MONDAY, DECEMBER 5, 2016
business@tribunemedia.net
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The Prime Minister was yesterday urged to “take the long view” by the Opposition’s deputy leader, who warned him not to jeopardise the Bahamas’ international reputation by rapidly approving Baha Mar’s new owner. See pg b5
Urges PM to ‘take long view’ on CTFE purchase Warns on buyer’s ‘questionable connections’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Demands deal unsealing; answers on 10% tax on sale
Bahamians face ‘very bitter pill’ over BPL rises By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamians will have to swallow “a very bitter pill” after the upcoming general election, a former Cabinet Minister yesterday warning consumers to brace for electricity cost hikes and more Bahamas Power & Light (BPL) blackouts. See pg b4
Ex-minister: ‘Brace’ for 2017 price hikes, blackouts Critical refinancing may not occur until 2018 Utility seeking facility from CIBC, Credit Suisse
BISX: Commission’s Rules help to define SME ‘working space’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas International Securities Exchange’s (BISX) chief executive says the publication of proposed ‘crowdfunding’ rules will help define “the space we can work in” with its Small Alternative Market (SAM). Keith Davies told Tribune Business that BISX would have to study the guidelines released by the Securities Commission last Friday, which propose allowing Bahamian micro, small and medium-sized (MSMEs)
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Port’s ultimatum to Freeport web shops
FNM deputy: ‘More at stake’ over Baha Mar than election By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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Exchange to study new crowdfunding guidelines
The Grand Bahama Port Authority (GBPA) has issued an ultimatum to Freeport-based web shops, after the Government allegedly “hijacked” and “ambushed” the trial to determine who is the industry’s primary regulator in that city. Attorneys acting for Freeport’s quasi-governmental authority warned that it now plans to act against web shops “operating in breach” of their GBPA licenses, after the Government’s intervention delayed the matter’s resolution by the Supreme Court. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that this could amount to the GBPA cancelling the licenses held by all Freeportbased web shops, unless they agreed to amend them and pay significantly higher fees. He added that his client had little choice but to “bring some order” to a chaotic situation where Freeport-based web shops are not currently licensed by the GBPA to conduct gaming activities. The only web shop chain currently exempt from the license cancellation threat is Jarol Investments, trading as Chances Games, See pg b6
Web shops urged: ‘Put skin in game’ over GBPA case
Warns of licence cancellations for ‘breaches’ Comes after Govt ‘ambush, hijack’ of Chances trial
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The attorney for Chances Games has urged rival web shops, such as FML and Island Luck, to “put some skin in the game” given that they are totally exposed to the Grand Bahama Port Authority’s (GBPA) threat to cancel their licenses to operate in Freeport. Carlson Shurland told Tribune Business it was “disconcerting” that other web shop operators were not joining his client to defend their Freeport business interests, given that the outcome of its battle with the GBPA would potentially have negative conseChances attorney quences for them. While confi‘disconcerted’ on dent that Chances sector support and its operating parent, Jarol Investments, would Warns likes of successfully obFML, Island Luck tain a Supreme of Freeport threat Court injunction to prevent the GBPA cancelling ‘Act of its license in the desperation’; interim, Mr Shurland warned that Port taking case this would offer ‘personally’ See pg b8
Delay ‘prejudices’ GBPA right to ‘bring order’ to city
Fred Smith QC
Regulator eyes $1m and $3m limits on OTC market Also proposes to restrict sum retail investors can place businesses to raise up to $3 million annually on an ‘over-the-counter’ market (OTC). See pg b7
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PAGE 2, Monday, December 5, 2016
THE TRIBUNE
Baha Mar purchaser to hire 1,500 in early 2017 By NATARIO McKENZIE
tainment and offshore island facilities, and demolition and redevelopment of the former Crystal Palace Hotel”. The Prime Minister added: “These operations will almost immediately begin to have a positive economic impact. My government has been working to ensure that there will be continuous employment opportunities in the tourism sector for our young people, starting with the hiring of 1,500 employees at Baha Mar early in the New Year. “This is to facilitate the phased opening of 1,800 rooms at the conference and casino hotel, the casino, convention centre and golf course, and employment of up to 3,300 by August of 2017; 4,300 by
December 2017.” Mr Christie added that China Construction America (CCA), the general contractor, currently has 500 workers on site. When fully operational, he added that Baha Mar will create 5,700 new direct jobs and an additional 4,160 indirect jobs. Mr Christie said a highlevel government delegation left for China last Thursday to meet with prospective CTFE and tour its casino operations. The delegation includes Attorney General Allyson Maynard-Gibson; Tourism Minister Obie Wilchcombe; Sir Baltron Bethel, senior advisor to the Prime Minister; and four officials from the Gaming Board.
Chamber chief rejects ‘We March’ strike call
change “with the stroke of a pen”, given his position as Prime Minister, minister of finance, and minister with responsibility for Crown Land. Mr Henfield said that if Mr Christie met some of the demands in good faith, via a public address by December 8, he was prepared to convene a meeting with the more than 40 affiliated organisations and the media to discuss controversial issues.
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Prime Minister has confirmed that the $3.5 billion Baha Mar project is set to undergo a phased opening in the 2017 second quarter involving 1,800 rooms, with 1,500 persons to be hired early in the New Year. Addressing a Bahamas Hotel Tourism Association (BHTA) luncheon, Perry Christie said Chow Tai Fook Enterprises (CTFE), which several weeks ago revealed itself as the prospective purchaser of the stalled mega resort, will invest $200 million in “pre-opening festivities, development of family amenities, enter-
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive says he cannot encourage strike action in the Bahamas at this time, explaining: “It doesn’t help the situation.”
Prime Minister Perry Christie pictured during a tour of the Baha Mar property. Photo: Shawn Hanna/Tribune Staff
‘We March Bahamas’ organisers last week threatened to initiate a national strike if Prime Minister Perry Christie does not give a national address on steps taken to meet their multiple demands. But Edison Sumner argued that with the Christmas season having now arrived, and businessed still recovering from Hurricane
Matthew, a national strike was not something he could support at this time. “My fight right now is trying to make the businesses survive the holidays,” he said. “They are still struggling from the impact of the hurricane. We have had some serious economic challenges even before the hurricane. “In all honesty I cannot
Edison Sumner
encourage a strike action from the business community at this time. To me, it doesn’t help the situation. That’s my position.” In a letter to Mr Christie, lead organiser Ranard Henfield reiterated that there was no reason to meet privately with the nation’s leader because all issues listed were well within his ability to immediately
THE TRIBUNE
Monday, December 5, 2016, PAGE 3
How BISX falls short
O
ur Bahamas International Securities Exchange (BISX) recently launched its “new and improved, user friendly, website”. Just type www.bisxbahamas.com on your computer, and there it is ... unfortunately, a damp squib. Don’t get me wrong. I am all in favour of an active capital market. Every country with a modern economy, even small ones like ours, can benefit from a buoyant stock exchange. We have achieved political democracy, but we are far from financial democracy. Every politician and pundit wants to see our national wealth spread more widely, by having equity shares held by more citizens than just those few at the top of the wealth pyramid. I am sure that BISX chief executive, Keith Davies, and his team worked hard on the new website. Sometimes, however, hard work does not result in progress; just the opposite. Consider the history of BISX: Created via a 95-page Private Placement Memorandum issued in September, 1999, it was intended to “play a critical role in the development of the Bahamian economy by efficiently channelling capital flows into creative, dynamic and industrious projects”. Not only that, it was to have international impact “as a major regional and global capital market player”. And, of course, BISX itself would be a profitable venture with “a stream of ever increasing revenues for the exchange itself”. Enticed by this agenda, 45 individuals and financial firms invested a total of about $5 million initial capital and, by 2000, BISX was off and running with distinguished chairman Ian Fair heading a local Board of Directors, and a chief executive chosen from a London capital markets firm. Over 15 local companies that had been trading ‘over the counter’ soon shifted their shares to BISX, and ambitious efforts were made to snag international listings. Unfortunately, these efforts were extravagant
richard
CoulsoN and, together with other illplanned initiatives, within five years brought BISX to the edge of bankruptcy. That was only averted by a recapitalisation financed by the original shareholders plus a substantial infusion from Government, leaving the Treasury as the largest owner holding, to this date, over 40 per cent of BISX. Bahamian Keith Davies was brought in as the new chief executive with a better defined mission. Despite his exertions, little progress has been made towards getting more companies’ ordinary capital listed. After the initial group in 2000-2001, only two companies have signed up - Commonwealth Brewery (CBB) in 2011 and Arawak Port Development (APD) in 2012 - and both of these public offerings were launched under compulsion from Government policy. Since then, the equities listed on BISX have been locked at just 20 companies. So 16 years after its founding, BISX has negligible impact on our economy. In seeking to raise capital, companies do not con-
sider a listing on BISX, and investors with spare funds rarely plan to buy listed shares. No estimate of the total shareholder community has ever been issued, while in the US about 55 per cent of the adult population participates in the stock market, and daily quotation of New York Stock Exchange (NYSE) securities is hot news. The real problem of BISX is the feebleness of share trading and the resulting lack of liquidity. Many days, there is no trading whatsoever. None of the listed companies trade daily; several are active weekly, while a fair number are rarely seen in the market. Worse, it is scandalous that shares of major companies are frozen into thousands of ‘unfilled’ buy or sell orders reported on the BISX website. For months on end, shares of Cable Bahamas (CAB), CBB and Bahamas Property Fund (BPF) have been unmarketable because they are swamped exclusively by sell orders; by contrast, Freeport Oil (FCL), AML Foods (AML) and J S Johnson (JSJ) are rarely available because they are overwhelmed by buy orders. If BISX is unable to provide the basic function of any stock exchange - active trading at varying prices - what is the reason for its existence? Do we need it? I dispute the oft-repeated proposition that Bahamians do not understand tradeable investments and just buy and hold for their grandchildren. With a new breed of young people, getting constant information via the Internet, that idea can be buried in the past. Like investors everywhere in the modern world, they
demand the ability to move in and out. With our small population, we can never expect to enjoy the immediate liquidity of any share listed on the NYSE ... but surely we can do better than at present. For many years BISX displayed a stodgy and confusing website that was a turn-off for neophyte investors. The new model, just released, tries to offer an appealing soft sell but is actually a step backwards, rejecting much information vital for investment analysis. Now, on top, we can enjoy a nice colour photograph of a lady and her daughter smiling on the beach over the superimposed word ‘Confidence’ and, later, a video of Mr Davies expounding his plans for the future - but what’s gone missing? We no longer find earnings per share, price/earnings ratio, or dividend yield. There seems no longer any way to jump from a company’s See pg b7
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PAGE 4, Monday, December 5, 2016
Bahamians face ‘very bitter pill’ over BPL rises From pg B1 Phenton Neymour, who had ministerial responsibility for BPL’s predecessor, the Bahamas Electricity Corporation (BEC), told Tribune Business that energy cost increases were unavoidable if the utility was to be rescued. He suggested that Bahamians might be hit with a ‘double whammy’ in terms of energy price rises - an increase in BPL’s base tariff and, on top of that, a fee to help the company repay the bond that will refinance its
$650 million legacy liabilities. “The Bahamian people need to brace themselves for next year,” Mr Neymour told Tribune Business. “They must prepare for a rate increase after the general election, both from the bond fee and the base rate they will be charging. “We cannot expect any real progress at BPL for the next two to three years. It’s a reality. The Bahamian people are going to be faced with a very bitter pill in
Phenton Neymour terms of what is necessary to improve BPL, and it’s going to happen after the next election.” Cash-strapped BPL and
its manager, PowerSecure, are unable to implement their plans for turning around the struggling energy monopoly until its existing bank debt and bond, plus pension and environmental liabilities, are refinanced. This will be achieved by the issuance of a rate reduction bond (RRB) to investors, which is intended to both repay BEC’s legacy debts and move the new ones off its - and the Government’s - balance sheet. “The entire business plan for BPL is somewhat depending on the bond,” one source intimately familiar with the proposed financial restructuring, and speaking on condition of anonymity, told Tribune Business. However, the RRB will have to be repaid from a portion of BPL customers’ electricity bills that is specifically set aside for the purpose. This raises the likelihood that an additional charge will be added to alreadyhigh Bahamian electricity bills to repay the RRB, and at a time when global oil prices are set to increase as a result of the recent Organisation of Petroleum Exporting Countries (OPEC) agreement. However, Tribune Business sources have suggested that the RRB may not be placed with local and international capital markets investors until 2018 - further hindering efforts to save BPL. This newspaper was told that the delays are tied to efforts to obtain a ‘rating’ for the RRB from international credit rating agencies - something essential to fostering investor confidence in the bonds it will issue, and in obtaining the best possible price (interest) rate from the markets. Tribune Business understands that the rating agencies want the special purpose vehicle (SPV) that will issue the bonds to establish some credibility/history behind it before they will rate it. Establishing such credibility will, crucially, require the SPV to collect the portion of customer tariffs assigned to it to service repayment of the interest to
investors. Deputy Prime Minister Philip Davis, who has ministerial responsibility for BPL/BEC, could not be contacted by Tribune Business for comment yesterday. However, the Government, together with BPL’s Board and PowerSecure, are understood to be in talks with CIBC FirstCaribbean International Bank and Credit Suisse to obtain a ‘bridge financing’ facility to ensure the utility has sufficient capital prior to the RRB’s placement. The two named institutions are understood to be the front-runners to place the RRB, which was created by legislation passed by Parliament as part of efforts to reform the Bahamian energy sector. Tribune Business sources, speaking on condition of anonymity, said BPL is seeking $250 million in ‘bridge financing’, but that CIBC and Credit Suisse were currently only prepared to extend $75 million. Although that latter figure might be increased based on certain terms and conditions, this newspaper was made to understand it will come nowhere near BPL’s target $250 million. “It’s all fluid. I don’t know if anything’s been fixed,” one source told Tribune Business of BPL’s proposed interim financing solution. Energy utilities are capital intensive, and BPL requires huge multi-million dollar sums to overhaul its aged, inefficient and failing infrastructure - including both its generation capacity, much of which is obsolete, and its transmission and distribution (T&D) network. New generation plant, in particular, is a top priority, but the Government has either rejected or not responded to numerous proposals by private investors to build, own, operate and, ultimately, transfer a $200 million power plant for New Providence. Mr Neymour, meanwhile, suggested that the sums BPL is seeking are “insufficient” to effect a proper turnaround, and that any facility would have to be guaranteed by the Government - thereby adding $6.695 billion to the Bahamas’ na-
THE TRIBUNE tional debt. He also suggested that the Government was deliberately delaying any rate increases, including the RRB, until after the general election due to the negative impact it will have on voters. “The bond [RRB] that was created and passed in the House of Assembly goes against the promise of the PLP, which was to reduce the cost of electricity,” Mr Neymour told Tribune Business. “The bond is an additional cost on top of VAT, so it goes against the promise to the Bahamian people. In addition to that, we’re in election season, and I go with the view that the Government will not proceed with the bond placement and increased costs until after the election.” Mr Neymour also took issue with the Deputy Prime Minister’s assertion that electricity prices have come down because of the Government’s work, instead attributing this to lower global oil prices. He agreed that BPL was selling electricity to customers ‘below cost, causing its annual $20-$30 million losses, and that its woes could be traced back to the decision by then-minister of works, Bradley Roberts, and BEC’s chairman, the late Al Jarratt, to cut the ‘base tariff’ from which it derived its cash flow and profits. “The electricity rates today are those of 20 years ago,” Mr Neymour told Tribune Business, pointing out that high global oil prices meant the FNM could only restore the base rate “to where it was” between 2007-2012. The former minister also warned Bahamians to expect a 2017 summer eerily similar to this past one in terms of blackouts, pointing out that six to 12 months ordering cycles implied it was too late to purchase new generation capacity in time. “The bottom line is that the Government has to come forward and provide the funding and support for BPL. That’s the bottom line,” Mr Neymour told Tribune Business.
THE TRIBUNE
Monday, December 5, 2016, PAGE 5
FNM deputy: ‘More at stake’ over Baha Mar than election From pg B1 K P Turnquest told Tribune Business there was “ample evidence” that the development’s prospective purchaser, Chow Tai Fook Enterprises (CTFE), had “some questionable connections to unsavo ury organisations”. These claims have been refuted by CTFE, the Hong Kong-based conglomerate controlled by the Cheng family, who have emphasised their commitment to the highest standards o f integrity and corporate go vernance wherever they operate. Ho wever, Mr Turnquest warned Mr Christie no t to sacrifice the Bahamas’ reputation as “a blue chip gaming destination” in his haste to secure Baha Mar’s opening - and the employment o f tho usands o f Bahamians - prior to the upcoming PLP convention and 2017 general election. The Prime Minister, in his Friday address to the Bahamas Ho tel and To urism Association (BHTA), gave every impression that CTFE’s Baha Mar acquisition was effectively ‘ a done deal’, confirming that it planned to hire 1,500 Bahamian workers early in the New Year. As a result, Mr Turnquest called on the Go vernment to release all details o f the Baha Mar agreement and purchase, which are currently ‘sealed’ by Order o f the Supreme Co urt. Given that CTFE appears to be the buyer, Mr Turnquest said the rationale for sealing the agreement - to pro tect the integrity o f the Baha Mar sales process - seemed to have disappeared. He added that it was vital for Bahamians to understand the investment incentives being given to CTFE as part o f the purchase, particularly whether the 10 per cent Stamp Duty/ Value-Added Tax combination will be paid on the sale price, so taxpayers kno w if they are “picking up the tab”. Urging caution, Mr Turnquest told Tribune Business o f CTFE: “Based on what we do kno w, there seems to be questions as to the suitability o f the po tential buyer in terms o f their connections to unsavo ury organisations. “We have ample evidence that there are some questionable connections that we have to be very careful abo ut.” Mr Turnquest’s concerns, which echo those o f DNA leader, Branville McCartney, and former Baha Mar director and FNM Montagu candidate, Dionisio D’Aguilar, appear to be based on a May 18, 2009, report by the US state o f New Jersey’s gaming enforcement division. This dealt with a proposed Macau casino jo int venture between MGM Mirage and Stanley Ho’s daughter, Pansy, which focused on concerns that Macau’s VIP gaming rooms were vulnerable to explo itation by Chinese/Asian crime gangs kno wn as Triads.
Peter Turnquest Efforts have been made 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. Ho wever, while the New Jersey regulator’s report made adverse findings against Mr Ho, describing him as “unsuitable”, no such conclusions were reached abo ut the Cheng family or their companies - who are investors in Mr Ho’s main gaming company. In response, CTFE, which is controlled by the family o f the late billionaire, Cheng Yu Tung, emphasised its commitment “to integrity and goo d go vernance in all o f o ur businessoperations worldwide”. It also indicated that its gaming reputation was in ‘goo d standing’ with regulators thro ugho ut the world, as the $3 billion Queen’s Wharf consortium in Brisbane, o f which it is part, had just been appro ved for a casino licence by Australian regulators. Mr Turnquest, tho ugh, told Tribune Business: “I think we have to be very careful. We are a blue chip gaming destination and we want to remain as such. “We have had experience with unsavo ury developers involved in the casino industry before, and we don’t want to go back in time to that. We want to remain a blue chip casino destination.” CTFE mo ved with speed to distance itself from Mr Ho when the concerns were first raised, emphasising that neither he nor his companies were involved with their plans for Baha Mar. It also so ught to disassociate itself from the operating activities o f Mr Ho’s companies, stating: “The Cheng family’s role in the Macau casino is strictly as an investor, with no involvement in day-to-day management o f the casino or o versight o f the gaming industry in Macau.” This, tho ugh, raises questions as to why CTFE/ the Chengs continue to maintain their holdings in STDM and SJM, despite the concerns and negative publicity, and whether the Hong Kong conglomerate and its principals really were ‘passive investors’. The CTFE/Cheng mo ve to distance themselves from Mr Ho also raises questions
as to why the Go vernment is sending a ministerial delegation to Hong Kong and Macau to assess the company’s business operations, including the very casinos it is disassociating itself from. Obie Wilchcombe, minister o f to urism, who has responsibility for gaming, confirmed that the delegation, o f which he is part, wo uld explore the Macau casino scene. Mr Turnquest, meanwhile, said the Prime Minister’s comments on the CTFE purchase “give the impression it’s a done deal”. But, with the ministerial delegation headed to Hong Kong and Macau, the FNM deputy leader questioned whether the Prime Minister was being “premature” or if his Cabinet colleagues were heading a long way - at taxpayer expense - to assess something that had already been appro ved. “I kno w the Prime Minister wants to have a win before his [party] convention and the election,” Mr Turnquest told Tribune Business, “but it’s prudent for him to take time, loo k at the long view and make sure any agreement is in the best interests o f the Bahamian people and there’s no damage to o ur reputation. “I’m sure the Prime Minister is anxio us to have a deal. It’s important to his go vernment. We have to be concerned that it’s no t the best deal for the Prime Minister and his go vernment, but the best deal for the Bahamas.” With CTFE all but confirmed as Baha Mar’s new purchaser, Mr Turnquest urged the Go vernment to ‘unseal’ all details o f the sale, plus its agreement for the pro ject’s construction completion and opening with the secured creditor, the China Export-Import Bank. Justice Ian Winder, in his late September 2016 ruling, explained that he ‘sealed’ the agreement to “preserve the integrity” o f the Baha Mar sales process, which was then “commercially live”. Based on the Prime Minister’s comments, that stage seems to have passed, and Mr Turnquest said: “They sho uld unseal the deal. “Let us kno w what’s involved in terms o f the concessions to given to CTFE... The Bahamian people are being asked to give up something, and we o ught to kno w what that is and the cost o f that for the longterm.” Mr Turnquest said it was “critically important” to kno w whether CTFE, or a combination o f CTFE and the China Export-Import Bank’s Perfect Luck Holdings vehicle, are paying the 10 per cent ‘ transaction tax’ on Baha Mar’s sales price. This is split into 7.5 per cent VAT/2.5 per cent Stamp Duty and, based on Justice Winder’s ruling that bids to acquire Baha Mar are less than the $2.45 billion-plus that the bank is seeking to reco ver, the amo unt o f tax normally due wo uld likely be between $100-$200 million. “Many Bahamian companies and international
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companies are crying abo ut the huge weight o f taxation on the cost and ease o f doing business,” Mr Turnquest told Tribune Business. “If we find a deal is structured where Stamp Duty and VAT are exempt from this transaction, worth hundreds o f millions o f dollars, we o ught to kno w why and
ho w much. “We o ught to kno w the extent these concessions continue to subsequent [Baha Mar] transfers, and any continued concessions on VAT, in particular.” Mr Turnquest continued: “At a time when the Treasury needs every dollar it can collect, it’s clearlyo f in-
terest to o ur fiscal situation and the Bahamian people to kno w what concessions have been granted, especially if the Bahamian people have to pick up the tab. “In a circumstance like this, I hope the Go vernment do their due diligence and understand there’s more at stake than just an election.”
PAGE 6, Monday, December 5, 2016
Port’s ultimatum to Freeport web shops From pg B1 which brought the Supreme Court case that produced the Government’s ‘11th hour’ intervention. While the GBPA has withdrawn its earlier undertaking not to cancel Jarol’s license, the Supreme Court will now hear the web shop chain’s bid to obtain an injunction against such regulatory action on January 16, 2017. While Jarol/Chances’ license is at least safe until then, all other web shops
operating in Freeport are now potentially exposed to regulatory action that could force their operations to close (see other article on Page 1B). The chain of events leading to this latest uncertainty for the Freeport web shop gaming industry was triggered after the Attorney General’s Office, acting on the Government’s behalf, intervened in Jarol’s case against the GBPA just three days before it was due to go to trial before the Supreme
Court. The Government defendants - the Gaming Board; its secretary, Verdant Scott; and minister with responsibility for gaming, Obie Wilchcombe - are calling on the Supreme Court to hold a trial on “the preliminary issues” before hearing Jarol’s case. They identify these “issues” as determining “whether or not” the Gaming Board is the only regulator with the power to issue gaming licenses throughout the Bahamas - including in Freeport. And they are also calling on the Supreme Court to determine if the GBPA has
the authority to issue gaming licenses in the Port area. Mr Scott, in an affidavit seeking to justify the Government’s demand for a determination of the “preliminary issue”, alleged: “The trial of this matter would be time consuming and costly, and would protract the proceedings. “The determination of this preliminary issue would facilitate the proceedings, and save costs.” Mr Smith and the GBPA, not surprisingly, disagree. The former told Tribune Business he argued before the Supreme Court last Thursday that the Government’s “preliminary issues” were the main points raised by Jarol/Chances for determination. As a result, Mr Smith said that to have a hearing on wether there needed to be a ‘preliminary trial’, and to have such a trial itself, would only increase time and costs - the very thing Mr Scott alleged it would avoid. However, the Supreme Court has now adjourned the matter until March 10, 2017, at which time it will either deal with the Government’s application for a ‘preliminary trial’, or hear Jarol’s case against the GBPA. “The Attorney General, acting for the Gaming Board, the Minister of Tourism, Obie Wilchcombe, etc, ambushed us with a motion to have the issue determined by way of preliminary trial,” Mr Smith
told Tribune Business, “as to whether the Gaming Board or the Port Authority have licensing jurisdiction in Freeport. “The Port Authority and Jarol objected to late service, and this effectively voided the trial. That has now been adjourned to March 10, 2017, at which time the court will either hear the Government’s application for a preliminary trial or hear the trial itself.” The Government’s intervention should come as little surprise, since the GBPA is effectively challenging the Gaming Board as the primary regulator for web shop gaming in Freeport. In so doing, it is threatening to undermine the integrity of the national regulatory regime for all forms of Bahamas-based gambling that was established with the Gaming Act 2014. Arguing that a ‘preliminary trial’ was unnecessary, Mr Smith said: “The Port Authority submitted that the case brought by Jarol was going to have that issue determined. “That really is the central issue in this case, and to have a hearing on whether there ought to be a preliminary trial, and then to have that preliminary trial, is only going to delay these proceedings and involve more costs. “It was the Port Authority’s position that we go into the trial, but the Government refused to withdraw their application.”
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THE TRIBUNE Mr Smith confirmed that the GBPA had now “withdrawn its undertaking not to cancel Jarol’s license pending determination of these matters”. Jarol is now seeking an injunction from the Supreme Court to prevent this on January 16, 2017. Explaining why the GBPA had done this, Mr Smith told Tribune Business: “This delay only prejudices the Port Authority’s right to manage and control Freeport, and hold a licensee in breach of their license accountable.” Jarol/Chances, and all other Freeport-based web shops, have been licensed by the GBPA as ‘Internet cafes’ rather than gaming houses, and the latter is seeking to rectify this. It is seeking to levy fees on the web shops that are comparable to those charged for casino gaming, a maximum of $300,000 or 1 per cent of winnings whichever is greater. This, Jarol has alleged, amounts to a 500 per cent increase in GBPA fees. “The Port Authority’s position is that we want to be co-operative in determining this very important issue as to who has jurisdiction in the Port area,” Mr Smith said, “but this trial has been hijacked and delayed for an indefinite period by the Government’s motion. “The Port Authority cannot allow a situation to continue where Jarol and other web shops conduct activities in breach of their license, and refuse to apply to amend their license and pay the Port Authority appropriate fees. “The Port Authority regards itself as the exclusive licensor of entities and gaming operations in Freeport, and since it appears this matter is not going be determined for quite some time, the Port Authority will be taking action against businesses operating in breach of their license to try and bring some order to the situation.”
THE TRIBUNE
Monday, December 5, 2016, PAGE 7
BISX: Commission’s rules help to define SME ‘working space’ From pg B1 Explaining that BISX had yet to see or review the proposals when it was contacted by this newspaper, Mr Davies said: “We’re going to have to review that. “Whatever it is, I can say we definitely need to study it and incorporate their timelines and requirements into any model or structure we may be contemplating." He added: “I’m happy the Commission has put something out, and that provides clarity for us. We know the space we can work in. “We have to study it, and make sure we can use it to the best of our ability at BISX. By Monday [today], we will have some clarity on what it means for us.” The Securities Commission’s proposed rules appear to dovetail nicely with BISX’s plans to develop its SAM market, targeted at entrepreneurs and small and medium-sized businesses seeking to raise up to $1 million from investors via a formal, transparent capital market.
And Mr Davies, just last month, told the Bahamas Institute of Chartered Accountants (BICA) conference how BISX was looking to marry ‘crowdfunding’ with the SAM and its regulated market. The Securities Commission’s rules, which would allow entrepreneurs to raise up to $1 million, and small businesses to raise up to $3 million per year, could provide a framework for BISX and the private sector to achieve just that. 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. Bahamian entrepreneurs and small and mediumsized enterprises are especially familiar with this, as it is typically the mechanism they have employed to raise start-up and expansion capital. The Securities Commission, in unveiling its rules,
How BISX falls short From pg B3 name to its historical financial statements or its latest annual report - and believe me, I tried. Many government and corporate bonds and preference shares are listed, but the one crucial item for investors, the percentage interest or dividend payout, cannot be found; call your broker, I guess, or look in the newspaper. Even a better website, of course, will not solve BISX’s fundamental problem of low liquidity. One broker told me a change in BISX trading rules would help. On the NYSE, every listed company must appoint a Designated Market Maker (DMM), a securi-
ties dealer who commits his capital to buying or selling shares to smooth out pricing imbalances. That system would not work here, with only five dealers licensed by BISX. But all the dealers, plus large investors like pension funds and insurance companies, could contribute pooled equity to create one market-making venture. With the proper capital structure and experienced traders, it could be profitable by stepping in as middle man between buyer and seller, and would be providing a service to all shareholders. Another step could be taken by Government to encourage companies to list: A concessionary peri-
said they were designed to improve Bahamian access to capital by placing crowdfunding within a rulesbased, regulated and transparent market. The capital markets regulator added that they are also designed to protect investors. “The proposed ‘Crowdfunding Rules’ would allow the general public to participate in crowdfund investment offerings within limitations,” the Securities Commission said. “They would also require that all equity crowdfund activities are conducted on a platform which is registered with the Commission.” The Securities Commission did not specifically mention BISX as this ‘platform’, although it would appear best suited - and most experienced - to provide such a function, while using it would also minimise costs. The regulator said it would engage Bahamian broker/dealers and others for input on the draft Rules over the next month, with the goal of releasing them for general public consultation in early 2017. It plans to implement the finalised Rules soon after. “To help protect retail (small and/or unsophis-
ticated) investors, the Crowdfunding Rules would limit the amount such persons could invest to $500 per crowdfund arrangement, and $2,500 per year,” the Securities Commission said. “‘Accredited’ investors (investors who meet certain wealth, income, institutional or other requirements as defined in securities laws), would not be limited in the amount they can invest via crowdfunding. “Other investor protection features of the draft Rules include capital requirements for registered platforms and defined disclosure requirements for crowdfunding projects and their initiators, including the amount of capital raised and progress reports on initiatives funded using the crowdfund method.” MSMEs will be allowed to raise up to $3 million annually in the OTC market without having to file a prospectus with the Securities Commission. Instead, they will have to file an offering memorandum, which would provide comprehensive information to allow investors to make informed investment decisions. The Securities Commission’s proposed Rules ap-
od of three years when listing fees could be credited against Business Licence fees. Finally, following its exhortations about open ‘corporate governance’, BISX should open its own books to disclose whether it makes any money for its 45 shareholders. Mr Davies has mentioned the recently announced relaxation of exchange controls as a potential source of new companies and new investors. The first step will be the Central Bank’s abandoning the archaic rule that every placement of securities by a Bahamian company must exclude any foreign investor, even for a minority stake. With a free flow of market information, there could be many investors from China or prosperous parts of Latin
America with interest in publicly quoted Bahamian investments. With its major stake in BISX, it’s surprising that the Government has not taken a more active supporting role. What’s needed is vigorous co-operation in a marketing campaign by BISX, Government, the broker/dealers and the pension fund and insurance company investors. Without that, we might as well close BISX in favour of the peaceful old days of over-the counter trading.
Passionate about customer service, Keen attention to detail, Ability to multi-task, Excellent communication skills If you possess these qualities, we invite you to apply for the position of:
CUSTOMER SERVICE REPRESENTATIVE (CONTRACT) Nassau, Abaco, Freeport Main Duties and Responsibilities: • Executes and processes all non-credit banking transactions for customers of the bank • Custody of cash to facilitate customer deposits, withdrawals, money transfers and loan/ credit card payments • Posting of transactions and fees • Scanning of transactions • Sales of products and services by making referrals for the Client Account Representative and the Personal Banking Representative • Ensures strict observance of Exchange Control Regulations • Refers clients to the Personal Banking Officer or Client Account Representatives for loans and other services • Participates in special sales event
Minimum Requirements & Qualifications: • High school diploma or equivalent vocational training • Minimum 2 years experience in the Financial Services Industry, Hospitality Industry or as a cashier • Must have excellent communication skills (verbal and written) • Proficient at Microsoft Office Suite programs • Ability to work in a self motivated environment with little supervision • Ability to manage the administration of multiple tasks at one time • Bilingual with fluency in Creole a plus
PLEASE SUBMIT BEFORE December 9th, 2016 to:
HUMAN RESOURCES Re: Customer Service Representative careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
NB: • Richard Coulson is a retired lawyer and investment banker born in Nassau and from a long line of Bahamians. He is a financial consultant and author of A Corkscrew Life - adventures of a travelling financier.
pear to be applying a lighter regulatory touch, while at the same time protecting investors and market participants, and enabling companies to establish a ‘track record’ that, over time, could allow them to graduate to BISX’s ‘Main Board’ of listings. “One of the main purposes behind the MSME Rules would be to significantly reduce the costs for small business operators who wish to raise funding for their ventures by directly accessing the capital markets,” the Securities Commission said. “To help protect retail investors in MSME offers, the draft Rules would limit the amount of money that such persons could invest to $1,000 per offering and $5,000 per year. As is the case for crowdfunding, accredited investors would
not be subject to investment limitations under the draft Rules.” Explaining the rationale for its initiative, the Securities Commission added: “MSMEs spur growth, development and innovation in an economy, and they account for 60 per cent to 70 per cent of jobs in most Organisation for Economic Co-operation and Development (OECD) countries. “However, despite the many benefits MSMEs can bring, they suffer from insufficient funding, with commercial bank options unavailable or very costly, and traditional capital market alternatives also often cost-prohibitive. With the development of these new Rules, the Securities Commission is seeking to facilitate capital access in order to address this funding gap.”
PAGE 8, Monday, December 5, 2016
Web shops urged: ‘Put skin in game’ over GBPA case From pg B1 no protection to other web shops. The GBPA is arguing that Freeport-based web shops are operating “in breach” of their license agreements with it, as these only allow them to conduct business as ‘Internet cafes’ - not gaming locations (see other story on Page 1B). It is now threatening to cancel the licenses of all Freeport-based web shops, unless they agree to amend them accordingly and pay fees in line with those levied on casinos operating in the Port area. “It is interesting and disconcerting that gaming houses such as Island Luck and FML, and others which have a major presence in Freeport, do not appreciate the domino effect this would have on their business licences,” Mr Shurland told Tribune Business via e-mail of the GBPA’s license cancellation threat. “It would be naive of them to believe that they would be immune or treated differently from Jarol should the
GBPA stick its tentacles into withdrawing their business licences.” He added: “What these and other gaming houses fail to realise is that when Jarol is granted its injunction against the GBPA to maintain the ‘status quo’, the protection of that injunction would not extend to them, as they do not have any concurrent matter before the court relative to the issues of who is the appropriate regulator and licensor for gaming in Freeport. “Essentially, these gaming houses must ‘put some skin in the game’ by becoming proactive and vocal in showing their support, for either the GBPA’s position or the Gaming Board’s position. “Should they agree with the GBPA’s position then the certificate/gaming license issued by the Gaming Board on Wednesday, November 30, 2016, which they so proudly displayed for all to see, would not be worth the paper it is printed on in the Grand Bahama Port Authority’s jurisdiction.” The fees being sought by
NOTICE TOP VIEW HOLDINGS INC. N O T I C E IS HEREBY GIVEN as follows: (a) TOP VIEW HOLDINGS INC. 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 Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 5th day of December, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator
COMMONWEALTH OF THE BAHAMAS 2006 IN THE SUPREME COURT CLE/qui/No. 00747 Common Law Equity Division IN THE MATTER of the Quieting Titles Act 1959 AND IN THE MATTER of the Petition of Lee Anna Smith AND IN THE MATTER OF ALL THAT piece parcel or lot of land situate in North Street in the Fort Fincastle District in the City of Nassau in the Island of New Providence bounded on the NORTH by North Street and running thereon One Hundred and Seven (107) Feet on the EAST by land the property of Raphael Munroe and running thereon One Hundred and One and Eight-tenths (101.8) Feet on the SOUTH by land the property of Dorothy E. Butler and running thereon One Hundred and Two and Twenty-five Hundredths (102.25) Feet and on the WEST by land the property of Majorie Nixon and running thereon One Hundred and Eight (108) Feet which said piece parcel or lot of land is more particularly and delineated on a plan hereto attached. NOTICE LEE ANNA SMITH, the Petitioner claims to be the owner in fee simple possession of the piece parcel or lot of land hereinbefore described and has made application to the Supreme Court of the commonwealth of The Bahamas under Section 3 of the Quieting Titles Act to have the title to the said piece parcel or lot of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provision of the Act. Copies of a diagram or plan showing the position boundaries and shape marks and dimensions of the said piece parcel and lot of land may be inspected during normal working hours at the following places:(a) (b)
The Registry of the Supreme Court, Ansbacher House, East Street in the City of Nassau, New Providence, The Bahamas. The Chambers of Karen K. Butler & Associates, #46 Carmichael Road, New Providence, The Bahamas, Attorneys for the Petitioner.
NOTICE is hereby given that any person or persons having a right of Dower or an adverse claim not recognized in the Petition shall within thirty (30) days after the appearance of the Notice herein file in the Registry of The Supreme Court in the City of Nassau aforesaid 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 claim within thirty (30) days herein will operate as a bar to such claim. Dated the 8th day of November, A. D., 2016 KAREN K. BUTLER & ASSOCIATES Chambers #46 Carmichael Road Carmichael, N. P., The Bahamas Attorneys for the Petitioner
the GBPA, equivalent to $300,000 per year or 1 per cent of per annum winnings, whichever is greater, represent a 500 per cent increase for the web shops. The GBPA issued its license cancellation ultimatum after the Government intervened in the case brought against it by Jarol/ Chances - to determine who is the gaming regulator for Freeport - at the ‘11th hour’. The resulting delay in having the Supreme Court determine whether the Gaming Board or itself has the power to regulate web shop gaming in Freeport, the GBPA said, has “prejudiced” its ability to “bring order” to the sector’s licenses and fee structure. Mr Shurland, meanwhile, branded the GBPA’s decision to withdraw its previous undertaking not to cancel Jarol’s license until the court matter is determined “an act of desperation”. Suggesting that Freeport’s quasi-governmental authority appeared to be taking their dispute “personally”, Mr Shurland told Tribune Business: “Mr Smith did notify the court that the GBPA has instructed him to withdraw its undertaking not to interfere with Jarol’s business licence until the adjudication of this matter. Frankly, we are not overly concerned about the GBPA’s intentions to withdraw their undertaking and we will get an injunction. “When Mr. Smith made
those utterances, I thought he was joking. Now I am convinced that this is plainly ‘an act of desperation by the GBPA’, especially now that the Office of the Attorney General seems to be taking this matter more seriously and, of course, supporting our position,” he added. “Unfortunately, it appears that the GBPA is taking this matter personally between themselves and Jarol, despite the national importance and the public interest attached to clearing up who has the power and authority to license gaming in Freeport. “In any event, we feel that we are on the right side of the law and look forward to having this matter adjudicated without further delay.” Mr Shurland, though, agreed with the GBPA and its attorney, Fred Smith QC, that there was no need for a “preliminary trial” as argued by the Government because the same issues already formed the basis of Jarol’s case. “Mr Smith QC objected to the preliminary issue, firstly because it was short serviced, and secondly he felt that the issues themselves were already incorporated into the main issues to be determined, which ultimately would be a waste of judicial time,” Mr Shurland said. “I adopted his position, and the judge adjourned the matter for trial on these issues.”
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
GEOPLAN MANX LIMITED In Voluntary liquidation
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), GEOPLAN MANX LIMITED is in Dissolution.” The date of commencement of dissolution is the 1st day of December, 2016.
Alvin Arthur Harding 4 Athol Street, Douglas Isle of Man IM1 1LD Liquidator
EXXONMOBIL IRAQI KURDISTAN (BETWATA) LIMITED NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 22nd day of November A.D., 2016. Dated the 5th day of December, A.D., 2016
THE TRIBUNE
depicts a part of a U.S. $100 bill. A government report says the nation’s health care tab grew at the fastest rate in eight years in 2015, driven by the coverage expansion in President Barack Obama’s law and by costly prescription drugs. The $3.2 trillion averages out to $9,900 per person, although most of that is spent caring for the sickest patients. (AP Photo)
US health care tab hits $3.2T; fastest growth in 8 years WASHINGTON (AP) — The nation’s health care tab grew at the fastest rate in eight years in 2015, driven by the coverage expansion in President Barack Obama’s law and by costly prescription drugs, the government said Friday. The growth of 5.8 percent in 2015 boosted total health care spending to $3.2 trillion. That’s an average of $9,990 per person, although the vast share of that money is spent caring for the sickest patients. Health spending grew about 2 percentage points faster than the overall economy in 2015, said the report from nonpartisan economic experts at the Department of Health and Human Services. That’s a problem because it makes it harder for government programs, employers, and individuals to afford
the level of health care that Americans are used to having. The report was disappointing news for the outgoing Obama administration, which had enjoyed a long stretch of historically low increases in health care spending, and had sought to credit its 2010 health care overhaul for taming costs. It’s a reality check for President-elect Donald Trump, who did not focus much on health care during his campaign and implied that problems could be easily fixed. America has struggled for decades to balance health care cost, access, and quality. Obama’s law made significant strides to expand access, and the report found nearly 91 percent of U.S. residents now have coverage. But the problem of costs has re-emerged.
NOTICE
NOTICE is hereby given that PARVATHAMMA JAGADEESH, of #63/52 Tuckaway off Village Road, P.O.Box N-9939, 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 5th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
EXXONMOBIL LNG NIGERIA LIMITED NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 22nd day of November A.D., 2016. Dated the 5th day of December, A.D., 2016
R.W. Rice Liquidator of EXXONMOBIL IRAQI KURDISTAN (BETWATA) LIMITED
T.A. Parmenter Liquidator of EXXONMOBIL LNG NIGERIA LIMITED
NOTICE
NOTICE
IN THE ESTATE OF JULIA BELLE ALBURY late of Man-O-War Cayone of the Abaco chain of Cays in the Commonwealth of The Bahamas, deceased NOTICE is hereby given that all persons having any claim or demand against or interest in the above Estate should send same duly certified in writing to the undersigned on or before 16th January, 2017 after which date the Administratrix will proceed to distribute the assets of the Estate having regard only to the claims, demands or interests of which she shall then have had notice AND NOTICE is hereby given that all persons indebted to the above Estate are requested to make full settlement on or before 16th January, 2017. FREDERIK F. GOTTLIEB & CO.
Attorneys for the Executrix P.O. Box AB-20405 Royal Harbour Village #2 Bay Street, Marsh Harbour, Abaco, The Bahamas
IN THE ESTATE OF THOMAS J. CARLSON, (a.k.a. THOMAS JAMES CARLSON), late and domiciled of 646 Pawley Road, Mount Pleasant, Charleston County, South Carolina one of the United States of America, deceased NOTICE is hereby given that all persons having any claim or demand against or interest in the above Estate should send same duly certified in writing to the undersigned on or before 16th January, 2017 after which date the Personal Representative will proceed to distribute the assets of the Estate having regard only to the claims, demands or interests of which he shall then have had notice AND NOTICE is hereby given that all persons indebted to the above Estate are requested to make full settlement on or before 16th January, 2017. FREDERIK F. GOTTLIEB & CO.
Attorneys for the Executrix P.O. Box AB-20405 Royal Harbour Village #2 Bay Street, Marsh Harbour, Abaco, The Bahamas
THE TRIBUNE
Monday, December 5, 2016, PAGE 9
EU Trade Commissioner Cecilia Malmstrom speaks at the University of International Business and Economics in Beijing. Forty-six countries including the U.S., China and European Union nations failed yesterday to agree on a list of "environmental goods" like solar-powered air conditioners or LED light bulbs that could be targeted for lower tariffs. (AP Photo)
US, China, EU, others fail to reach environmental goods deal GENEVA (AP) — Forty-six countries including the U.S., China and European Union nations failed Sunday to agree on a list of “environmental goods” like solar-powered air conditioners or LED light bulbs that could be targeted for lower tariffs. The two-day meeting at World Trade Organization involved a bid to agree on reducing tariffs on over 200 environment-friendly goods worth around $1 trillion in trade annually, part of a process that EU trade commissioner Cecilia Malmstrom called important “to show that trade and the environment can go hand in hand.” She and several other officials said China’s presentation of a late list of goods to include threw a monkey wrench into the weekend negotiations. The talks amounted to just a step in a broader process on the Environmental Goods Agreement that was already facing uncertainty about how the administration of U.S. president-elect Donald Trump will approach it. “In the last seconds, China proposed a list that was not studied enough,” Turkish Economy Minister Nihat Zeybekci told The Associated Press on Sunday. “Many countries, they have concerns about the list.”
Zeybekci cited other concerns about sustainable-development lumber between Canada and New Zealand on one side and Japan and Taiwan on another. The United States and the European Union, who chaired the talks, said in a joint statement that envoys would return home to consider the next steps, but did not provide any timetable. “We tried really hard,” Malmstrom told reporters, adding that all negotiators were leaving “with clear determination to do this deal ... This is important for the environment, for the climate, for our moral obligation to show that trade can deliver after the Paris and Marrakech agreements” to help fight global warming. One senior negotiator said the last-ditch Chinese effort affected priority items for many other nations. The official, who spoke on condition of anonymity to provide details of the talks, said China’s new list - which was lopsided in favor of its own priorities - came in at 11 a.m. on Sunday when others had already agreed upon many other points. “All delegations had some of their red lines moved in or moved out in a way that it was impossible to deal with in a couple of hours,” Malmstrom said, referring to China’s proposal.
NOTICE CORTEZ CORPORATION (Voluntary Liquidation)
Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 1st, day of December 2016. The Liquidator is Kim Thompson of Nassau Bahamas.
Kim Thompson (Liquidator) NOTICE TELMARK BUSINESS LTD. (Voluntary Liquidation)
Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 1st, day of December 2016. The Liquidator is Kim Thompson of Nassau Bahamas.
Kim Thompson (Liquidator)
PAGE 10, Monday, December 5, 2016
THE TRIBUNE
Panel urges better cybersecurity to President-elect Trump WASHINGTON (AP) — A presidential commission on Friday made 16 urgent recommendations to improve the nation’s cybersecurity, including creating a nutritional-type label to help consumers shop wisely and appointing a new international ambassador on the subject — weeks before President-elect Donald Trump takes office. The release of the 100page report follows the worst hacking of U.S. government systems in history and accusations by the Obama administration that Russia meddled in the U.S. presidential election by hacking Democrats. The Presidential Commission on Enhancing National Cybersecurity urged immediate action within two to five years and suggested the Trump administration consider acting on some proposals within its first 100 days. The commission recommended that Trump create an assistant to the president for cybersecurity, who would report through the national security adviser, and establish an ambassador for cybersecurity, who would lead efforts to create international rules. It urged steps, such as getting rid of traditional passwords, to end the threat of identity theft by 2021 and said Trump’s administration should train 100,000 new cybersecurity workers by 2020.
Other ideas included helping consumers to judge products using an independent nutritional-type label for technology products and services. “What we’ve been doing over the last 15 to 20 years simply isn’t working, and the problem isn’t going to be fixed simply by adding more money,” said Steven Chabinsky, a commission member and the global chair of the data, privacy and cybersecurity practice for White & Case LLP, an international law firm. He said the group wanted the burden of cybersecurity “moved away from every computer user and handled at higher levels,” including internet providers and product developers who could ensure security by default and design “for everyone’s benefit.” The White House requested the report in February and intended it to serve as a transition memo for the next president. The commission included 12 of what the White House described as the brightest minds in business, academia, technology and security. It was led by Tom Donilon, Obama’s former national security adviser. The panel studied sharing information with private companies about cyber threats, the lack of talented American security engineers and distrust of the U.S. government by private businesses, especially in Sil-
icon Valley. Classified documents stolen under Obama by Edward Snowden, a contractor for the National Security Agency, revealed government efforts to hack into the data pipelines used by U.S. companies to serve customers overseas. One commissioner, Herbert Lin of Stanford University, said some senior information technology managers distrust the federal government as much as they distrust China, widely regarded as actively hacking in the U.S. President Barack Obama said in a written statement after meeting with Donilon that his administration will take additional action “wherever possible” to build on its efforts make progress before he leaves office next month. He urged Trump and the next Congress to treat the recommendations as a guide. “Now it is time for the next administration to take up this charge and ensure that cyberspace can continue to be the driver for prosperity, innovation, and
President Barack Obama, joined by from left, Commerce Secretary Penny Pritzker, former IBM CEO Sam Palmisano, former National Security Adviser Tom Donilon, and Homeland Security Secretary Jeh Johnson, talks to media in the Oval Office of the White House, in Washington. Donilon, and Palmisano, are being appointed as the Chair and Vice Chair, respectively, of the Commission on Enhancing National Cybersecurity. A national commission is delivering urgent recommendations to improve the nation's cybersecurity, weeks before President-elect Donald Trump takes office. The report follows the worst hacking of U.S. government systems in history and the Obama administration accusing Russia of meddling in the U.S. presidential election by hacking Democrats. (AP Photo) change both in the United States and around the world,” Obama said. It was not immediately clear whether Trump would accept the group’s recommendations. Trump won the election on promises to reduce government regulations, although decades of relying on market pressure or asking businesses to voluntarily make their products and services safer have been largely ineffective.
“Now it is time for the next administration to take up this charge and ensure that cyberspace can continue to be the driver for prosperity, innovation, and change both in the United States and around the world”
NOTICE
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, IDELL BROWN of #1417 Chestnut Street, off Pinewood Gardens, Nassau, Bahamas, intend to change my name to ESTHER IDELL BROWN-JOHNSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE is hereby given that JEFF JOSEPH of Culmersville 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 5th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
MARKET REPORT FRIDAY, 2 DECEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,943.06 | CHG 0.04 | %CHG 0.00 | YTD 119.11 | 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
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
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 Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
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
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
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
LAST CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.49 13.98 2.17 1.55 5.82 9.05 10.96 8.69 6.61 11.93 10.00 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 LAST SALE 100.00 100.00 100.00 110.28 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.49 13.98 2.21 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 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
110.01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.27 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
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
VOLUME
VOLUME
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
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 23.5 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% 2.71% 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
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
Trump’s presidential campaign benefited from embarrassing disclosures in hacked emails stolen from the Democratic National Committee, Hillary Clinton’s campaign staff and others, and Trump openly invited Russian hackers to find and release tens of thousands of personal emails that Clinton had deleted from the private server she had used to conduct government business as secretary of state. He also disputed the Obama administration’s conclusion that Russia was responsible for the Democratic hackings. Though Trump is a prolific user of online social media services, especially Twitter, he is rarely seen using a computer. His campaign manager, Kellyanne Conway, tweeted a photograph Monday of Trump working on an Apple laptop inside his office at Trump Tower. He testified in a deposition in 2012 that he did not own a personal computer or smartphone, and in another deposition earlier this year said he deliberately does not use email. Trump has already promised his own study by a “Cyber Review Team” of
people he said he will select from military, law enforcement and private sectors. He said his team will develop mandatory cyber awareness training for all U.S. government employees, and he has proposed a buildup of U.S. military offensive and defensive cyber capabilities that he said will deter foreign hackers. The new report suggested that the government should remain the only organization responsible for responding to large-scale attacks by foreign countries. Obama has a mixed legacy on cybersecurity. Under Obama, hackers stole personal data from the U.S. Office of Personnel Management on more than 21 million current, former and prospective government employees, including details of security-clearance background investigations for federal agents, intelligence employees and others. The White House also failed in its efforts to convince Congress to pass a national law — similar to laws passed in some states — to require hacked companies to notify affected customers.
NOTICE
NOTICE is hereby given that Carline Compere of Carmichael Road, P.O.Box SP-61368, 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 28th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that Phillip Bastien of John Chipman Street, P.O.Box SP-60557, 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 28th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANTHON RASHIED FARRINGTON of Eleuthera Drive, Yamacraw Beach Estates, P.O. CB-13427, Nassau, Bahamas, intend to change my name to ANTHON RASHIED FARRINGTON El. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE
NOTICE is hereby given that CHANNARAYA JAGADEESH, of #63/52 Tuckaway off Village Road, P.O.Box N-9939, 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 5th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that ADDERLY DORCELY, Gladstone Road #19, P.O. Box CB-12441, 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 5th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.