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THURSDAY, DECEMBER 1, 2016

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$4.10 Ex-minister the lead attorney for Baha Mar buyer By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net An ex-Cabinet minister is acting as the lead Bahamian attorney for the proposed Baha Mar buyer, Tribune Business can reveal, with the approval process for its acquisition said to be moving rapidly through the highest levels of Government. Multiple legal sources See pg b5

Ryan Pinder acting for Hong Kongbased CTFE Purchaser pledges 700 rooms ready by March Deal moving ‘swiftly’ in Govt approval process

Departing casino: GB tourism revival ‘may take months’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Grand Bahama’s departing casino operator has warned “it may take months” for the island’s tourism business to return to pre-Matthew levels, while uncertainty over its key hotel properties “could not have come at a worse See pg b4

Fears Memories, Grand Lucayan not open until 2017 MP woes ‘could not have happened at worse time’ Can ‘ill afford losses’ due to sliding market position

Abaco Club refutes opponents’ job claim By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Abaco Club yesterday rejected claims by opponents of its proposed Little Harbour marina that the project would create just two full-time jobs, describing the development as “critical” to generating more employment by attracting new homeowners to its Winding Bay site. See pg b4

Says operational jobs at marina will be 10, not two Facility ‘critical’ to generating economic growth Plans to reduce ‘ongoing’ Little Harbour pollution

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Auto dealers ‘take a bath’ from Matthew By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net New car dealers yesterday told Tribune Business they “really took a bath” in October, with sales “the worst” in recent memory due to Hurricane Matthew and the struggling economy. Data compiled from Bahamas Motor Dealers Association (BMDA) members showed that the industry collectively sold just 64 vehicles last month, a 38.5 per

cent reduction from the previous year’s 104. Rick Lowe, Nassau Motor Company’s (NMC) director/operations manager, branded the sector’s October performance as “the worst month I can ever remember in recent years. “I don’t see anything going back as far as 2007 that was that low,” he added. Fred Albury, the BMDA’s president, described the post-Matthew aftermath as “horrible”, with some vehicle brands experiencing month-to-month

sales declines of more than 80 per cent. “The numbers were way off because of that hurricane,” Mr Albury, the Auto Mall chief, told Tribune Business. “October was a disaster; it was horrible, although this month seems to have turned back a little bit. The new car industry really took a bath.” While the Auto Mall’s Hyundai, Toyota and BMW brands had enjoyed some fleet deals, and been “able to move some dead stock”, See pg b6

October ‘worst sales month in living memory’ Vehicle sales down 38.5% y-o-y post-storm Fleet deals give nine-month figures ‘false reading’

Freeport web shops ‘don’t need’ licence from Gaming Board By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Grand Bahama Port Authority (GBPA) is asking the Supreme Court to find that the Hawksbill Creek Agreement exempts Freeport-based web shops from having to obtain a Gaming Board licence. The quasi-governmental authority, in written submissions filed on Tuesday, argued that web shop gam-

ing was an “entertainment” or “amusement” business, and thus fell within the Hawksbill Creek Agreement’s ‘carve out’ from government permits and licensing. The GBPA’s submissions, filed in response to the action brought against it by Jarol Investments, which trades as Chances Games, are effectively inviting the Supreme Court to do as the web shop chain has alleged - “carve out a special place

in Freeport” for web shop gaming. Should the GBPA succeed, it would undermine the Government’s goal for a national regulatory regime for web shop gaming, which was a principal goal of the Gaming Act 2014. Given these potential implications, Tribune Business sources have expressed surprise that both the Gaming Board and Attorney General are yet to file legal See pg b7

GBPA seeks court approval for regime ‘carve out’ Alleges operator erecting ‘straw man’ arguments Chances’ ‘real complaint’ increase in licensing fees


PAGE 2, Thursday, December 1, 2016

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Realtor expands Abaco sales team Coldwell Banker Lightbourn Realty has added Maria Wells-Rolle to its Abaco sales team . Based in Guana Cay, she comes with a strong background in real estate, having worked in housing management with a pool of over 100 homes. “Maria comes to us with an established background in real estate sales and rentals. She has previously had

to deal with some very high requirement real estate scenarios, and has done so with great success and efficiency,” said Mike Lightbourn, president of Coldwell Banker Lightbourn Realty. Ms Wells-Rolle also spent 14 years in commercial banking in the Bahamas, developing an understanding and knowledge of property investments and financing. Coldwell Banker Lightbourn Realty is headquartered in Nassau with offices in Marsh Harbour, Abaco, Exuma and Spanish Wells, and agents and brokers throughout the Bahamas.

Securities administrator passes the Series 7 exam A securities administrator at The Winterbotham Trust Company, Catherine Collie, has passed the Series 7 exam in the US after studying with the Nassau-based Securities Training Institute (STI). Bettina Albury, STI’s operations manager, said: “Our goal is to remain the recognised leader in providing high quality investment and legal compliance training. “STI provides comprehensive course materials, and our instructors offer relevant insights that are critical to exam success.” Ms Collie is pictured.

US consumer spending, incomes rose in October WASHINGTON (AP) — U.S. consumers boosted their spending again in October, while their incomes increased at the fastest clip in six months. A key gauge of inflation watched by the Federal Reserve posted the fastest 12-month gain in two years. Consumer spending increased 0.3 percent in October after a revised 0.7 percent jump in September, the Commerce Department said Wednesday. Incomes increased 0.6 percent, the best showing since April. An inflation gauge closely followed by the Federal Reserve increased 1.4 percent compared to a year ago. That was the fastest 12-month advance since 2014. The rise was still below the Fed’s 2 percent target, but with inflation firming, the Fed is expected to boost a key interest rate next month. The inflation gain marked the strongest pace since prices had risen 1.5 percent for the 12 months ending in October 2014. “These readings continue to move closer to the Fed’s 2 percent target,” said Gregory Daco, senior economist at Oxford Economics. He predicted inflation would begin to run above 2 percent early next year, influenced in part by President-elect Donald Trump’s policies to boost spending and cut taxes. Because of this, Daco predicted the Fed would be pushed to a slightly faster pace for raising interest rates. He forecast two rate hikes in 2017 and three in 2018. The 12-month increase in the Fed’s preferred inflation target was a tiny 0.3 percent a year ago. That reflected a period when oil prices were plunging. The absence of inflationary pressures has been a key reason the Fed has been slow to boost its benchmark interest rate.


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Thursday, December 1, 2016, PAGE 3

Chamber: ‘Wheels not turning quickly’ over post-Matthew relief By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The  Bahamas Chamber of Commerce’s chief executive yesterday said “the wheels are not turning as quickly as we would like” when it came to Matthew-impacted businesses accessing capital funding. Edison Sumner said: “We have been conducting assessments and interviewing business persons who have been impacted, but

there is little help that can be provided to them until the financial resources become available. “Once those resources become available, then we are quite sure that those who have been assessed and made an application for assistance, we are going to ensure that help gets to them as quickly as possible.” Mr Sumner said he was unable to give an exact number for how many businesses need assistance,

Bahamas ‘cannot stand still’ over energy problems By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is gearing up for its third annual energy security forum, its chief executive yesterday arguing this nation cannot afford to “stand still and do nothing” on the issue. Edison Sumner said the forum, set for December 13, will focus on the Bahamas’ current energy difficulties, coupled with the renewable energy sector. “The theme for this year’s forum is ‘Eyes Wide Shut’ and what happens if we ignore what is in front of us as a country,” he said. “We are at a point where we cannot stand still now and do nothing. We have to see some real tangible results going forward.”

Mr Sumner added: “One of the things we have seen since the last energy forum is that BPL is now operating.  They are now making their own structural changes, and the challenges they would have had  following the hurricane. “This year we want to hear from the regulator. At the last forum, URCA had not yet taken over the energy sector. We want to hear about their role, the plans looking at renewables and alternative forms of energy. “We want to talk about how we can access funding for the renewable energy sector, how individuals and companies can access funding to turn their homes and businesses into less fuel-dependent places. We want to talk about the cost of energy.”

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but added: “We have been conducting assessments in impacted hurricane areas. The Grand Bahama Chamber is conducting assessments in that area. “The Government has been approved by Parliament to raise some capital [$150 million], and a portion will be set aside from the relief efforts towards the business community.” Back in October Prime Minister Perry  Christie, amid the debate on a resolution to raise $150 million

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Electricity Corporation’s (BEC) former chairman has again slammed the utility over “astronomical” electricity bills, warning the Government that unless consumers are given a break “they won’t gets a break” come election time. Leslie Miller was speaking after Bahamas Power & Light (BPL) said it was continuing to experience supply issues in New Providence following an island-wide outage on Tuesday night. In a statement yesterday, BPL said: “A major underground cable fault is to blame for the initial outage that caused a complete shutdown of BPL’s generation, transmission and distribution networks on the island.

Leslie Miller “To quickly restore power to customers, BPL has put in place temporary measures, but its efforts are centred on locating the damaged underground cable and carrying out repairs immediately. BPL anticipates that once repairs are complete, its services should return to normal.”     Mr Miller yesterday continued to blast BPL, saying: “What I don’t understand is the summer is over, the peak

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Project Coordinator Revitalization of the Sponging Industry Project number ATN/ME-15441-BH The Government of The Bahamas has received financing from the InterAmerican Development Bank (IDB) and intends to apply part of the proceeds to payments under the Revitalization of the Sponging Industry for the services of consultants to deliver the following activities: Consultancy 1: Sponge research - internationally and nationally. Consultancy 2: Determination of the local sponge industry baselines. Consultancy 3: Determination of optimal sustainable sponge. harvesting practices, and development of guidelines for sustainable certification. Consultancy 4: Development of branding tools. Consultancy 5: Production of exporting tools for locally produced items to be sold in the international market. Consultancy 6: Development of a 5-year Business Plan. Consultancy 7: Provision of training – Governance training, and Financial management training. The Bahamas Agricultural Industrial Corporation now invites eligible consultants or consultancy firms to indicate their interest in providing these services. Interested candidates must provide proposals, along with information outlining qualification, experiences, competencies, and cost. Consultants will be selected in accordance with procedures set out in the Inter-American Development Bank: Policies for the Selection and Contracting of Consultants financed by the Inter-American Development Bank (GN-2350-7) and is open to all eligible consultants as defined in the policies.

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Interested consultants may obtain detailed information about these position on our website www.baic.gov.bs. Proposals must be delivered via direct mail or email at the address indicated below. Bahamas Agriculture and Industrial Corporation Attn: Human Resources P.O. Box N-4940 Nassau, Bahamas Email: sponge@baic.gov.bs

Tel: (242) 396-3725/6 Fax: (242) 322-2123 / 328-6542 Web: www.baic.gov.bs www.facebook.com/mybaic

nesses impacted by the hurricane,” Mr Sumner said. “We understand that the loans have been approved by Parliament, and I think it’s only a matter now for the Government and Ministry of Finance to finalise the details and do whatever contracts and agreements they have to sign with the banks so the funds can be made available to the Government and, by extension, the Chamber.”

Edison Sumner

Bahamians ‘won’t give Govt break’ if BPL woe persists

Bahamas Agricultural & Industrial Corporation

BAIC HEAD OFFICE & TRAINING CENTER Old Trail Road • P. O. Box N-4940 Nassau, Bahamas

for post-Matthew restoration, said the storm had caused some $600 million in damages. The Ministry of Finance has developed a twotranche facility for this purpose; a syndicated loan from commercial banks that will raise $120 million, and $30 million in bonds issued to public investors. “I must admit that the wheels are not turning as quickly as we would like in terms of accessing the funding to help the busi-

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season is over now, and we still have this kind of thing going on. “I’d advise them to leave these poor people alone and give them a break on these astronomical light bills. The corporation belongs to the Bahamian people. The Government needs to appreciate that with elections coming, if they don’t give the people a break they won’t get a break. That’s how it is.” Mr Miller argued that the failure to secure a long-term fuel contract when oil prices were low has placed a greater burden on consumers. “They refused to go out and secure a long-term con-

tract for fuel. Fuel is now back up to almost $100 a barrel. They are still paying double what we would have paid had we signed a contract,” he argued. “You shouldn’t turn people off in these difficult times. How are they supposed to survive? If they can pay half let them pay half. You have to understand that these are some very tough times. BPL recently denied it was short-changing Bahamians by hiking electricity prices. Many residents have complained about their higherthan-normal electricity bills in Hurricane Matthew’s aftermath.

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PAGE 4, Thursday, December 1, 2016

Departing casino: GB tourism revival ‘may take months’ From pg B1 time”. Susan Varnes, in a November 18, 2016, letter to Treasure Bay Casino staff, said the combination of Hurricane Matthew’s impact, uncertainty over the Grand Lucayan Resort’s sale, and the December 4 expiration of its lease had prompted the operator to quit Grand Bahama. In a communication to staff, which has been obtained by Tribune Business, the Treasure Bay president first inquired as to the welfare of her Bahamian employees before hitting them with an unwanted early Christmas present. Ms Varnes wrote: “As many of you are aware, since Hurricane Matthew we have been working with government officials to formulate a plan which would best benefit all of you. “Given the fact that our lease expires December 4, the sale of the resort is pending and it may take months for tourism to return to pre-storm levels, it has been determined that Treasure Bay will not be reopening the casino.” She added: “We will be carrying out our closure over the next few weeks,

and are working with government officials on the process to pay out each of you your redundancy pay. “It is with a heavy heart that we are unable to transition with another operator, as had been our plan over the last several years.” Ms Varnes’s confirmation that no replacement operator has been lined up means that the immediate future of Grand Bahama’s sole casino is uncertain, with closure a distinct possibility. Tourism sources on Grand Bahama suggested that around 80-100 employees would be impacted by the casino’s closure, and Treasure Bay’s pull-out, although this could not be confirmed before press time. They added, though, that the short-term outlook for Grand Bahama’s tourism industry was much bleaker than the Government was letting on, with much riding on how quickly the major resort properties - Memories and the Grand Lucayan - will fully re-open. Obie Wilchcombe, minister of tourism, could not be reached for comment by Tribune Business before press time.

Abaco Club refutes opponents’ job claim From pg B1 Tom Southworth, vicepresident of development for Southworth Development, the Abaco Club’s owner, told Tribune Busi-

ness that the Little Harbour facility would directly generate four full-time, and six part-time, jobs once fully operational. Promising that this would add “several hundred thou-

However, while Memories and the Grand Lucayan are supposed to re-open this month prior to the Christmas season, one tourism source said a website operated by the former’s affiliate was suggesting a later relaunch. The first date that Sunwing is offering a Memories ‘package’ for is February 4, 2017, something that was confirmed by Tribune Business’s research. Tensions between Sunwing/Memories and the owner of their Grand Lucayan landlord, Hutchison Whampoa, over when the latter will effect hurricane repairs to the property are also said to be persisting. As for the Grand Lucayan, which has been in the midst of a sales process for several months, Tribune Business sources suggested that it had submitted a $120 million insurance claim to cover Matthew-related damages. This newspaper was told that while little exterior damage was visible to the naked eye, numerous parts of the resort property had suffered water intrusion, with balconies and the grounds also hard-hit by the Category Four storm. Tribune Business was told that Hutchison Whampoa, and its Cheung Kong Property Holdings affiliate, plan to use the insurance proceeds to effect repairs and improve the property.

However, this work is likely to last into 2017, with March now being pegged as a possible opening date. “It really is going to push this place back a minimum of a year until we get the Grand Lucayan open,” one tourism industry source said, speaking on condition of anonymity. “It’s shocking, but that’s how it is. I think the next six months are going to be very difficult.” With Memories and the Grand Lucayan largely ‘out of action’, and only 200 rooms at the latter’s Lighthouse Point now open, around 1,000 rooms have been taken out of Grand Bahama’s inventory. This, Tribune Business was told, is having negative ‘knock on’ repercussions for other aspects of Grand Bahama’s tourism product, particularly the cruise ships. The Celebration, which has currently been diverted to Bimini, is unable to resume its Grand Bahama voyages until sufficient room inventory is available for its overnight package guests. The Memories closure, and uncertainty over whether the Grand Lucayan will have a new owner, is also impacting the search for a replacement casino operator. It was suggested that the Government, which has been heavily subsidising Treasure Bay to in-

duce them to stay, may even take over operations itself - bringing back memories of the Hotel Corporation days. And the loss of cruise ship business is also said to be taking a toll on businesses in the Port Lucaya Marketplace, while water sports operators are understood to be upset at the closure of the public beach access by the Grand Lucayan. K P Turnquest, the east Grand Bahama MP, expressed similar concerns about the ‘vicious circle’ that was impacting all of the island’s tourism product as a result of the uncertainty surrounding its largest resort. He questioned whether Hutchison Whampoa/ Cheung Kong Property Holdings would make the necessary repairs to the Grand Lucayan, as they may elect to leave this to a buyer if the property’s sale is imminent. This, Mr Turnquest added, could push the resort’s opening back even further, as he added: “There is other information that supports the view that the announced December opening may not happen. We’ll have to wait and see. “If we can’t get those two major properties [Grand Lucayan and Memories] open, that is going to be a tremendous impact, not only with the island’s GDP contribution but the ability

of a number of tourist-related businesses to restart. “It has tremendous implications for employment, for people being able to meet their obligations, so there are knock-on effects throughout the economy.” Mr Turnquest expressed hope that parts of Memories and the Grand Lucayan could be pressed “back into action relatively quickly”, identifying the former, in particular, as vital to the island’s tourism industry. “We can’t afford for that to miss the winter season,” he told Tribune Business. “This situation could not have happened at a worse time, as we are heading to the busy season. “This is when a lot of people make their annual income, and that’s going to have a significant effect on the whole economy when the insurance monies and reconstruction process die down. These things are really going to show up.” While hopeful that Memories and Hutchison “will come through for us”, Mr Turnquest said a rapid reopening was made even more urgent by the fact that Grand Bahama was already “losing position in the marketplace”. “We can ill-afford this as we are already on a very weak path, so any loss of business is going to be disruptive for Grand Bahama,” he told Tribune Business.

sand dollars” in annual payroll to the Abaco economy, Mr Southworth said 15 construction jobs would be created during the marina’s construction. Responsible Development for Abaco (RDA), which is seeking to prevent the project from moving forward via a Judicial Review action currently before the

Supreme Court, had alleged in its filings that just two full-time jobs would be created at Little Harbour. It had used this statistic to support its argument that the economic benefits from the marina project are tilted overwhelmingly in favour of the Abaco Club and its owners, as opposed to the surrounding community. Mr Southworth yesterday said RDA had taken its figure from an old Environmental Impact Assessment (EIA), and that he had disclosed the correct job statistics during a Town Meeting on the Little Harbour project back in June. He had emphasised then that the indirect employment spin-offs would be much greater than the fulltime jobs, as the marina would create opportunities for boat captains, mechanics and other service providers. Mr Southworth said the marina was a key ‘valueadded’ amenity demanded by its homeowners, and its creation would enhance the

Abaco Club’s value and attract new homeowners - all of which would generate more jobs and economic activity for the island. Pointing to the development’s existing 140 employees, he said back in June: “This marina is critical to the growth and success of the Abaco Club, and the jobs created by this marina do not stop in Little Harbour. “Some of our prospective real estate buyers have committed to buying once our marina is in place. A new home will generate as many as 15 to 20 jobs for a period of nine to 12 months. “Over the build out of our homes and facilities, we anticipate generating over 1,000 construction-related jobs. Again, the marina is a critical component of our plans for Winding Bay, and a critical factor driving the jobs we intend to create.” Mr Southworth also promised that proceeds from the marina sales, as much as $125,000 per slip,

would be reinvested back into the Abaco Club in the form of show homes and new amenities. “This marina and its sales will support not only nearterm construction jobs as we put more investment to work, but also long-term operational jobs as our full slate of amenities materialises,” he added. Mr Southworth added that some existing moorings would be relocated, not demolished as suggested by RDA, while the dock set for demolition was yesterday described as “a non-functioning, dilapidated” facility on the property it has itself purchased. He also confirmed yesterday that the Abaco Club has dropped plans for a desalination plan and wastewater treatment plant at Little Harbour, while eating facilities will not be a restaurant. Arguing that Little Harbour was already “commercialised” by the presence of Pete’s Pub, Mr Southworth said: “We will offer a public pump-out facility, hopefully decreasing the ongoing pollution in Little Harbour by boats discharging waste into the harbor. “We will have small solar down lights covering walkways, but no other significant outdoor lighting.” He added that the EIA for the Little Harbour project, conducted by Keith Bishop of Islands by Design, had shown the marina’s environmental impact will be “negligible”.

DIVIDEND NOTICE TO ALL SHAREHOLDERS The Board of Directors of APD Limited has declared an interim Dividend for Ordinary Shares, to all shareholders of record as at 15th December, 2016 of one dollar ($1.00) per share. The payment will be made on 29th December, 2016 through Bahamas Central Securities Depository Limited, the Registrar and Transfer Agent.

Christopher Lightbourn Secretary

NOTICE

TO ALL SHAREHOLDERS of APD LIMITED Those shareholders wishing to change bank account information, address information or other personal information as a Shareholder of APD Limited are encouraged to contact Bahamas Central Securities Depository (BCSD) at (242) 322-5573 or (242) 3225574. Similarly, those shareholders wishing to transition from receiving dividend payments via cheque to receiving dividend payments via direct deposit should also contact BCSD. Management APD Limited

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Thursday, December 1, 2016, PAGE 5

Ex-minister the lead attorney for Baha Mar buyer From pg B1 have confirmed that Ryan Pinder, who resigned less than two years ago as the Christie Cabinet’s minister of financial services, is leading Graham, Thompson & Co’s legal representation of Chow Tai Fook Enterprises (CTFE). Mr Pinder resigned in late 2014 to take a lucrative post with expanding Lyford Cay-based Deltec Bank & Trust, before joining Graham, Thompson & Co as a partner. He is now on the opposite side of the negotiating table as his Hong Kong-based conglomerate client seeks to obtain the necessary government permits and approvals to consummate its acquisition of the $3.5 billion Baha Mar project. Mr Pinder’s role and involvement came to light after Tribune Business was informed about a “major” meeting on Baha Mar, involving all key stakeholders and their Bahamian advisers, that took place at the Prime Minister’s Office on Monday. Sources with knowledge of developments said CTFE, and representatives of the China Export-Import Bank and China Construction America (CCA), promised Mr Christie they would try to make 700 rooms at Baha Mar available for March - in time for the peak 2016-2017 winter tourism season. “It was a meeting with the Prime Minister and representatives of the CTFE people, and they were saying they were going to try and have 700 rooms available by March,” one source, speaking on condition of anonymity, “and to reassure on how they’re moving forward.” CTFE previously told Tribune Business it would concentrate on opening the Baha Mar casino and casino hotel, plus the Hyatt-branded convention hotel and convention centre, a strategy in line with the Government’s thinking and desires. The Christie administration, facing a general election by May 2017, is extremely keen for at least part of Baha Mar to be operational by then, so it can attempt to justify its strategy of opposing - and helping to remove - original developer Sarkis Izmirlian as successful.

Another highly-placed source, also speaking on condition of anonymity, confirmed Monday’s highlevel meeting, but suggested it had more to do with the Government approvals that CTFE requires to complete its purchase. “I understand it was to deal with the aspects of the final National Economic Council (Cabinet) approval,” the source said, suggesting that the Baha Mar purchase was moving rapidly through the Government’s permitting processes. “It might have moved swiftly,” they added. “It might have already been done. Everybody would be aware that it’s in the national interest for this thing [Baha Mar] to open. “It’s a question of all the security checks and due diligence they would have to do. It’s election time, so none of this is surprising to me.” One contact, though, questioned how the CTFE approvals process could be moving so rapidly when Obie Wilchcombe, minister of tourism with responsibility for gaming, had confirmed the Gaming Board had only received the Hong Kong-based conglomerate’s proposals/application within the last week. CTFE’s suitability to become Baha Mar’s owner has already aroused concerns locally. These seem 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. Dionisio D’Aguilar, a former Baha Mar director and key ally of Mr Izmirlian, sought to link CTFE’s owners, the Cheng family, and its 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

Ryan Pinder 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. But Branville McCartney, the Democratic National Alliance’s (DNA) leader, argued that CTFE would not be granted a casino licence if the Gaming Board “did proper due diligence”. 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 previously of CTFE. “They would be hard pressed to obtain a casino licence. “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.”

CIBC FirstCaribbean is a major Caribbean bank offering a full range of market-leading financial services in Corporate Banking, Retail Banking, Wealth Management, Credit Cards, Treasury Sales and Trading, and Investment Banking. We are the largest, regionally-listed bank in the English-and Dutch speaking Caribbean. The bank has over 2, 900 staff; 66 branches, 22 banking centres, and offices in 17 regional markets. We are looking to fill the following position:

COMPLIANCE MANAGER, BUSINESS SUPPORT Responsible for the coordination and supervision of a team of Compliance Analysts responsible for implementing an effective regional system to manage and respond to all AML queries emanating from Bank staff across the region to ensure compliance with AML /ATF legislation and guidelines regionally. Manages the flow to online and telephone support portals to ensure service quality and timeliness standards are met and maintained within the respective SLAs. Provides guidance and leadership to the Compliance Analysts in the execution of their duties. Reporting to the Manager, Investigations and ABOUT YOU Regulatory Reporting, the Compliance Manager (Business Support) will also provide support in the execution of the AML / ATF compliance programme including investigations and meeting regulatory requests. The incumbent may also act as direct liaison with regulatory agencies and the Money Laundering Reporting Officer in the British Virgin Islands. As a Manager within the Compliance Department, the incumbent will be expected to demonstrate leadership skills in management of the compliance workload and act as a resource for the Compliance Officers and Compliance Analysts across the department. Responsibilities also include identification and reporting (orally and in writing) on control issues and the Bank’s compliance with the AML compliance framework. The incumbent will review telephone calls via quality monitoring tools and utilise the information to identify coaching and training needs for Compliance Analysts as well as trends that will inform changes to existing policies.

OTHER MAJOR ACCOUNTABILITIES • Keeps abreast of changes in regional regulatory requirements, AML / ATF typologies and Bank products, services and channels. Maintains requisite databases to facilitate the identification of trends that require escalation or drive policy change • Performs initial quality assurance checks on reports being submitted to all regional regulators and is responsible for coordinating activities relating to the fulfillment of regulatory requests across the region, including making contact with the requisite branch or processing centre regionally, reviewing client files and account statements and drafting correspondence to the regulators to avoid regulatory fines and mitigating other risks • Performs research and information gathering for the region in response to regulatory requests, production orders, and court orders • Provides advice to the business units regionally on AML / ATF matters to ensure consistent application of the Bank’s AML / ATF compliance framework • Completes periodic internal compliance reports and assists with drafting reports to management within the compliance department to avoid regulatory fines

KNOWLEDGE, SKILLS AND EXPERIENCE REQUIRED • Between 5 -7 years’ experience in a compliance, risk management, or legal environment • Compliance qualification required • University degree in Management, Business Administration or Finance • Broad knowledge of anti-money laundering and terrorist risk and regulatory requirements • Strong administrative, analytical and business support experience • Experience in delivering high quality work in a fast-paced environment • Proven ability and experience in leading teams • Intimate knowledge of the Bank’s Automated Monitoring Tool • Strong knowledge of AML /ATF regulations and the Bank’s AML /ATF policy requirements • General understanding of key regulatory requirements throughout the Caribbean • Working knowledge of the operational elements in the banking environment • Competency in PC applications, e.g. word processing - Word, presentations PowerPoint, Office, etc., plus, ability to quickly learn relevant and potentially complex, add-on applications may be required • Strong analytical and statistical skills • Excellent written and oral communication and presentation skills

To apply for this and any other positions, kindly visit https://www.cibc.com/fcib/about-us/careers.html Applications with detailed resumes should be submitted no later than December 13th, 2016. CIBC FirstCaribbean International Bank Limited thanks all applicants for their interest, however only those under consideration will be contacted. Look for us at: linkedin.com/company/cibc-firstcaribbean-international-bank

The CIBC logo is a trademark of Canadian Imperial Bank of Commerce, used by FirstCaribbean International Bank under license.


PAGE 6, Thursday, December 1, 2016

THE TRIBUNE

Auto dealers ‘take a bath’ from Matthew From pg B1 Mr Albury emphasised that “it’s still very sluggish out there”. “Two of the companies didn’t have to pay VAT,” he added of October, implying that two out of the Auto Mall’s three brands paid more in ‘input’ VAT than what they received on sales. “We paid more at the border than we took in,” he continued. “It was only one of the companies we had to pay VAT for. “Freeport continues to be a disaster. It came around a little bit this month. This is the worst I’ve seen, and we’ve been operating there since 1987. “This is the absolute worst I’ve ever seen it, with the hit from the hurricane, and it was just dead before that,” Mr Albury continued. “Consumers are hurting, so they have down shifted to the used car market. They’re scared to buy new cars, especially with the state Freeport is in. “We need to get this economy growing again to give people confidence and a means to spend.” Mr Albury said one new auto dealer, understood to be Chevrolet, suffered a more than 80 per cent month-over-month sales fall for October, with just three vehicles sold compared to 16 the previous month. It was a similar tale for his Toyota brand, where month-over-month sales for October declined by twothirds - from 15 vehicles in September to just five. Month-over-month, new auto sales were off 58.4 per cent, falling from 154 in September to 64 in October. The Matthew-induced downturn occurred after a 2016 third quarter in which new auto sales actually increased by 26.2 per cent year-over-year, growing from 366 in 2015 to 462. For the first nine months of 2016, total BMDA member sales are slightly ahead

of last year, running at 1,244 compared to 1,219. While these numbers seemingly indicate that new car sales are levelling off post-VAT, and may be ‘finding their floor’, Mr Lowe told Tribune Business that the 2016 third quarter numbers had been bolstered by ‘fleet sales’ to the police and government. He suggested that when these purchases were taken out, the third quarter numbers would essentially be ‘flat’ with the 2015 comparable period. Mr Lowe also said the Government purchases gave a potentially “false reading” of the market, given that dealer profit margins on such sales were often thin, with credit that other purchasers were competing to access taken out of the financial system. “It’s levelled off, but levelled off in the wrong direction,” Mr Lowe told Tribune Business of new auto sales. “If it would have been at pre-VAT levels, we would have been able to eke out a living, but at postVAT sales we can’t. It’s not a pretty picture wherever you look.” Mr Albury concurred, adding: “It’s only the fleet business and corporate business that’s keeping things going. It’s rough out there.” BMDA members seemingly remain on course to finish 2016 close to last year’s 12-month sales of 1,564, having generated 1,373 with two months left in the year (November’s data yet to come). However, the sector reiterated in a statement to Tribune Business: “Even though there was a slight increase in sales for the third quarter as a result of fleet sales to the Government, sales remain sluggish. “Projections for the remainder of the fourth quarter remain sluggish as a result of Value-Added Tax, Hurricane Matthew and a generally depressed economy.” The Bahamian new auto industry is also 63 per cent down on the halcyon days of 2007, when it sold a total of 4,185 units.

COMMONWEALTH OF THE BAHAMAS

CLE/qui/01247/2016

IN THE SUPREME COURT COMMON LAW & EQUITY SIDE BETWEEN IN THE MATTER OF all that piece Parcel or lot of land known as Lumber Cay situate approximately Seven Hundred (700) feet south of Staniel Cay containing Thirty (30) acres and all that piece Parcel or Lot of land known as Jim Cay containing Eight (8) acres situated North of Lansing Cay, between Musher and Hog Cay, Exuma, one of the Islands of the Commonwealth of the Bahamas. AND IN THE MATTER of Quieting Titles Act 1959 AND IN THE MATTER of the Petition of Gardie Richardson Nixon and Samuel Burrows _________________________________ NOTICE _________________________________ Notice is hereby given that Gardie Richardson Nixon and Samuel Burrows are applying to the Supreme Court of the Commonwealth of the Bahamas to have their title to the following investigated under Section 3 of the Quieting Titles Act 1959 and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act “ALL THAT piece parcel or lot of land known as Lumber Cay or Lot of land known as Lumber Cay situate approximately Seven Hundred (700) feet south of Staniel Cay containing Thirty (30) acres Exuma and all that piece or lot of land known as Jim Cay containing Eight (8) acres situated North of Lansing Cay , between Musher and Hog Cay, one of the islands or cays in the Commonwealth of the Bahamas”. A plan of the said land may be inspected during normal working hours at the following places: a) The Registry of the Supreme Court of Nassau, Bahamas. b.) The Chambers of Andrew C. Allen Law Chambers, #14 Caves Professional Centre, Nassau, The Bahamas. c.) The Administrator’s Office, Georgetown, Exuma, The Bahamas. Notice is hereby given that any person having a dower or right of dower or an adverse claim or a claim not recognized in the said Petition shall on or before the expiration of thirty (30) days after the final publication of these presents file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a Statement of his Claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of thirty (30) days after the final publication of these presents shall operate as a bar to such claims. Andrew C. Allen Chambers #14 Caves Professional Centre Caves Village Nassau, The Bahamas Attorneys for the Petitioners


THE TRIBUNE

Thursday, December 1, 2016, PAGE 7

Freeport web shops ‘don’t need’ licence from Gaming Board From pg B1 papers and intervene in the legal battle. The GBPA is arguing that Jarol Investments’ “real complaint” is not its ability to licence Chances, but the increased fees it is seeking to levy. The web shop has blasted the proposed 500 per cent fee increase as “vastly and disproportionately in excess” of what it paid previously, but the GBPA is arguing that there is nothing in the Hawksbill Creek Agreement that limits what it can charge. It added that the proposed fees were “in line” with what it charged casinos, and less than those levied by the Gaming Board, which showed the charges were “not irrational and unfair”. As a result, the GBPA is alleging that Jarol/Chances is raising “straw man” arguments to obscure the real issue at dispute, and focusing on points that are either “irrelevant” or “moot”. Jarol’s case against the GBPA, set to be heard today, is seeking to finally determine who the gaming industry regulator for Freeport is - the Gaming Board in Nassau, or the Port Authority. The GBPA acknowledged that the “central question” was whether the Gaming Act 2014 applied to the Port area and its licensees, with its analysis suggesting it did not. The Port and its attorneys, Callenders & Co, argued that the business activities of web shop operators fell within clause 2 (23) (a) of the Hawksbill Creek Agreement, coming under the definition of “places of entertainment [or] amusement”. This, it argued, is because “the primary purpose of a web shop” is the provision of gambling games. Jarol/Chances, though, is arguing that its business instead falls under the Hawksbill Creek Agreement’s clause 2 (23) (b), which requires that business activities subject to national laws and regulations first obtain the relevant permits from the Government - in this case, the Gaming Board. As a result, the web shop operator alleged it “would be quite a stretch” to interpret the Hawksbill Creek Agreement as the GBPA is doing on relation to its gaming business. However, the GBPA is arguing that Jarol’s reliance on the Gaming Act’s

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definition of ‘gaming’ is “irrelevant”,as there was nothing in it that “sheds any light” on how the Hawksbill Creek Agreement’s interpretation of ‘entertainment’ and ‘amusement’. “For all these reasons, the business of offering gaming as carried out by the plaintiff falls within clause 2(23) (a) of the Hawksbill Creek Agreement,” the GBPA argued. “Accordingly, no Port Authority licensee is required to obtain any license from the Government or any Governmental agency (such as the Gaming Board) in order to carry out such a business.” As previously reported by Tribune Business, the issue of who has regulatory responsibility in Freeport the GBPA or a national regulator created by statutory legislation- has generated frequent conflicts and court battles in recent years. This has particularly reared its head in the context of the Utilities Regulation and Competition Authority (URCA), and whether it - not the GBPA should be the licensing and regulatory authority for utilities in Freeport. Cable Bahamas has successfully challenged the ability of URCA to levy Internet fees on its subsidiary, Cable Freeport, while the Grand Bahama Power Company (GBPC) is currently contesting the regulator’s ability to oversee it. Some observers are likely to view Freeport’s founding agreement, the Hawksbill Creek Agreement, as outdated and inconsistent with global trends favouring the creation of national regulators. The Jarol Investments case will especially irk the Christie administration, given that a key element of its recent Memorandum of

Understanding (MoU) with the GBPA was designed to address the issue of regulatory conflicts in Freeport. The MoU’s clause 1.18 commits the GBPA to ensuring its regulatory and quasi-governmental powers are ‘harmonised’ with national laws and government policies/regulations. And the ‘harmonisation’ is supposed to occur via “existing independent regulators” such as the Utilities Regulation and Competition Authority (URCA) and the Gaming Board. The GBPA, meanwhile, argued that Jarol’s summons “fails to address the real issues in the case”, and focused largely “on matters which have never been in dispute, and are now moot”. Of the five issues raised in the web shop operator’s originating summons, the Port said three should be struck out because they were “not in dispute”, while another issue had “no foundation at all”. The GBPA also alleged that there appeared to “fundamental confusion” in Jarol’s legal filings over the nature of the licences it issued. The web shop operator frequently refers to ‘Business Licences’ and ‘Gaming Licences’, but the Port argued that it only issued ‘Port Authority licences’ that were not intended as a substitute for permits from Nassau. And the GBPA said it was untrue for Jarol to say it had not withdrawn a January 25, 2016, claim that the Gaming Act provided the basis for its licensing authority and fee increase. The Port said an August 31, 2016, letter from its attorneys had clarified this matter. “Jarol now persists in the narrow point that the Port Authority has no powers conferred upon it by the Gaming Act. This is not in dispute – and never has been,” the GBPA alleged. “Jarol has nonetheless persisted with pursuing this point, in the hope, it seems,

Career Opportunity A leading retailer seeks to employ the services of a junior accounting clerk. Requirements: high school diploma, computer literate and grade C or above in BGCSE English, Math and Accounting.1-2 years accounting experience preferred. Competitive earnings, benefits and working conditions offered. Send resume, BGCSE Certificate and other standard supporting documents to: jacw1961@gmail.com

of trying to persuade the Court to prevent the Port Authority from exercising its existing rights under the Hawksbill Creek Agreement, and/or to give Jarol preferential treatment in its ordinary licensing arrangements with the Port Authority.” The GBPA argued that it had only been seeking to place the license with Jarol “on a proper footing”, because it was “carrying out activities in the Port area for which it is not properly licensed”. Although licensed since 2005, the company had only been permitted to act as an Internet cafe, not as a gaming ‘web shop’. “The businesses which Jarol was licensed to carry out did not, therefore, include the operation of gaming ‘web shops’,” the GBPA alleged.

“Indeed, prior to the 2014 Gaming Act, the operation of such web shops was unlawful (or at least, its lawfulness was open to question), so that the Port Authority would not - and could not - have licensed Jarol to carry out such unlawful activities.” While acknowledging that the Hawksbill Creek Agreement did “not explicitly state” that the GBPA has the power to grant licenses, the Port and its attorneys argued that this was “woven” into the agreement by numerous references to licensees. With no limits imposed on the fees it can charge, the GBPA pointed to its fee schedule, which levies a maximum of $300,000 or 1 per cent of winnings - whichever is greater - on Freeport-based casinos. “The fees proposed to

be charged for conducting a web shop business are in line with the existing fees charged for other gaming activities such as casinos,” the GBPA alleged. “They are also less than the fees charged by the Gaming Board. The fees are not, therefore, irrational or unfair. “Jarol has not set out any proper basis for the court to interfere with the level of fees proposed to be charged by the Port Authority to its licensees, and even if the court were minded to interfere, the level of fees is not so unreasonable or irrational that the level should be reviewed. “Nor is the court in any position to determine what a reasonable fee might be – Jarol has led no evidence on the point, but simply asserts that it should not have to pay any fee at all.”

CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following position:

Housekeeping Supervisor Prime Responsibilities and Duties are: • Assist with the supervision of the Room Attendants and Housemen. • Assign team members their duties and inspect work for conformance to prescribed standards of cleanliness. • Communicate with other Departments, particularly Front Desk and Engineering, to ensure that all standards in the rooms are met before assigning them for sale. • Prepare assigned Housekeeping Reports. Qualifications & Experience Required: • Potential applicant must possess a High School Education. • Must be computer literate • Excellent written and oral skills Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to recruitment.humanresources@outlook.com


PAGE 8, Thursday, December 1, 2016

THE TRIBUNE

Conflict rules hardly the same for president, others WASHINGTON (AP) — Rep. David McKinley has sold his West Virginia engineering and architecture firm, but it still bears his name — and that earned the Republican congressman a rebuke from the House Ethics Committee. President-elect Donald Trump has built an international property man-

agement, real estate and branding business around his name. There appears to be no consequence for that. When it comes to ethics, not all government employees and elected officials are regulated equally. What’s a serious matter for a secondterm congressman with a small business has no equivalent for a president

NOTICE

DANAUS LTD. N O T I C E IS HEREBY GIVEN as follows:a) DANAUS LTD is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. b) The dissolution of the said company commenced on the 29th November, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas. Dated this 01st day of December, A. D. 2016 _________________________________ Octagon Management Limited Liquidator

with a multibillion-dollar empire. The government’s legislative and judicial branches are governed by well-established rules, but there’s far less clarity about what a president can and cannot do. Conflict of interest provisions are generally looser, though Democrat Jimmy Carter, Republican George W. Bush and many other recent presidents took care to separate themselves from their businesses. Trump tweeted Wednesday that he would soon announce his plans to step back from his company while he is president. He wrote that “legal documents are being crafted which take me completely out of business operations.” Many serious questions remain: Will he retain an ownership stake? Will, as top aide Kellyanne Conway suggested, his adult children own and run the business? If they do take over the Trump Organization, will they continue to be involved in Trump’s administration, as they have been? Spokesmen for Trump’s transition and the Trump Organization have not provided details. While Trump develops his plan, ethics lawyers and

CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:

Engineering Can-Fix-It

Essential Job Functions: • Repair minor electrical issues, appliances, and minor plumbing. • Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs. • General knowledge to repair heating and cooling units, painting the exterior and pressure washing. Position Requirements: • Must have three years of hands on experience in the maintenance field. • Experience in the Hotel Industry will be a plus.

Cook

Essential • • • • •

President-elect Donald Trump gives the thumbs-up as he arrive at the Trump National Golf Club Bedminster clubhouse in Bedminster, N.J. Trump, ethics attorneys and good-government groups are all grappling with how to navigate being a president with extraordinary international and domestic business ties. While others in government are bound by rules and regulations about their business ties, the president has fewer such restrictions. (AP Photo) good-government groups are reviewing laws, past cases and best practices — as well as issues of who would even have the standing to call out a president for possible conflict of interest violations. As Danielle Brian, executive director of the nonprofit Project on Government Oversight, put it, “We’re researching things that hadn’t even been considered before.” “We have never had a president with these enormous business conflicts domestically and globally,” said Norman Eisen, who served as President Barack Obama’s first White House ethics czar. “What’s more, we’ve never had a president who seems to insist on

enough for Trump to simply step away from company operations. “Without an ethics firewall that is set up at once and continues into the administration, scandal is sure to follow,” they wrote. Self-policing has been common in recent presidencies, as well as in the legislative and judicial branches. Congress’ adherence to ethics rules stems from its ability to regulate itself. That was the case with McKinley, who violated a provision that a fiduciary business such as an architecture firm is barred from using the name of a government employee such as a congressman. Lawmakers “are attuned

“We have never had a president with these enormous business conflicts domestically and globally” breaking the precedent set by every previous president for at least four decades of doing a true blind trust or its equivalent.” Eisen and Richard Painter, who held an equivalent position under Bush, wrote in a joint statement Wednesday that it’s not

to views of the voters and perception of undue conflicts,” said Andrew Herman, a Washington attorney who specializes in congressional ethics. “That’s why they’ve tended to have stringent ethics rules and committees to enforce them.”

NOTICE Job Functions: Inspect food preparation and serving areas to ensure observance of safe, sanitary food-handling practices. Turn or stir foods to ensure even cooking. Prep, season and cook food according to recipes or personal judgment and experience. Observe and test foods to determine if they have been cooked sufficiently. Weigh, measure, and mix ingredients according to recipes or personal judgment, using various kitchen utensils and equipment. Prepare staff meals.

REFUGIO LIMITED N O T I C E IS HEREBY GIVEN as follows:a) REFUGIO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

Position Requirements: • General knowledge of working in a commercial kitchen. • Knowledge and ability to use basic work tools and equipment.

b) The dissolution of the said company commenced on the 29th November, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

Bartender

c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Essential • • •

Job Functions: Properly stock and set up bar at the beginning of each shift. Make certain that all drinks prepared for guests are at industry standard. Ensure that the required amount of liqueurs are dispense for all drinks.

Position Requirements: • High School Diploma required. • Two years experience as a Bartender required.

Utilities

Essential Job Functions: • Perform duties to maintain kitchen work areas and restaurant equipment and utensils in clean and orderly condition. • Transfers supplies and equipment between storage and work areas by hand or by use of hand truck. • Sets up banquet tables, when required. • Keep all equipment in the food and beverage areas are in good condition. Report any breakdowns in equipment to management. Position Requirements: • High school graduate or equivalent. • Previous hotel-related experience desired.

Guest Service Representative Essential • • • •

Job Functions: Register guests and assign rooms. Assists in pre-registration and blocking of rooms for reservations. Thoroughly understands and adheres to proper credit, cheque-cashing, and cash-handling policies and procedures. Processes guest check-outs.

Position Requirements: • High school graduate or equivalent. • Must have the ability to work independently

Accounts Clerk Essential • • • • •

Job Function: Prepare all accounts receivable invoicing. Maintain and update all accounts receivable and accounts payable files. Perform all clerical work in the accounts department as assigned. Answer incoming calls and provide routine information in response to inquiries. Assist in accounts payable month/year end closing.

Position Requirements: • High school graduate with accounting background. • Knowledge of Excel and Microsoft Word. Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to recruitment.

humanresources@outlook.com

Dated this 01st day of December, A. D. 2016 _________________________________ Octagon Management Limited Liquidator

Trump has broadly asserted that he is not hemmed in by conflict of interest laws. “The law is totally on my side,” Trump told The New York Times last week. Herman and other attorneys say that while the president and vice president are exempt from the federal conflict of interest statute, the country’s founders drew a bright line at accepting foreign gifts. That ban is captured in an antique-sounding part of the Constitution called the emoluments clause. It could pose a problem for Trump because he does business all over the world. Even his domestic operations, such as his new hotel at the Old Post Office building in Washington, could trip him. Arthur Hellman, an ethicist at the University of Pittsburgh, said he does not believe any U.S. court, much less the Supreme Court, has ever interpreted the emoluments clause. “There is nothing that sheds much light on questions raised by foreign officials giving something or engaging in activities that could be construed as emoluments to Trump or his businesses.” However, a violation might be difficult to challenge in court, Hellman said. “It’s hard to imagine anyone would have standing,” he said. Other legal experts have said that perhaps a business competitor would have the right to litigate. At Democrats’ request, the Congressional Research Service recently put out brief guidance on what rules “might technically” apply to the president. Among them is the emoluments clause, a prohibition on employing relatives, and bribery provisions. Another sticky issue: Trump’s potential conflicts haven’t been fully illuminated. As a candidate, he filed financial disclosures as required by federal law, including assets of more than $1.4 billion and debt of at least $265 million. He has separately boasted that his net worth is $10 billion


THE TRIBUNE

Thursday, December 1, 2016, PAGE 9

House Democrats re-elect Pelosi as leader despite discontent WASHINGTON (AP) — House Democrats reelected Nancy Pelosi as their leader Wednesday, ratifying the status quo in a changing Washington despite widespread frustration over the party’s direction. That disenchantment manifested itself in 63 lawmakers supporting Pelosi’s opponent, Ohio Rep. Tim Ryan, in the secret-ballot vote. That was by far the largest defection Pelosi has suffered since she began leading House Democrats in 2002. Still, the California lawmaker had declared ahead of time that more than two-thirds of the caucus was supporting her, and she won almost exactly twothirds with 134 votes. It was a testament to her votecounting skills and to her ability to hang onto power even in dark days for Democrats, as they confront a capital that will be fully controlled by the GOP next

year. “I have a special spring in my step today because this opportunity is a special one, to lead the House Democrats, bring everyone together as we go forward,” Pelosi said after the vote, appearing elated in her victory. She disputed the suggestion that she might be concerned about the defections she suffered. “They weren’t defections, I had two-thirds of the vote,” Pelosi said, repeating “two-thirds, twothirds” to a group of assembled reporters.

And she insisted Democrats would rebound. “We know how to win elections. We’ve done it in the past, we will do it again.” Supporters said the 76-year-old Pelosi was their best bet to confront a President Donald Trump from the minority after Democrats picked up only a halfdozen seats in the House, far fewer than anticipated and well below Pelosi’s predictions. Republicans are on track to hold at least 240 seats in the House next year, while Democrats will have 194.

“I’m very concerned we just signed the Democratic party’s death certificate ... unless we change what we are talking about, which is really the working man and woman’s agenda”

“We need someone who is battle-tested,” Rep. Debbie Dingell of Michigan told fellow Democrats in nominating Pelosi. “We need our leader to be seasoned, tough.” For their part, Ryan and his backers insisted that they had won a victory in sending a message to Pelosi about the significant desire for change among House Democrats. “Somebody had to do something,” said Ryan, a seven-term lawmaker who before now had been largely a back-bencher. “Our prospects have improved just because of this conversation.” Yet Democrats’ marginalized status was evident as Ryan struggled to answer a question about who would lead the party forward, before concluding: “We’re all going to participate in leading the party.” Leadership elections were originally scheduled to be held before Thanks-

Rep. Tim Ryan, D-Ohio, left, speaks to reporters following the House Democratic Caucus elections on Capitol Hill in Washington, yesterday, for House leadership positions. Ryan challenged House Minority Leader Nancy Pelosi of Calif., but lost, 134-63. Rep. Kurt Schrader, D-Ore., listens at left. (AP Photo)

giving but were delayed to give Democrats more time to consider a path forward. Lawmakers expressed frustration over a range of issues, including stagnant leadership in their caucus, and Democrats’ failures to connect with white working class voters. “I’m very concerned we just signed the Democratic party’s death certificate ... unless we change what we are talking about, which is really the working man and woman’s agenda,” said Rep. Kurt Schrader of Oregon.

Pelosi has earned respect and loyalty from many Democrats over the years, including as a powerhouse fundraiser, raising over $140 million for Democrats in the 2016 cycle, and as a skilled legislative tactician. As speaker in 2009 she steered Obama’s health care law through the House and also pushed through a divisive bill to cap carbon emissions, but Democrats suffered massive losses in midterm elections the next year and lost their majority.

GN-1825

GOVERNMENT NOTICE PUBLIC NOTICE MINISTRY OF WORKS & URBAN DEVELOPMENT DEPARTMENT OF PHYSICAL PLANNING The public is hereby notified that a Site Plan Application (SPA/5/2016) hours. on behalf of Children’s Bay Cay Services Limited is presently being reviewed by the Department of Physical Planning for presentation Interested persons and organisations are invited to review the inforto the Town Planning Committee. mation on file and provide written comments to the Acting Director of Physical Planning within twenty-one (21) days of the date of this The proposed development involves two(2) cays in Exuma, namely notice. Submissions should be made via P.O.Box N -1611 Nassau, Children’s Bay Cay and Williams Cay. On Children’s Bay Cay, the The Bahamas or fax (242) 328 – 3206. Further inquiries should be developer wishes to construct forty-six (46) luxury hotel pavilions, a made to the Acting Director via Tel: (242)322-7550/2 or (242)328marina, villas, a marina village, back of house facilities, etc.. An eigh- 3202 or CHARLESZONICLE@BAHAMAS.GOV.BS teen (18) hole golf course, club house and twelve (12) residential lots are proposed for Williams Cay. Preliminary plans of the proposed Signed resort development and the environmental impact assessment are available for viewing at the Department of Physical Planning, locat- Charles B. Zonicle ed in the Aventura Plaza on John F. Kennedy Drive, during working Ag. Director of Physical Planning


PAGE 16, Thursday, December 1, 2016

THE TRIBUNE

Stocks end mostly lower, despite gains in banks, oil NEW YORK (AP) — Stocks moved mostly lower Wednesday as gains in blue-chip energy companies and banks were not enough to make up for losses in the broader market. The bond market took heavy losses, with the 10year U.S. Treasury note rising to its highest level in a year and a half. The higher yields sent bond substitutes like utilities, telecommunications and real estate stocks sharply lower. Oil stocks climbed after OPEC nations, which collectively produce more than one-third of the world’s oil, agreed to trim production for the first time in eight years. The Standard & Poor’s 500 index lost 5.85 points, or 0.3 percent, to 2,198.81 and the Nasdaq composite dropped 56.24 points, or 1.1 points, to 5,323.68. The 30-member Dow Jones industrial average

closed up 1.98 points, or 0.01 percent, to 19,123.58. The gain was attributable to big increases in a handful of Dow components, mainly Goldman Sachs, Chevron and DuPont. The bond and energy markets saw the most drama on Wednesday. Bond prices fell sharply yet again and the 10-year note’s yield rose to 2.38 percent from 2.29 percent on Tuesday, a major move for that market. That yield is now trading at its highest level since July 2015. The election of Donald Trump as the country’s next president has sent investors fleeing out of safeplay assets like bonds, gold and dividend-paying stocks this month and into riskier investments like small companies, which would benefit the most from a growing domestic economy. The Russell 2000 index, which is made up of mostly

and in an inflationary environment. “We have elected a progrowth president who is going to move very quickly to make some drastic changes, and investors are trying to figure out what to do with that,” said Tom di Galoma, head of Treasury trading at Seaport Global Holdings. Di Galoma said he sees the 10-year note’s yield hitting 3 percent by year end, a level not seen in nearly three years. In energy, OPEC members finalized a deal that will cut their oil output by 1.2 million barrels a day starting in January. Preliminary terms of the deal were announced in September. It’s the first time in eight years that the cartel has agreed to cut production. Russia, another major oil-producing country that is not part of OPEC, also agreed to cut its output. The price of U.S. crude

the New York Stock Exchange. Oil prices surged yesterday, on expectations of a production cut from the OPEC cartel of producers. Shares in oil companies rose in the slipstream of higher oil prices, helping indexes around the world to post solid gains. (AP Photo)

small to mid-sized companies, soared 11 percent in November. That’s the biggest one-month gain for that index in five years. Investors believe Trump’s promises to cut taxes, invest heavily in infrastructure, and cut back

regulation will help grow the economy and might even cause inflation, which has been almost non-existent since the financial crisis. U.S. government bonds quickly become less appealing to investors in a healthy, growing economy

THe WeaTHer repOrT

5-Day Forecast

TOday

FrIday

saTurday

sunday

mOnday

Partly sunny

Partly cloudy with a stray shower

Clouds and sun with a stray shower

Partly sunny with a brief shower

Mostly sunny and breezy

Breezy with partial sunshine

High: 83°

Low: 70°

High: 82° Low: 69°

High: 80° Low: 69°

High: 82° Low: 70°

High: 83° Low: 70°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

98° F

82° F

99°-77° F

87°-69° F

86°-71° F

88°-75° F

OrlandO

Tampa

High: 80° F/27° C low: 61° F/16° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

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almanac

E

W

aBaCO

S

N

High: 78° F/26° C low: 73° F/23° C

7-14 knots

S

High: 84° F/29° C low: 69° F/21° C

6-12 knots

FT. lauderdale

FreepOrT

High: 84° F/29° C low: 71° F/22° C

E

W S

E

W

WesT palm BeaCH

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uV inDex toDay

TOnIGHT

High: 84° F/29° C low: 59° F/15° C

High: 83° F/28° C low: 68° F/20° C

mIamI

High: 84° F/29° C low: 71° F/22° C

3-6 knots

Key WesT

High: 82° F/28° C low: 74° F/23° C

eleuTHera

nassau

High: 83° F/28° C low: 70° F/21° C

Forecasts and graphics provided by AccuWeather, Inc. ©2016

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The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

8:40 a.m. 8:57 p.m.

3.0 2.3

2:20 a.m. 3:09 p.m.

0.0 0.1

Friday

9:18 a.m. 9:37 p.m.

2.9 2.3

2:58 a.m. 3:47 p.m.

0.1 0.2

Saturday

9:57 a.m. 10:20 p.m.

2.9 2.3

3:37 a.m. 4:28 p.m.

0.2 0.2

Sunday

10:39 a.m. 11:07 p.m.

2.8 2.3

4:20 a.m. 5:11 p.m.

0.3 0.3

Monday

11:25 a.m. 11:59 p.m.

2.8 2.3

5:08 a.m. 5:57 p.m.

0.4 0.3

Tuesday

12:16 p.m. -----

2.7 -----

6:02 a.m. 6:47 p.m.

0.5 0.2

Wednesday 12:56 a.m. 1:12 p.m.

2.4 2.6

7:04 a.m. 7:41 p.m.

0.5 0.1

sun anD moon Sunrise Sunset

6:38 a.m. 5:20 p.m.

Moonrise Moonset

8:13 a.m. 7:20 p.m.

First

Full

last

new

dec. 7

dec. 13

dec. 20

dec. 29

CaT Island

E

W

High: 81° F/27° C low: 74° F/23° C

N

S

E

W

6-12 knots

S

6-12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 72° F/22° C Normal high ....................................... 80° F/27° C Normal low ........................................ 68° F/20° C Last year’s high ................................. 84° F/29° C Last year’s low ................................... 72° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.08” Year to date ............................................... 48.94” Normal year to date ................................... 38.59”

High: 80° F/27° C low: 75° F/24° C

surged $4.21, or 9.3 percent, to close at $49.44 a barrel in New York. That’s the biggest one-day gain since February. Brent crude, the international benchmark, gained $4.09, or 8.8 percent, to $50.47 a barrel in London. Crude dropped almost 4 percent Tuesday as investors felt a deal was becoming less likely. Other energy commodities also jumped sharply. Heating oil rose 11 cents to $1.57 a gallon, wholesale gasoline rose 11 cents to $1.49 a gallon and natural gas rose 3 cents to $3.35 per 1,000 cubic feet. Higher oil prices mean more revenue for companies that extract or sell oil, and energy companies made big gains Wednesday. Exxon Mobil picked up $1.40, or 1.6 percent, to $87.30 and Chevron rose $2.22, or 2 percent, to $111.56.

andrOs

san salVadOr

GreaT eXuma

High: 82° F/28° C low: 74° F/23° C

High: 81° F/27° C low: 75° F/24° C

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High: 81° F/27° C low: 74° F/23° C

E

W S

lOnG Island

insurance management tracking map

High: 82° F/28° C low: 76° F/24° C

6-12 knots

mayaGuana High: 83° F/28° C low: 77° F/25° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CrOOKed Island / aCKlIns raGGed Island High: 81° F/27° C low: 76° F/24° C

GreaT InaGua High: 85° F/29° C low: 78° F/26° C

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N E

W

E

W

H

High: 82° F/28° C low: 77° F/25° C

S

S

8-16 knots

10-20 knots

marine Forecast aBaCO andrOs CaT Island CrOOKed Island eleuTHera FreepOrT GreaT eXuma GreaT InaGua lOnG Island mayaGuana nassau raGGed Island san salVadOr

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS S at 6-12 Knots SW at 4-8 Knots SE at 6-12 Knots E at 4-8 Knots ESE at 7-14 Knots ENE at 6-12 Knots E at 10-20 Knots ENE at 10-20 Knots SE at 6-12 Knots E at 4-8 Knots S at 6-12 Knots NE at 6-12 Knots E at 6-12 Knots ENE at 6-12 Knots NE at 10-20 Knots NE at 10-20 Knots E at 8-16 Knots ENE at 7-14 Knots E at 10-20 Knots E at 8-16 Knots SE at 3-6 Knots E at 3-6 Knots E at 8-16 Knots ENE at 7-14 Knots SE at 6-12 Knots E at 4-8 Knots

WAVES 4-7 Feet 3-6 Feet 1-2 Feet 1-2 Feet 3-6 Feet 3-5 Feet 4-7 Feet 3-5 Feet 4-7 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-2 Feet 4-7 Feet 3-5 Feet 2-4 Feet 1-3 Feet 5-9 Feet 4-7 Feet 1-3 Feet 0-1 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-3 Feet

VISIBILITY 8 Miles 8 Miles 10 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 10 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 10 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles

WATER TEMPS. 78° F 79° F 81° F 80° F 80° F 81° F 80° F 80° F 77° F 78° F 82° F 82° F 78° F 78° F 81° F 81° F 81° F 81° F 79° F 79° F 80° F 80° F 80° F 80° F 79° F 79° F


THE TRIBUNE

Thursday, December 1, 2016, PAGE 17

Freight railroads don’t expect big trade changes under Trump OMAHA, Neb. (AP) — Major U.S. freight railroads expect their business to fare well as long as the economy continues growing despite President-elect Donald Trump’s promises to overhaul U.S. trade policy and renegotiate bad deals. Railroad executives didn’t seem worried about major trade changes Wednesday when they spoke at a Credit Suisse investor conference in Palm Beach, Florida. And railroads would benefit if major infrastructure projects are approved or the Trump administration relaxes environmental restrictions on coal. “At this point, we think logic will prevail,” Union Pacific’s Chief Financial Officer Rob Knight said. “If we want to grow our economy, it’s going to require healthy trade.” All the railroads benefit from international trade because they haul containers of goods that ships bring into port hundreds or thousands of miles inland before trucks carry them to their destinations. Those intermodal shipments accounted for nearly half of the 31.5 million carloads North American railroads have delivered this year. And Knight said that shipments to and from Mexico account for about 12 percent of Omaha, Nebraska-based Union Pacific’s volume. So Trump’s criticism of the North American Free Trade Agreement between the

United States, Mexico and Canada would seem troubling for railroads. Trump says NAFTA and deals like it provide incentives for companies to move factory jobs abroad. But Edward Jones analyst Dan Sherman said that based on the people Trump has picked to join his cabinet, he doesn’t expect major changes in trade. “I think we’re still going to have trade,” Sherman said. “It just might be on slightly different terms.” And even if international trade suffers, railroads can hope that coal shipments might finally stabilize after several years of decline or that major infrastructure projects requiring many carloads of raw materials will be approved. The variety of different goods that railroads haul helps them endure a variety of market conditions. But falling demand for coal has been a challenge for railroads because low natural gas prices and tough environmental rules on coal prompted many utilities to switch. Norfolk Southern Executive Vice President Alan Shaw said it’s still too early to determine what Trump’s policies will mean because the administration is still taking shape. So Shaw said his Norfolk, Virginia-based railroad is focused on market forces like consumer spending, fuel prices and whether cold weather forces utilities to burn more coal.

Ryan: Aid to address lead in Flint, MI, water on track WASHINGTON (AP) — House Speaker Paul Ryan Tuesday promised that a long-delayed aid package to help Flint, Michigan, address its lead-tainted water system is on track to pass into law by the end of the year. The Wisconsin Republican says the $220-million aid package will be addressed “one way or the other.” He said he hopes it will pass as part of a popular water projects bill, though GOP aides said it’s more likely to be added to a temporary spending measure that’s needed to avert a government shutdown next week. The Flint aid issue was a major sticking point as Republicans and Democrats battled before Congress recessed for the elections. Ryan, despite earlier reservations that Flint’s water problems are a local issue, has come to support federal help for the impoverished city. Flint’s drinking water became tainted when the city, then under state control, began drawing from the Flint River in 2014 to save money. Regulators failed to ensure the water was treated properly and lead from aging pipes leached into the water supply. As many as 12,000 children have been exposed to lead in water, officials say. “We are going to address Flint,” Ryan said. Ryan also said negotiations are continuing over a stopgap spending measure to keep the government running

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

BONAMAN LIMITED In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), BONAMAN LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 18th day of November 2016.

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

into the first months of the Trump administration. It now looks as though the measure will extend beyond the March 31 date Ryan originally envisioned, out of deference to the Senate, which is expected to have a full schedule confirming Trump Cabinet appointees and a potential Supreme Court nominee. The stopgap spending bill, said Ma-

jority Whip Steve Scalise, R-La., is also likely to contain additional flood and hurricane relief for Louisiana and other states. President Barack Obama has officially requested $3.15 billion in community development grants as rebuilding assistance for Louisiana and other states. That’s on top of $500 million approved in September.

NOTICE

NOTICE is hereby given that JULIAN PHILIPPE of Wulff Rd, 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 24th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that Lornika Seraphin of Faith Ave., Carmichael Road, Nassau, Bahama 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 24th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

Legal Notice

NOTICE

House Speaker Paul Ryan of Wis. speaks during a news conference on Capitol Hill in Washington. Republicans seemed on track to secure two more years of House control in Tuesday’s elections but with erosion of their historic majority, leaving hard-line conservatives with added clout to vex party leaders. (AP Photo)

NOTICE is hereby given that JEAN WELBEE VILLE of West Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that Rolins Obsaint of Farrington Road, Nassau, Bahama 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 24th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT WEDNESDAY, 30 NOVEMBER 2016

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

BISX ALL SHARE INDEX: CLOSE 1,943.04 | CHG -0.04 | %CHG 0.00 | YTD 119.09 | YTD% 6.53 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.12 8.28 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.05 11.00 8.69 6.90 12.25 11.00

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 3.52 1.77 0.12 5.60 8.50 5.83 10.49 13.98 2.24 1.55 5.82 9.05 10.96 8.69 6.61 11.93 10.00

CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.49 13.98 2.19 1.55 5.82 9.05 10.96 8.69 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 -0.05 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

110.66 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

110.73 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

E J K L M N

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

52WK LOW 100.00 100.00 100.00

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

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

VOLUME 110

800 500

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 16.0 N/M N/M 30.3 15.4 11.5 19.4 26.5 23.3 9.3 11.4 14.8 11.4 13.4 9.4 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.55% 0.00% 0.00% 3.34% 3.06% 3.43% 3.43% 4.36% 2.74% 2.58% 4.12% 3.04% 0.00% 3.22% 1.82% 5.36% 0.00%

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

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

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

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

INTEREST 7.00% 6.00% Prime + 1.75%

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

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

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

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

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

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

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

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

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

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

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


12012016 business