it “difficult” to maintain existing correspondent banking relationships, even though the Bahamas has not been exposed to “wholesale vulnerability” yet.

Abhilash Bhachech, the Central Bank’s inspector of banks and trust companies, indicated that around 110 licensees may encounter trouble in maintaining existing links to the international financial system for themselves and their clients.

Mr Bhachech said he was referring, in particular, to ‘standalone’ Bahamian institutions that did not have the security or comfort of backing from a global parent Giving a presentation on the impact of correspondent bank de-risking on the financial services sector at the Bahamas Institute of Chartered Accountants (BICA) Accountants Week seminar, Mr Bhachech said: “When we look at our own jurisdiction, we have been quite fortunate that we have not seen a complete loss of correspondent banking. We have not seen a wholesale vulnerability of correspondent banking.”

Correspondent banks are those that allow Bahamian financial institutions to provide services in their home countries, using their physical and electronic banking infrastructure.

They give Bahamian banks, and their clients, access to the international capital markets and financial system, enabling transactions to clear and be settled on a timely basis, and foreign currency deposits to be taken.

See pg b3

PAGE 2, Wednesday, November 16, 2016

THE TRIBUNE

Heating up pool parties without the energy cost How many Bahamians own a pool? We enjoy pool parties, family and fun in the water, swimming for exercise or just relaxing. Let me correct that – we enjoy these things for about half the year. For the other half, it feels like the water is just too cold for us.

Would it not be nice if you could heat your pool for free and benefit from it all year? There are many options for how to heat a pool. You can use oil, propane, natural gas or an electric heat pump. However, for a home or commercialsized swimming pool, the most cost-effective option by far is solar thermal pool heating. Why? You cannot beat free.

Just as water sitting in a hose gets warmed in the sun, a solar thermal system uses the sun to heat water

for free. This happens automatically every day. At essentially no cost to you (except for the pool pump that is running anyway), you get to enjoy a mid-80ºF pool for as much of the year as you like.

Here is how a solar thermal pool heating system works: Step 1: While your pool pump does its normal job, it also moves water to the solar collectors.

Step 2: Cool pool water enters the solar collector from the bottom.

Step 3: As water flows upwards through the collector tubes, our tropical sun heats the water for free.

Step 4: The warm water is then returned to your pool.

Step 5: You enjoy swimming in your comfortable, mid-80 degree water all year long.

At this point, it should be said that not all solar thermal systems are created equal. Here are a few helpful things to look for if you want a good system: * Is the system adjustable to match the size of your pool? You do not want to squeeze a sumo wrestler into skinny jeans, and you do not want the wrongsized pool heater for your pool. Your energy solutions professional should have a reliable system calculator to right-size your system. * How easy is the system to install? Is a complete package provided? Easily installed systems save you valuable labour costs and help avoid errors. * What shapes are the tubes inside the thermal collectors? This one is a bit technical, but suffice to

say that the ‘super-ellipse’ shape gets you better performance than a circle, rectangle or any other shape.

Insist on super-ellipse to get the best cool weather and windy day performance, which is when you need it most. * Does the system come with a lifetime warranty?

Good systems do. If the manufacturer will not stand behind their product, you probably should not either. * How environmentally friendly is the system? Is it built to be durable and last, instead of filling the garbage dump? Superior systems have UV stabilisers and strong materials to stand up to nature. * Good systems are also economic. Low cost and easy install, let your heater pay for itself in just a few years in comparison to oth-

BAMSI stages plant propagation workshop The Bahamas Agriculture & Marine Science Institute (BAMSI) has held a two-day tutorial in plant propagation and tissue culture, led by one of the Caribbean’s top biotechnologists.

Around 50 students, farm associates and stakeholders in BAMSI’s Associated Farmers programme participated in the initiative held at the North Andros campus.Leading the training was plant scientist, Omaira Avila Rostant, who specialises in biotechnology and agronomy.

Mrs Rostant was part of a delegation from the Caribbean Agricultural Research & Development Institute (CARDI) that visited the Bahamas recently.

Also present was CARDI’s executive director, Barton Clarke, and livestock specialist, Michele Singh.

The trio met with senior agriculture officials and toured industry sites while in Nassau. The Bahamas recently became a member of CARDI, and the

From left are BAMSI’s executive director, Dr Raveenia Roberts-Hanna; senior agriculturalist, Ayrett Lightbourne, BAMSI; biotechnologist, Omaira Avila Rostant, CARDI; director of academic affairs, Dr Joseph Lindsay, BAMSI; and agriculture development officer, Zakita Bethel, BAMSI.

visit was an effort to further strengthen the partnership and identify ways in which the latter could better support local agriculture and its development.

Mr Clarke said the techniques Mrs Rostant showed the group were just two of the technical skills that CARDI brings to the table for the Bahamas.

Mrs Rostant gave participants an introduction to plant biology, micropropagation, and the stages of micropropagation in various crops.

The plants used for the

training were two flowers, orchids and anthuriums, and two root crops, sweet potato and cassava. Micropropagation is the multiplication of cell tissue or small pieces of plant material into large numbers of plants within a laboratory or controlled setting. This methodology also allows plant materials affected by diseases to be cleaned.

Mrs Rostant gave attendees an overview of the advantages and disadvantages of micropropagation, and the protocols for acclimatising and transferring plant-

lets from the laboratory to a greenhouse – a project the group tackled on the second day of training.

This moved to BAMSI’s greenhouse, where the group was taken through the process of acclimatising the plants, called ‘weaning’ and ‘hardening’. The practice essentially strengthens plants that become ‘delicate’ after going through the process of micropropagation, and is done in preparation for the plants being moved out of the lab and into a natural environment.

er heating options. * Is the system automatic?

Getting a superior system means you do not have to stress about anything. You just enjoy your heated pool. * Finally, is the system hurricane tested? This is especially important in the Bahamas. A good system will withstand wind speeds of 140 miles per hour plus.

Does a solar pool heater sound like something you might be interested in?

Good systems start at about $4,000-$10,000 (inclusive of installation costs), depending on the site and pool size.

If that is in your budget, and you want to make the most use of your pool all year round, have more fun, or just be able to brag, then a solar pool heater is something that can open up your year. Pool party this winter anyone? The water is warm.

Joshua key SuperGreen Solutions

• NB: Joshua Key is general manager for SuperGreen Solutions Bahamas, located on Wulff Road next to FYP. SuperGreen Solutions is one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions.

Provider passes Matthew test ‘with flying colours’ A newly-launched telecommunications provider yesterday said it had passed the test imposed by Hurricane Matthew’s 140 mile per hour winds, storm surge and flooding “with flying colours”.

Global Nexus (GNX) said it was able to keep its systems live throughout the storm, despite interruptions suffered by other providers.

Its chairman, Sir William Allen, said: “In telecommunications, the importance of a reliable network which can stand up to the unique challenges posed by the Caribbean climate cannot be overstated.

“I am proud of the staff here for recognising this during the building and development stages of the network, creating a system that our Bahamian clients can really depend on.”

John Stevens, of Atlantic Medical Insurance, praised Global Nexus for its reliability, adding: “Atlantic Medical didn’t lose connectivity during the storm at all.”

Global Nexus provides both Bahamian and global business-focused services, including Internet, voice and cloud-enabled services.

“Global Nexus is looking forward to an exciting year ahead,” Sir William added, “and I believe this test has proven that our company is well-positioned for the further international expansion within the industry we hope to move forward with. We look forward to continuing success and growth in the months and years to come.”

A privately-held company headquartered in Nassau, Global Nexus was launched to provide Internet, voice, WAN (wide area networking) and other cloud services.

The company’s strategy is to position itself as a “neutral carrier” and work cooperatively with partners and, potentially, other communications providers to deliver technologically advanced services.

THE TRIBUNE

Wednesday, November 16, 2016, PAGE 3

BISX seeks embrace with crowdfunding

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas International Securities Exchange (BISX) is seeking to marry its Small Alternative Market (SAM) and regulated environment with the new crowdfunding phenomenon, its chief executive said yesterday.

Keith Davies indicated to BICA’s Accountant’s Week conference that crowdfunding, an increasingly popular form of raising capital and financing, will be a key component in BISX’s bid

Keith Davies

Brexit no advantage for Bahamas over IFC competitors

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A former financial services industry regulator yesterday shot down suggestions that the UK’s impending exit from the European Union (EU) would remove the regulatory competitive advantage several of the Bahamas’ rival international financial centres (IFCs) have enjoyed.

Kevin Higgins, a former managing director at the Financial Services Commission in Turks & Caicos, argued that it was ‘logical’ to assume London-based financial institutions would gravitate to overseas territories that have longstanding ties to the UK and a more liberal immigration policy.

Addressing yesterday’s Accountant’s Week session, Mr Higgins said London was a major international financial centre itseld. “It’s not surprising that London voted against Brexit. London has a very international view. The forecast now is that the city will lose some 35,000 jobs in the business and financial sector,” he added.

“If London is going to lose financial services to a Caribbean centre, it is logical to conclude that those institutions will prefer the UK’s overseas territories, which have all the longstanding ties and, second, have a more liberal or pragmatic approach to immigration, work permits etc.

“It seems to me that when you talk about competitiveness, there is no way that the Bahamas can have a competitive advantage over Bermuda in international insurance or international private banking over Cayman.

“Those overseas territories, whether on their own or with assistance, have taken the position that if you’re doing international business you need international expertise.”

Mr Higgins added that with the UK’s withdrawal from the European Union (EU), a reduction in aid to the English-speaking Caribbean can be expected.

“The southern Caribbean, English-speaking islands have received substantial assistance under

the European Development Fund. The Bahamas never really got a large amount of assistance because it always had a per capita income that was relatively high,” said Mr Higgins.

“With respect to trade, today the Bahamas’ trade with the UK is relatively small. In 2014, exports were at $5 million, or 0.7 per cent of exports, and imports at $3 million, which represented 0.6 per cent of imports.

“Air arrivals from the UK were at 25,300 or 2 per cent of total air arrivals. The southern Caribbean countries have a much larger stake when it comes to UK trade. For instance, looking at Barbados, 40 per cent of its tourist traffic comes out of the UK. In 2015, 1.1 million UK tourists arrived in the Caribbean and the Bahamas received 25,000.

“With a depreciating currency, and a reduction in purchasing power, we can expect a significant decline in UK tourists to the Caribbean in total. We can also expect a shift in the market of UK travellers to less expensive jurisdictions, such as the Dominican Republic and Cuba. Clearly, for the Caribbean destinations focused on the European market such as Barbados and Antigua, this will be a material matter, but for countries like the Bahamas which have long since pivoted to the US market, this will be muted.”

Mr Higgins argued, however, that based on historical trends the Bahamas would not be unscathed by Brexit.

“Historically, whenever the exchange rate against sterling has moved in favour of the US dollar, we have seen a marked diversion of American travellers from vacations in the Caribbean to vacations in London to take advantage of the bargain prices there,” he explained.

“The IMF has lowered its growth for the Caribbean for 2016/2017 to 0.1 per cent per annum. The Inter-American Development Bank has even more specifically warned that a post-Brexit effect will be lower tourism receipts with adverse implications for the Central Bank’s foreign exchange reserve.”

to provide Bahamian small and medium-sized enterprises (SMEs), and entrepreneurs, with access to a broader investor pool.

“It’s very difficult for small, and particularly entrepreneurial, new businesses to access the capital they need to do the things they want to do to grow their business,” Mr Davies said.

Emphasising that BISX wanted to create access to capital for small and medium-sized businesses, reduce risk and increase education for investors and entrepreneurs, he added

that the exchange was also exploring ways to embrace crowdfunding.

“We want to take the aspects, the speed and the broad nature which exists in crowdfunding with those of a regulated stock exchange,” Mr Davies said.

Crowdfunding involves financing a project or business venture by raising small amounts of money from a large number of people, typically via the Internet. It pools money from friends, family and investors.

“It is an area designed to attract entrepreneurs

to the market, but in ways that channel their efforts towards seeking the capital they need to do the things that they desire.”

Mr Davies added: “We started talking about the SAM many years ago. We believe that we can create a niche market where we can develop features within the exchange to support small and medium-sized businesses to grow. We believe that there is value in focusing on this area, one that in the fullness of time will benefit the economy of the Bahamas.”

He added that the Cham-

ber of Commerce will act as the ‘bridge’ between BISX and Bahamian companies who are seeking to raise financing, noting that it is already heavily involved in the sector via its SME Help Desk. The Securities Commission is also working with BISX on the initiative.

Mr Davies said the first version of the SAM initiative “never took off”, and added: “I take full responsibility for that. My expectation at the time was that this would have been embraced by the market, having seen something that was needed and would be supported.”

Bahamas needs ‘quick wins’ on business ease we can do to engender confidence.”

Ms McCartney added: “While we have taken some steps toward e-services, the Business License process is still very challenging. We have been talking about a Credit Bureau for years.

We can implement that.

“The work has been done, the consultation has been done. We are at the point where outside of the National Development Plan we have to look for quick wins, simple things that we could do to engender confidence and people can see that we are serious about addressing the ease of doing business.”

The Bahamas is now

close to dropping into the bottom third of the World Bank’s ‘ease of doing business’ rankings, after the country was ranked 121st out of 190 nations in the latest standings.

The plunge in the Bahamas’ ‘paying taxes ease’ ranking, from 22nd in the world to 95th, was the main reason why this nation failed to improve its overall position in the World Bank rankings, falling one spot from 120th to 121st yearover-year.

Another panellist, Dr Nicola Virgill-Rolle, the Government’s lead on the National Development Plan, said the challenges impacting this nation on the ‘ease of doing business’ are not insurmountable.

“These challenges can be overcome. It’s going to take commitment and engagement, and people not to just complain but put words into action,” said Dr VirgillRolle.

recent Central Bank survey, the impact of de-risking or, in some cases, a loss of correspondent banking services, was evident.

“Most of them found it very difficult to renew or to renegotiate the correspondent banking relationships,” Mr Bhachech said.

“We have about 450 licensees, and a little over 100 of them are larger licensees.

Roughly three-quarters of them are subsidiaries or branches of larger global institutions.

“To that extent, they can

leverage off the parent’s arrangement for correspondent banking, but for the remaining 25 per cent they will find it very difficult to maintain their correspondent banking relationships,.”

Mr Bhachech said the informal banking sector has become more prominent as a result of de-risking.

“The idea of de-risking was to move away from certain activities but, on the other hand, de-risking itself has led to a certain reliance on less regulated evidence of money transfers,” he added.

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas needs to target some “quick wins” to boost confidence and demonstrate it is serious about improving the ‘ease of doing business’, a financial services industry representative said yesterday.

Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, while speaking as a panellist at yesterday’s Accountant’s Week conference, stressed the need for not only planning but executing initiatives to improve the Bahamas ‘ease of doing business’ rankings.

“We have seen plans before, and the question is how do we pivot from this book to execution; how do we get that done?” Ms McCartney said.

“Does it mean outsourcing some of it to the private sector? We need to think about some of these things.

I totally support the National Development plan and improving the ‘ease of doing business’, but we need to engender confidence.

“When people hear centre of government, they hear centralised. When they hear governmen,t they hear bureaucracy. To move away from that, I think there are some quick wins, some really simple things

Correspondent de-risk threatening 25% of Bahamas institutions From pg B1 Foreign correspondent banks thus provide the key gateway to the world economy and financial system, lubricating the conduct of international commerce by Bahamian companies - an access that is now being threatened region-wide.

Such access is vital to an economy that imports virtually all it consumes.

However, banks in major industrialised countries have embarked on an increasing trend of severing correspondent relationships with foreign banks, and the Caribbean region is among those that have been most heavily impacted.

The move is being driven by the ‘risk/reward’ analysis, with developed country banks perceiving correspondent relationships with their Caribbean counterparts as too ‘high risk’ when measured by the financial rewards. They are particularly concerned that Caribbean banks are susceptible to financial abuses, such as money laundering and anti-terror financing, which could lead to financial sanctions being imposed on

themselves by home country regulators.

Mr Bhachech, meanwhile, said that as a tourist and banking centre, the Bahamas relies on international money transfers conducted via correspondent banking for much of its business model.

He added that based on a

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PAGE 4, Wednesday, November 16, 2016

Corporate redress regime upheld with $33m verdict From pg B1 Thomas Evans & Company, earlier this month withdrew their appeal against Justice Ian Winder’s August 15, 2016, verdict in favour of Mr Delaney’s client.

The judgment stemmed from Wason Holdings serving a statutory demand on BHP, a Bahamian international business company (IBC), on March 24, 2016, seeking payment of a $33.053 million arbitration award made in Hong Kong.

The award related to a dispute over a ‘financing agreement’ between the two parties, where BHP lent Wason $22.867 million, secured by almost $50 million worth of shares that the latter and its subsidiaries owned in a publicly listed Hong Kong company.

Wason alleged that subsequently, in contravention of their agreement, BHP had sold the pledged shares despite the latter only being permitted to do this if it defaulted on repaying the $22.867 million - which it had not.

The two sides produced different versions of their ‘financing agreement’, and the arbitration hearing in Hong Kong ultimately ordered that BHP pay Wason the $33.053 million, having found that the former had “forged” its version and “unjustly enriched” itself.

Wason sought to obtain payment by serving the statutory demand on BHP’s registered Bahamian agent, Lyford Cay-based EuroDutch Trust Company.

The latter “sought to disavow” its status as BHP’s registered agent and “refused to accept service” of

the demand, pointing Wason to Cumberland Streetbased BCS as the former’s registered office.

BCS, though, rejected the assertion that it was BHP’s registered agent, although it later said it would act as such “subject to due diligence”. This implies that BHP was operating illegally, as all Bahamian IBCs are required to have registered agents.

BHP, though, argued that Wason could not serve a statutory demand based upon a foreign arbitration award denominated in foreign (non-Bahamian) currency.

It claimed this was “an inappropriate method” for recovering or enforcing its debt, and was prohibited by Bahamian law. BHP instead claimed that the $33.053 million award instead had to “first be recognised and domesticated as a Bahamian debt” before it could be recover.

And BHP and its attorney, Thomas Evans QC, also argued that the statutory demand was “defective” because it did not initiate the process under the Arbitration (Foreign Arbitral Awards) Act 2009 allowing foreign awards to be enforced in the Bahamas.

Mr Delaney said that if the Supreme Court had accepted the argument for “domesticating” the Hong Kong award as a Bahamian debt, “it would render parochial, in the eyes of the international community, Bahamian companies and IBCs. “Claims by international creditors dealing with Bahamian companies in for-

Legal Notice

NOTICE

eign currency would not be given any legal effect unless they were domesticated in Bahamian currency,” he added of the implications.

“If that argument were upheld by the court, it would deny legal effect to a foreign currency claim. It would have to be demanded in Bahamian currency. In so doing, it would reduce the statutory demand process of the insolvency regime to Bahamian currency or other domesticated foreign awards and judgments.”

Mr Delaney emphasised that the Bahamian insolvency regime was intended to be “universal in application, not parochial”.

“That would reduce us to a backwater jurisdiction, not a place to do international business, and render Bahamian corporate vehicles unsuitable for international dealings,” he told Tribune Business of BHP’s arguments.

“It would mean that a foreign claim is less than a domestic claim. A modern insolvency regime does not work that way; it’s universal, not discriminatory.”

Justice Winder, though, agreed with Mr Delaney’s and Wason’s assertion that BHP’s arguments “cannot be what Parliament intended”.

He quickly dismissed BHP’s argument that it was unable to comply with Wason’s demand for $33.053 million in US dollars because to do so would violate the Bahamas’ exchange control restrictions.

Justice Winder pointed out that the IBC Act permitted companies such as BHP to conduct business using the currency of their choice, and they were “expected to operate in jurisdictions all across the world and outside the Bahamas”.

“It would therefore be remarkable if creditors of insolvent IBCs are expected to confine their demands to Bahamian dollars, or can only avail themselves... of the statutory demand process if their transactions were in Bahamian dollars,” Justice Winder ruled, finding there was “absolutely no support” for BHP’s position.

BHP and Mr Evans had argued that Wason was committing “an abuse of court process”, and acting against “the public interest”, by using the Companies Act to bypass the mechanism for enforcing arbitration awards in the Bahamas.

Justice Winder, too, rejected this contention, emphasising that the Arbitration (Foreign Arbitral Awards) Act 2009 did not require parties to “first enforce that award locally to rely on it”.

Mr Delaney said BHP’s arguments had attempted to provide a “restrictive interpretation” of the Bahamas’ regime for foreign arbitration awards.

He explained that the 2009 Act was intended to “give more power, more effect” to the enforcement of arbitration awards, not to “cut it down, take something away from it and deny recognition to a foreign creditor”.

Mr Delaney also drew a distinction between recognition and enforcement of a foreign arbitration award.

While enforcement required such an award to be converted into a judgment by the Bahamian courts, they were recognised to the extent that companies like Wason could use them to issue statutory demands before going through this process.

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows:

NOTICE IS HEREBY GIVEN as follows:

(a) GLOBAL FLEX FUND LTD. is in dissolution under the provisions of the International Business Companies Act 2000.

(a) Poly Flex Global Fund Ltd. is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on November 14, 2016 when its Articles of Dissolution were submitted and registered by the Registrar General.

(b) The Dissolution of said Company commenced on November 15, 2016 when its Articles of Dissolution were submitted and registered by the Registrar General.

(c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas.

(c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are required on or before the 19th day of December 2016 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

(d) All persons having Claims against the above-named Company are required on or before the 14th day of December 2016 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

November 15, 2016 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

November 16, 2016 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

THE TRIBUNE

Justice Winder agreed, pointing out in his ruling that while the issuance of the statutory demand “undoubtedly put pressure” on Wason, it was not an attempt to enforce the claim.

He added that enforcement was “not a pre-condition” for relying on a foreign arbitration award.

Mr Evans again recycled the “abuse of process” and “contrary to public policy” arguments, but Justice Winder rejected them, finding that 2009 Act did not deal with statutory demands.

“I am also unable to find that there is any abuse of process, as the [2009 Act] was never set up to restrict the beneficiary of a foreign award, but to facilitate such a person by treating his foreign award as a domestic award in the appropriate circumstances,” the judge ruled, finding that the statutory demand and enforcement of the arbitration award were two different

matters.

Mr Delaney told Tribune Business of the verdict: “It upholds the universal application of the Bahamian corporate insolvency regime as it relates to statutory demands, and it prevents the restrictive application of the Bahamian arbitration regime against foreign arbitration awards.

“In a nutshell, we do have a modern Bahamian insolvency regime, we do have a modern Bahamian arbitration regime.”

The former attorney general said that had the verdict been reversed, it would have “worked against the Bahamas as a modern IFC”.

“It would have reduced the Bahamas to a parochial, quirky jurisdiction,” he told Tribune Business. “Anything that makes us look less than state of the art in matters that are important to international business works against our place as an IFC.”

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

. C O M

@100JAMZ242

TEXIM IMPEX S.A. Company No. 376584 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that TEXIM IMPEX S.A. is in voluntary liquidation. The voluntary liquidation commenced on 14th November, 2016 and ROMAN ZUMÜHL of Baarestrasse 147, 6300 Zug, Switzerland, has been appointed as the Sole Liquidator.

Dated this 14th day of November, 2016 Sgd. ROMAN ZUMÜHL Voluntary Liquidator

NOTICE OF DISSOLUTION

CHALTON LTD. (IBC No. 068741)

Notice is hereby given that CHALTON LTD. is being dissolved and the dissolution commenced on the 25th October 2016. Who has any claims against the company must lodge their claims with the liquidator within 1 month hereof.

GRAND PLUS LTD. of 1755 Coney Drive, 4th Floor, Belize City, Belize has been appointed as a liquidator of the company.

Dated 26th October 2016 GRAND PLUS LTD. Liquidator

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that, KEEP INVESTMENTS LIMITED is in dissolution and that the date of commencement of the dissolution is the 8 day of November A. D. 2016

JACQIE E. STIRLING, LIQUIDATOR c/o Edward Street P.O. Box 2254 Grand Cayman, Cayman Islands, KY1-1107

Legal Notice

Legal Notice

NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

J & W INC.

GLERIA INVESTMENTS LTD.

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000) J & W INC. is in Dissolution.”

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), GLERIA INVESTMENTS LTD. is in Dissolution.”

The date of commencement of dissolution is the 14th day of November, 2016.

The date of commencement of dissolution is the 8th day of November, 2016.

In Voluntary liquidation

ROCKWELL LTD. 25 Mason Complex Stoney Ground The Valley, British Anguilla Liquidator

In Voluntary liquidation

Kate Bentley Suite 23 Portland House Glacis Road, Gibraltar Liquidator

THE TRIBUNE

Wednesday, November 16, 2016, PAGE 5

TUC chief: Labour law reform ‘unlikely’ before next election From pg B1

redundancy pay, and the introduction of a mandatory 60-day notice period that employers must give the Government and relevant bargaining agents - unions - when they intend to make 10 or more employees redundant.

Employers have warned that the proposed amendments threaten to increase private sector costs to the point where they will “stop people wanting to be in business”, and drive away potential foreign direct investment (FDI).

The Government’s wish to achieve a unified position at the National Tripartite Council likely makes the prospect of any imminent reforms being enacted an impossibility, despite previously suggesting it wanted to bring the amendments to the House of Assembly by early October.

“The Government promised to give us some draft by September 30, but nothing

has happened,” Mr Ferguson lamented. “I don’t see anything happening before the next general election.

“I would like for it to happen, but I doubt it very seriously. If the requirement of the Government drafting a Bill is based on a recommendation from the Tripartite Council, it’s not going to happen.

“The trade unions made recommendations, but unless there’s an agreement made between the parties to recommend to the Minister of Labour to recommend to the Government of the Bahamas, nothing will happen.”

Mr Ferguson said there needed to be “a serious compromise”, and again hinted at disillusionment with the National Tripartite Council as the body to resolve all workplace and labour issues in the Bahamas.

“Until they can find another mechanism or machinery to allow this situation to be dealt with, it’s going to be a problem,” he

Bran: ‘Look elsewhere’ for Baha Mar purchaser From pg B1 a casino licence.”

Pushed by this newspaper as to whether a DNA administration would approve CTFE, either for the casino licence or for Baha Mar’s overall acquisition, Mr McCartney said: No. No. Sorry, no.

“From what I’ve seen, and from what I’ve determined, they don’t qualify because of their past dealings. You cannot tell me that this government doesn’t know that; they must know it.

“They are really, really almost playing with fire when it comes down to negotiating or allowing that purchase of Baha Mar. The history of their business dealings, their partnerships, no, I would look elsewhere.”

Mr McCartney did not identify the specific “dealings” he was referring to, but in an earlier press statement again raised concerns about the business relationship CTFE and its principals, the Cheng family, have with Macau ‘gaming king’ Stanley Ho. While some observers will suggest that the DNA is unlikely to have the final say on whether CTFE’s Baha Mar purchase is approved, Mr McCartney’s comments will likely revive concerns first articulated by former Baha Mar director, and FNM candidate for Montagu, Dionisio D’Aguilar.

These concerns, which are also thought to have alarmed Baha Mar’s original developer, Sarkis Izmirlian, appear to be based on a May 18, 2009, report by the US state of New Jersey’s gaming enforcement division, dealing with a proposed Macau casino joint venture between MGM Mirage and Stanley Ho’s daughter, Pansy.

As disclosed by Tribune Business, that report focused on concerns that Macau’s VIP gaming rooms were vulnerable to exploitation by Chinese/Asian crime gangs known as Triads.

Mr D’Aguilar’s claims sought to link the Cheng family and CTFE’s publicly traded subsidiary, New World Development, to these activities via their investment in Mr Ho’s STDM and SJM companies.

However, while the New Jersey regulator’s report made adverse findings against Mr Ho, describing him as “unsuitable”, no such conclusions were reached about the Cheng family or their companies.

Yet CTFE, a privatelyowned Hong Kong conglomerate controlled by the family of the late billionaire, Cheng Yu Tung, moved with remarkable haste to effectively disassociate themselves from Mr Ho despite maintaining an equity investment in STDM. “The Cheng Family is an investor in Sociedade de Turismo e Diversões de Macau (STDM), which owns the gaming subsidiary, SJM Holdings Ltd

(SJM),” CTFE said previously in response to Tribune Business questions.

“In addition, the Cheng family’s role in the Macau casino is strictly as an investor, with no involvement in day-to-day management of the casino or oversight of the gaming industry in Macau.

“As a company, we are committed to integrity and good governance in all of our business operations worldwide. There will be no affiliation on this project with STDM or SJM.” CTFE also suggested its gaming reputation was in ‘good standing’ with regulators throughout the world, as the $3 billion Queen’s Wharf consortium, of which it is part, had just been approved for a casino licence by Australian regulators.

However, Mr McCartney questioned the due diligence conducted by the Cheng family, and CTFE and its subsidiaries, before investing in Mr Ho’s enterprises, some of which have been reported as having links to Chinese organised crime gangs known as Triads.

The DNA leader also queried why they were maintaining these interests, despite the concerns and negative publicity, and whether CTFE and its principals really were ‘passive investors’.

He added: “They’re [CTFE] trying to whitewash it over. We need to be very suspect and curious as to what they’re saying.”

Mr McCartney continued: “I think the Government must come clean as to who are these potential purchasers. In the world we are living in today, the Government cannot tell us something and it’s Gospel.

“By the touch of a button, we are able to pull up and see who these people are. Questions have already arisen as to their dealings around the world, and the Prime Minister would be really foolhardy to allow persons to invest in this country and cause the reputation of our country to be harmed out of desperation.

“The general election is coming up, and we have to be very careful who we do business with as a country.”

Meanwhile, Leonard Sands, the Bahamian Contractors Association’s (BCA) president, told Tribune Business that current construction work at the Baha Mar site appeared to be “less than what was suggested” previously by the Government.

“It would need an amazing amount of construction work in order to ready it for March,” Mr Sands said of Baha Mar. “It will need quite a lot of work to make it ready for the public.”

Tribune Business revealed back in February 2016 how Sir Sol Kerzner’s partner on a potential Baha Mar bid, Andrew Farkas, had estimated then that the project would not be fully open and operational until November/December 2017.

Obie Ferguson

added.

The TUC president also suggested that the Government had a ‘conflict of interest’, given that it was acting as a regulator and facilitator in labour matters, but was also the Bahamas’ largest employer.

“You must remember that the Government is the largest employer,” he told Tribune Business. “What do you think they’re going The Christie administration is pinning its hopes on part of Baha Mar being open in time for the March/April winter season and general election, with CTFE seemingly trying to accommodate its wishes by focusing on the casino and casino hotel, convention centre and associated hotel, and the golf course.

Mr Sands said some construction work appeared to be taking place at Baha Mar, with BCA members paid what was due to them invited back to complete contracts.

He added that some BCA members had been paid “quite a significant amount” based on the $74 million total that had been owing, and another payment was due to Bahamian contractors at end-November.

The BCA is due to have a Town Meeting on the new Contractors Bill at 7 pm on Thursday at the BCPOU Hall.

to do? They’re not going to impose any restrictions on themselves.”

Tribune Business previously revealed the extent of the trade union movement’s demands, which went much further than what was been revealed publicly, and threaten to price the economy - and businesses - out of the market.

When it comes to redundancy pay, the Employment Act currently mandates that employees receive two weeks’ notice or pay in lieu of notice, plus two weeks pay’ for every year worked up to 24 weeks. This effectively ‘caps’ redundancy pay for line staff at a sixmonth maximum.

However, the joint recommendations submitted by the Trades Union Con-

gress (TUC) and National Congress of Trade Unions (NCTU) propose a massive lifting of this ceiling - to the point where long-serving line staff will receive compensation equal to that of managerial employees.

The unions are seeking a sliding scale, where workers made redundant after six months to five years on the job would receive two weeks’ pay per year worked.

For those who have worked for their employer for between five-10 years, the labour movement wants redundancy payments to increase to two-and-a-half weeks per year, with staff who have served for between 10 to 15 years gaining three weeks’ pay per year.

Finally, for long-serving employees who have

worked for 20 years or more, the unions want redundancy pay to be four weeks’ per year.

This, if the Government were minded to enact it, would result in long-serving line staff receiving redundancy pay equivalent to the compensation received by managerial workers, which the unions want to keep at a month’s salary per year worked.

The trade unions are also seeking a 20-fold increase in fines paid by businesses who run afoul of the Industrial Relations Act, with penalties rising from $5,000 to $100,000. They are also recommending that prison terms be increased from one to three years.

PAGE 6, Wednesday, November 16, 2016

THE TRIBUNE

Energy companies lead indexes higher as oil price soars NEW YORK (AP) — U.S. stocks climbed Tuesday as the price of oil made its biggest jump in seven months and energy companies rose with it. Technology stocks like Microsoft and Google’s parent Alphabet traded higher and bond yields slipped, a break with the pattern since last week’s election.

Oil rose almost 6 percent as investors once again grew hopeful that the OPEC cartel will agree to cut fuel production in a few weeks.

Companies like utilities and telecom service providers climbed as bond yields fell slightly after a week of large gains. Airlines rose after Warren Buffett made a surprise investment in three carriers.

“The market somehow decided ‘let’s give the Trump presidency a chance,” said John DeClue, chief investment officer for U.S. Bank’s private client reserve. However DeClue said the bond market could struggle with Trump in the White House: if taxes are cut and government spending rises sharply, that could lead to climbing deficits that would trouble investors in U.S. government debt.

The Dow Jones industrial average picked up 54.37 points, or 0.3 percent, to 18,923.06, as those gains were partly held back by losses for retailer Home

A pair of traders work in their booth on the floor of the New York Stock Exchange, yesterday. U.S. stocks are rising Tuesday as the price of oil soars, sending energy companies higher. (AP Photo) Depot and aerospace company Boeing. The Standard & Poor’s 500 index rose 16.19 points, or 0.7 percent, to 2,180.39. The Nasdaq composite added 57.23 points, or 1.1 percent, to 5,275.62.

Energy companies like Exxon Mobil and Occidental Petroleum made large gains as the price of oil rose by the largest amount since early April. At least for a day, investors were hopeful that the nations of OPEC will be able to hammer out a deal to cut oil production,

which would boost prices.

OPEC agreed to a preliminary deal in September but still have to work out important details.

Benchmark U.S. crude gained $2.49, or 5.7 percent, to $45.81 per barrel in New York. Brent crude, used to price international oils, rose $2.52, or 5.7 percent, to $46.95 a barrel in London. Exxon rose $1.54, or 1.8 percent, to $86.82 and Apache added $4.46, or 7.6 percent, to $63.39.

Tuesday’s trading was a partial reversal of the

moves investors have made since the presidential election one week ago. Tech stocks have been losing ground recently, but Microsoft picked up $1.14, or 2 percent, to $58.87 and graphics processor maker Nvidia rose $2.55, or 3 percent, to $86.19.

Bond prices edged higher, sending long-term interest rates slightly lower. Bond prices had fallen sharply since the election over worries that President-elect Donald Trump’s spending plans would lead to higher

MARKET REPORT TUESDAY, 15 NOVEMBER 2016

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

BISX ALL SHARE INDEX: CLOSE 1,915.62 | CHG 0.01 | %CHG 0.00 | YTD 91.67 | YTD% 5.03 BISX LISTED & TRADED SECURITIES 52WK LOW 2.50 17.43 8.19 3.50 1.77 0.12 5.50 8.05 5.50 7.66 13.05 2.18 1.31 5.60 6.60 8.56 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 2.17 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 2.18 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 0.01 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

111.71 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

111.01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.70 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

1,546 300

500

15

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 23.2 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% 2.75% 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

on products including cars and home and garden supplies. Retail sales over last two months have been the strongest in more than two years, which shows consumers are still spending.

The report showed continued gains for online retailers. Amazon jumped $24.17, or 3.4 percent, to $743.24 while department stores traded lower as they continued to lose sales.

Equity One will combine with Regency Center in a deal that combines two real estate investment trusts that own shopping centers.

The two companies have more than 400 properties, most of them anchored by grocery stores. Equity One climbed $1.90, or 6.8 percent, to $29.77 while Regency Center lost $2.95, or 4.2 percent, to $66.91.

Chinese e-commerce company JD.com climbed after it reported strong quarterly results. The company also said it might reorganize its JD Finance unit, which runs its internet finance business. JD.com said expects to sell its stake in the company and that JD Finance will be owned solely by Chinese investors.

The stock climbed $2.70, or 11.4 percent, to $26.41.

In other energy trading, wholesale gasoline rose 6 cents, or 4.5 percent, to $1.34 a gallon. Heating oil picked up 6 cents, or 4.2 percent, to $1.44 a gallon.

House OKs bills to renew Iran sanctions, crack down on Syria

Syrian President Bashar Assad speaks to The Associated Press at the presidential palace in Damascus, Syria.

The House on Nov. 15, overwhelmingly approved bipartisan bills to crack down on supporters of Syrian President Bashar Assad’s government and renew a decades-old Iran sanctions law. Swift passage underscored broad support on Capitol Hill for punishing financial backers of the Syrian government and maintaining economic pressure on Tehran. (AP Photo)

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

inflation. That had sent yields to their highest levels this year. But the yield on the 10-year Treasury note declined to 2.23 percent from 2.27 percent.

Companies that pay large dividends, like phone companies, also changed course and rose.

However the dollar continued to get stronger and reached its highest level in almost a year. It rose to 109.32 yen from 108.51 yen.

The euro slid to $1.0718 from $1.0726.

Billionaire investor Warren Buffett’s Berkshire Hathaway bought stock in United Continental, American Airlines and Delta. Buffett has avoided the volatile industry in the past, but his holding company disclosed stakes in each company in a form filed with the Securities and Exchange Commission.

United picked up $3.12, or 5 percent, to $66.06 and American gained $1.36, or 3.1 percent, to $44.76.

Aerospace giant Boeing fell after United said that it will postpone delivery of 61 new Boeing 737 jets that it planned to buy. It will convert the orders to a new, more fuel-efficient model that Boeing calls the 737 Max. Boeing stock lost $1.88, or 1.3 percent, to $148.11.

Retail sales climbed 0.8 percent in October as consumers spent more money

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

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

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

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

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

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

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

WASHINGTON (AP) — The House on Tuesday overwhelmingly approved bipartisan bills to crack down on supporters of Syrian President Bashar Assad’s government and renew a decades-old Iran sanctions law.

Swift passage underscored broad support on Capitol Hill for punishing financial backers of the Syrian government and maintaining economic pressure on Tehran. Both bills had the firm backing of Rep. Ed Royce, R-Calif., chairman of the Foreign Affairs Committee, and Rep. Eliot Engel of New York, the panel’s top Democrat.

The Senate must now act on the legislation before the bills can be sent to the president.

Lawmakers have accused the Assad government of war crimes as the number of people killed during the violence in Syria continues to mount. The war, now in its sixth year, has killed as many as half a million people, contributed to Europe’s worst refugee crisis since World War II and given the Islamic State group room to grow into a global terror threat.

“What we have now is a grim lesson in human suffering,” Royce said. “We can see the ethnic cleansing going on. Even the United Nations calls this ‘crimes of historic proportions.’

Enough’s enough.”

The Syria legislation targets key backers of Assad such as Russia and Iran, according to Royce, by requiring the president to sanction countries or companies that do business with or provide financing to the Syrian government or the Central Bank of Syria.

Anyone that provides aircraft to Syria’s commercial airlines, does business with the transportation and telecom sectors controlled by the Syrian government, or supports the country’s energy industry also would be subject to sanctions, according to the legislation.

“If you’re acting as a lifeline to the Assad regime, you risk getting caught up in the net of our sanctions,” Engel said.

Sanctions could be suspended if internationally recognized negotiations to resolve the war in Syria are

making progress and the violence against civilians has ended, according the legislation.

The House bill would authorize the State Department to assist in the collection and preservation of evidence for war crimes trials. Secretary of State John Kerry last month called for a war crimes investigation of Russia and Syria, a move that escalated already heated rhetoric against Moscow for its part in a deadly military offensive in Aleppo, Syria’s largest city, and its longstanding support of Assad.

The Syria legislation, formally titled the Caesar Syria Civilian Protection Act, is named after a crime scene photographer for the Syrian military who was reassigned to photograph the bodies of imprisoned Syrian rebels and dissidents after the conflict began. He later defected, and his archive of images of more than 10,000 bodies was smuggled out of the country. He went by the pseudonym Caesar, and he testified in disguise in July 2014 year before Foreign Affairs Committee, saying he had witnessed a “genocidal massacre.”

The Iran Sanctions Extensions Act cleared the House by a 419-1 vote. The bill’s backers say extending the law allows the U.S. to punish Tehran should the country fail to live up the terms of the landmark nuclear deal reached last year. In exchange for Tehran rolling back its nuclear program, the U.S. and other world powers agreed to suspend wide-ranging oil, trade and financial sanctions that had choked the Iranian economy.

“Now is not the time to ease up on the world’s leading state sponsor of terrorism,” said Rep. Leonard Lance, R-N.J. “Sanctions work.”

The act, first passed by Congress in 1996 and renewed several times since then, expires at the end of the year. The bill approved by the House extends the law by 10 years, to 2026.

There is widespread support in the Senate for passing the extension.

Kerry signaled earlier this year President Barack Obama would sign the renewal bill.

THE TRIBUNE

Wednesday, November 16, 2016, PAGE 7

Pipeline company seeks court permission to proceed with plan CANNON BALL, N.D. (AP) — The company building a $3.8 billion oil pipeline sought a federal judge's permission Tuesday to circumvent President Barack Obama's administration and move ahead with a disputed section of the project in North Dakota, as opponents held protests across the country urging it to be rejected.

Dallas-based Energy Transfer Partners and a subsidiary asked the court to let them lay pipe under a Missouri River reservoir, a plan the Standing Rock Sioux says threatens its drinking water and cultural sites. The Army Corps of Engineers said Monday it needs more time to study the impact of the plan.

While President-elect Donald Trump, a pipeline supporter, likely would greenlight the project when he takes office in January, the company is trying to win federal approval — or a court order — to allow it to go forward now. The delay has already cost nearly $100 million, the company said in court documents, “and further delay in the consideration of this case would add millions of dollars more each month in costs which cannot be recovered.”

In a statement Tuesday, the company blamed the Obama administration for “political interference” in the pipeline review process.

The Army Corps referred a request for comment to the Justice Department, which declined comment.

Protests were being held Tuesday across the country, from California to Vermont. Activists called for demonstrations at Army Corps of Engineers offices and at banks financing the pipeline construction.

Twenty-eight protesters were arrested near Man-

Mike Olson, of Milwaukee, joins protesters as they voice their concerns as part of National Day of Solidarity with Standing Rock and against the Dakota Access Pipe Line (DAPL), outside the Wells Fargo Bank, in Milwaukee, yesterday. dan, North Dakota, after a group of about 400 protesters put a truck and tree branches on BNSF Railway tracks near a pipeline work staging area and tried to set it on fire, Morton County sheriff's spokesman Rob Keller said.

“They had a rope soaked with kerosene,” he said. “A (Highway Patrol) trooper with an extinguisher doused it so it wouldn't light.”

Trains were delayed three hours, railroad spokeswoman Amy McBeth said. Officers in riot gear used pepper spray and in one instance a stun gun against protesters who refused to leave.

Mandan is about 50 miles north of a camp where hundreds of protesters have gathered in recent months to oppose the pipeline. Robert F. Kennedy Jr., an environmental attorney and president of the New York-based Waterkeeper Alliance, which seeks to protect watersheds worldwide, visited the camp Tuesday, speaking out against the arrests of protesters and a project he says will benefit billionaires and not the American people.

“What they are doing here is a crime, an environmental crime, and there are real victims,” he said.

In Columbus, Ohio, police re-

ported an activist blocked traffic by handcuffing himself under a vehicle at a downtown intersection. In Montpelier, Vermont, more than 100 people gathered outside a bank, chanting, singing songs and holding signs saying “Water is Life” and “Standing With Standing Rock.”

“It may seem hopeless, like David against Goliath, but we believe that if we're persistent and we recruit, that this movement will grow and hopefully these kinds of projects will stop,” said protester Lee Shen of Thetford Center, Vermont.

The Corps on Monday called for more study and input from the Standing Rock Sioux before it decides whether to allow the pipeline to cross under Lake Oahe. The 1,200-mile pipeline that's to carry North Dakota oil through South Dakota and Iowa to a shipping point in Illinois is largely complete except for that stretch, which will skirt the tribe's reservation.

Gov. Jack Dalrymple said Tuesday that an additional delay “does nothing but prolong and intensify the public safety issues imposed on Morton County and the state of North Dakota since the beginning of August,” when protests against the pipeline broke out. In his statement, Dalrymple said a decision on the project easement “is long overdue” and that the pipeline would be safe.

The Corps in July granted Energy Transfer Partners the permits needed for the project, but it said in September that further analysis was warranted, given the tribe's concerns. Its announcement Monday came amid speculation that federal officials were on the brink of approving the crossing. ETP last week began preparing equipment to bore under the river.

ETP disputes that the pipeline would endanger the tribe, and CEO Kelcy Warren noted earlier that Army Assistant Secretary Jo-Ellen Darcy had informed company officials and Tribal Chairman Dave Archambault that the Corps' previous permit decisions “comported with legal requirements.” ETP contends that the Corps has no legal justification for the delay.

Protesters voice their concerns as part of National Day of Solidarity with Standing Rock and against the Dakota Access Pipe Line (DAPL), outside the Wells Fargo Bank, in Milwaukee, yesterday. The group has asked that the bank pull its funding out of the DAPL construction. The company building the $3.8 billion Dakota Access pipeline is urging a federal court to speed up approval of its plan to lay pipe under a Missouri River reservoir, arguing Tuesday that further delays could add millions of dollars each month to the cost. (AP Photos)