TUESDAY, DECEMBER 6, 2016
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Court’s new ‘wake-up call’ on Customs abuse By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Supreme Court has delivered another “wakeup call to the Government that they cannot ride roughshod” over the rights of 3,500 Grand Bahama Port Authority (GBPA) licensees, a well-known QC blasted yesterday. Fred Smith QC, the Callender’s & Co attorney and partner, described Justice Estelle Gray-Evans’s December 1 ruling - which has been six years in the making See pg b6
QC: Govt ‘can’t ride roughshod’ over Freeport Kelly’s wins ‘bonded goods’ battle after 6 years Judge imposes permanent bar on goods seizure
Kelly’s Freeport location
Extra damages on ‘high handed’ Customs actions
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Court ruling blow to public service ‘double dip’ end By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Supreme Court has delivered a blow to the Government’s plans to prevent civil service ‘double dipping’ by ruling that this would violate an existing industrial agreement. Justice Ian Winder, in a verdict handed down last Friday, said the Government’s plan to stop public sector workers receiving both their full salary and National Insurance Board (NIB) sickness benefits when ill would breach a recently-registered industrial agreement with a group of educators. He found that the Government could not arbitrarily, or unilaterally, change the 40-plus year practice of
Finds it violates educators’ industrial agreement Govt already delays 10-months on implement Taxpayer in 40-year hit by NIB pick-up and full wage ‘double dipping’ for members of the Bahamas Educators Managerial Union (BEMU) as a result of their July 15, 2015, industrial deal. This permits the union’s members, middle management and See pg b4
Commission petitions Nassau port operator targets 16% profit rise for broker/dealer’s Import volumes ‘compulsory’ wind-up Up to 25% of private already 5% above
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Securities Commission is petitioning the Supreme Court to place a Bahamian broker/dealer into compu lsory liq u idation, and appoint a provisional liq u idator to wind it up. Christina Rolle, its executive director, in a November 30, 2016, letter informed all Tillerman Securities’ clients and custodians that the reg u lator has already obtained a Supreme Court Order freezing the company’s entire business. Ms Rolle does not give any explanation for the Securities Commission’s actions, but its decision to press for the broker/dealer’s “compu lsory liq u idation” - and the appointment of a provisional liq u idator - indicates that serious reg u latory concerns and issues are at stake. “This letter serves as notification that the Securities Commission of the Bahamas filed a petition in the Supreme Court of the Commonwealth of the Bahamas on November 7, 2016, for the compu lsory liq u idation of Tillerman Securities under the Companies Act 1992, and under the provisions of the Securities Industry Act 2011,” Ms Rolle wrote. “Justice Indra Charles granted a Preservation Order freezing all account balances of clients, depositors and customers of Tillerman Securities pending fur-
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Court orders total freeze of Tillerman Securities Regulator seeks provisional liquidator Company appealing against licence cancellation
Christina Rolle ther Order of the Supreme Court.” A copy of the Preservation Order, attached to the letter, shows that Justice Charles and the Supreme Court have completely frozen, or shut down, Tillerman Securities business to preserve the ‘status q uo’ until its fate is determined by the hearing of the winding-up petition. Tillerman Securities, See pg b7
The Nassau Container Port operator is targeting a 16.26 per cent increase in shareholder profits for its 2017 financial year, with import volumes already 5 per cent ahead of projections for the first three months. Arawak Port Development Company (APD), in its 2016 annual report, is projecting that total income attributable to equity investors will increase by more than $700,000 to $5.044 million for the 12 months to end-June 2017. The BISX-listed port operator, updating shareholders on its performance for the three months to end-September 2016, said its direct operating margin (DOM) for the period was 42 per cent - five percentage points higher than forecast. And APD’s revenues
2017 forecast
Revenues, margins up; give 25% Q1 profit increase APD seeks VAT ‘zerorating’ for shipping industry were also “tracking about 1 per cent over budget” for the same three months, helping to produce a 2017 first quarter in which there was a 25.1 per cent yearover-year jump in total comprehensive income - from $1.275 million to $1.596 million. “For the 2017 fiscal year, we are forecasting gross revenue of $28.156 million (2016: $27.08 million) or 4 See pg b5
lands ‘in dispute’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Up to one-quarter of privately-owned land in the Bahamas is embroiled in ownership disputes, the National Development Plan (NDP) believes, creating a major obstacle to social and economic empowerment. The NDP’s first working draft, released late last week for public consultation, said that among its goals was for the Bahamas to develop a land administration system that “is efficient and fair” by 2040. Acknowledging the flaws in the current system, the NDP - as currently crafted - is focusing on four strategies that involve “investing in the administration of
Development Plan pledges ‘efficient and fair’ system Along with Crown Land transparency, predictability lands, developing a longterm solution to disputed lands, making the Crown Land granting procedure more transparent and predictable and, finally, creating a one-term land use plan to guide decisions for the next 25 years”. It added: “These issues have vexed Bahamians for decades, and it is time to address them in order to See pg b7
PAGE 2, Tuesday, December 6, 2016
THE TRIBUNE
French airline Air Caraibes made its inaugural flight from Paris to The Islands of The Bahamas in November adding another exciting means of reaching the island nation.
French carrier grows airlift to the Bahamas A French airline has made its inaugural flight from Paris to San Salvador, adding another European route to this nation. Tyrone Sawyer, the Ministry of Tourism’s senior director of airlift, said it was “ecstatic” about the new service from Air Caraibes, especially since officials are increasing their focus on the European market. “The new airlift meets one of the main objectives of tourism, which is to spread the growth of visitors throughout the country. We hope that more visitors from Europe will visit San Salvador, and eventually explore other islands of the Bahamas,” Mr Sawyer said. Harrison Thompson, the Ministry of Tourism’s permanent secretary, said he is always pleased when “we have opportunities like this”. “In the Bahamas, we continue to seek new airlift,” Mr Thompson said during a press conference after the flight. “To have this flight with 200 passengers is a great start for us, and we expect that that number will grow each week as the excitement about San Salvador starts to catch on in that region.”
He told Air Caraibes: “The decision to come to the Bahamas is not one you will regret. We look forward to a long and healthy relationship with you.” Air Caraibes touched down on San Salvador on November 10 with 200 passengers. Ludovic Andre, director of operations for French Blue and the pilot for the inaugural flight, said the Bahamas is a “marvellous destination” to fly to. “I’m sure that for the people in France who do not know the Bahamas very well, this will be amazing,” he said. “As we will be increasing our services to the Bahamas I’m sure that more and more people will be willing to spend some
time in the Bahamas.” Air Caraibes flies into San Salvador every Thursday, giving passengers a full week to enjoy what San Salvador has to offer. The airbus can hold 400 passengers. While the airline will cater to the Club Med San Salvador resort, tourism officials hope it will spur even more interest and airlift to other islands. Joy Jibrilu, the Ministry of Tourism’s directorgeneral, said it had placed increased focus on Europe. With the Ministry now having a physical presence in France, Germany and Italy, she expects airlift to increase from those countries.
THE TRIBUNE
Tuesday, December 6, 2016, PAGE 3
BPL chief deflects to Govt on $650m bond refinancing By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Bahamas Power & Light’s (BPL) chief executive yesterday offered little on the status of the rate reduction bond (RRB) issue that is key to the cash-strapped utility’s turnaround, but expressed confidence it would receive the necessary attention. Pamela Hill effectively implied that the RRB, and the refinancing of BPL’s legacy $650 million debt and assorted liabilities, was the Government’s responsibility. When asked about the bond issue yesterday, Ms Hill responded: “In some ways I almost don’t envy what it’s like to have to be someone that runs so many moving parts, because there is not only BPL that finds itself in need, but there are many other requirements that it takes to successfully run a country. “I know that the Government is evaluating our needs, the investment that is required to help ensure that the economy of the Bahamas is strong today and tomorrow. “They’re also looking at the credit strength of the country and the other requirements that the people of the Bahamas need, and investors need. I’m certain that they continue to pay the proper attention to that and give it the attention it needs.” 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, 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. To ‘bridge the gap’ between now and the RRB issue, 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. As for the cost associated with BPL’s Hurricane Matthew restoration efforts, Ms Hill said it had been “an enormous challenge for our fellow Bahamians, and certainly right here at BPL”. She added: “I’m very proud of my folks and the fact that we were able to bring folks back on within a three-week period. “I would say that as far as the cost is concerned we are still tabulating. We continue to bring in the third party experts on that in order to make sure that we will be in a very strong position as we submit the necessary paperwork for the claim, because we do insure our power plants and our assets.”
Top BPL official admits: ‘We have limited means’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Bahamas Power and Light’s (BPL) chief executive yesterday conceded that the troubled utility monopoly was doing as much as it can “with limited means”, and required investment equivalent to “10 per cent of the total value of our fleet”. Pam Hill, outlining a four to six-month timeline for investment in BPL’s infrastructure and equipment, said the company was focusing on the necessary steps to stablise its system for summer 2017. “We’re working as much as we can with what we already have,” she said. “We are of limited means. I don’t think that will surprise anyone. We are a utility that has had its share of economic challenges over the past several years. “We’re working hard within those means, and where additional means are required we’re very straightforward and present our case in terms of talking
though the implications and requirements. I think it will all come together.” Bahamian consumers may have a different view. On Sunday, New Providence was impacted by a power outage that lasted up to six hours. Ms Hill said this stemmed from an issue at BPL’s Clifton Pier power plant, and explained: “At Clifton Pier we had an issue with one of the power plants, and it led to us starting to think about how we could very quickly make sure to try and prevent a major outage. “When that issue flared up we were looking to see how to ensure it didn’t cascade into a major outage. We took some immediate measures but what ended up happening was our worst fears. “Upon taking those measures, within four to five minutes one of our cables became overloaded. That led to an outage occurring island-wide. When we had the outage at Clifton, most of our customers were still on, but unfortunately most of our customers did end up
PM: BPL outages just ‘too amazing’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Prime Minister Perry Christie yesterday described as “too amazing” the occurrence of three island wide black-outs on New Providence within a one-week period, adding that that the situation needed “the highest investigation”. Speaking with reporters following his address at the International Civil Aviation Negotiation Conference (ICAN), Mr Christie said: “I have talked to all of the persons that I could with respect to the cause of it. I have asked them, and I know that they are trouble shooting to determine the cause. “I’m advised that this could be human error. I have a view on that, and I have asked them to inves-
Says situation ‘too catastrophic, too unusual’
going off and that outage ended up more challenging than it appeared, so it took a while longer for us to restore power.” Last Thursday, BPL blamed a “damaged underground cable” for blackouts on Tuesday and Wednesday, and customers were warned at the time that they may experience “intermittent challenges with their power supply until operations have stabilised”. PowerSecure took over management of BPL, formerly BEC, earlier this year, before it was itself sold to energy giant, Southern Company, for $431 million. “In the coming few months I think you can expect to see some additional investment in the system, strengthening those underground cables, overhead lines and strengthening our plants at Clifton as well as
Blue Hills, both the generation in terms of outages and making sure that those are planned outages, and making sure that we strengthen the training of employees,” said Ms Hill. “What we are doing is focusing particularly on what’s going to be needed on stablising the system this coming summer. It’s not that Spring doesn’t count and this winter doesn’t count, but we need to use this lower load period when there is not as much strain on the system - to take advantage of that time period. “The real investments are going to be happening over the next four to six month period. I’ll say the ball park figure is probably a good 10 per cent or so of the total value of the investment that we have now in our fleet.”
The Board of Directors of FamGuard Corporation Limited is pleased to advise that the third quarterly dividend for 2016 of 6 cents per share has been declared to be paid on December 14, 2016 to Shareholders of record as at December 12, 2016 FAMGUARD CORPORATION LIMITED The parent holding company of Family Guardian Insurance Company Limited FG Insurance Agents & Brokers Limited
Prime Minister Perry Christie tigate it with a view to determining exactly what happened. I’m, too, concerned that on a Sunday afternoon, when people are home, See pg b7
FG Capital Markets Limited FG Financial Limited
PAGE 4, Tuesday, December 6, 2016
THE TRIBUNE
Second Business Outlook unveiled for Long Island The second Long Island Business Outlook conference will be held next Tuesday at Lloyd’s Sporting Lounge, under the theme ‘A Bold Agenda’. Speakers will include: Kerry Fountain, executive director of the Bahamas Out Island Promotions Board; Ian Knowles, chief councillor, Long Island; Mario Cartwright, businessman/ past president, Long Island Chamber of Commerce; Terrece Bootle, island administrator, ministry of agriculture, marine resources and local govern-
ment; Hammond Rahming, principal engineer, The Engineering Group; Tyrone Sawyer, director, airlift development; Ministry of Tourism; and Captain Tellis Bethel, acting commodore, Royal Bahamas Defence Force. Joan Albury, president of TCL Group, the founder of the Business Outlook series, said: “The basic purpose of the Long Island Business Outlook, as it is with the entire series, is to give residents, Bahamians generally and other interested persons, the projec-
tions of a slate of experts as to what can reasonably be expected to happen in Long Island over the next 12 months.” She added: “We have assembled our slate of presenters based on their areas of expertise and professional fields, which make them eminently suitable to address the opportunities for - and challenges to - further economic development of Long Island’s very special combination of people, land and sea assets. “I firmly believe that the manifold talents demon-
home island from her perspective. “I am going to do an analysis of where we are in Long Island, our strengths our weaknesses. I will offer recommendations in terms of what we need to do to progress further,” she said. She acknowledged the damage and devastation Hurricane Joaquin had caused and, as a result, the Long Island economy became stagnant. Residents and businesses are still trying to bounce back from the blow. “The economy has slowed down tremendously, and the impact is seen in the economy in the number of persons that have left the island,” Ms Bootle said. She hopes there is an infusion of investment and
more infrastructure improvements to ensure the economy is “greater than how it was”. Mr Rahming said the people of Long Island “must be willing to put in the effort” if they want to see the economy improved. He added that “as a people, you must focus on and appreciate what you have”. “Infrastructure might not be what we like but there are many opportunities in Long Island... We, the people, have a strong legacy and a rich heritage,” Mr Rahming said. The Long Island Business Outlook will begin at 8:30am at Lloyd’s Sporting Lounge in Dean’s, Long Island. Persons interested in attending may contact Margaret Albury at The Counsellors
Court ruling blow to public service ‘double dip’ end
have to be resolved “within the four corners of that document”. He explained that, once registered, industrial agreements had the force of statute - rather than common - law, which employers had difficulty in coming to terms with. Describing the BEMU judgment as “a very significant ruling”, Mr Ferguson said its implications went beyond just this particular union, and could impact all public sector workers - plus those in the private sector that are covered by industrial agreements. The Christie administration’s move to finally end ‘double dipping’ is likely to have been forced on it by the Government’s strained fiscal position, and at least indicates it is conscious of the need to conserve scarce taxpayer dollars. The circular triggering the BEMU dispute, sent to its president, Carlton Wildgoose, on January 19, 2016, served notice of the Government’s intent to enforce section 22 (1) (b) of the NIB Act, which allows employers to modify wage payments to workers during sick and maternity leave. “You will be aware that for years public servants have been receiving both sick benefits and full salary,” Mr Wildgoose was told. “However, in accordance with the Government’s decision this practice now ceases and the following policy will prevail with effect from February 1, 2016.” Public officers taking more than four consecutive days of sick leave were to be required to submit NIB claims within three months, with salary reductions “equal to the amount of the claim” befalling those who failed to do so. NIB was also to provide quarterly reports to the Government on claims made by public sector workers, so the Treasury could make the corresponding salary deductions. It is unclear why the Government has yet to move, given that ‘double dipping’ continues to cost Bahamian taxpayers thousands of dollars.
strated by Long Islanders and members of the island’s diaspora, along with the island’s abundant natural resources, can form the foundation of a strong and sustainable local economy. As organiser of Long Island Business Outlook, The Counsellors is most grateful for the co-operation of the speakers who have agreed to present this year.” Mr Knowles, the chief councillor, encouraged Bahamians - and especially residents of the island -to register for the event. He added that if individual Long Islanders pool their resources and talents, that will aid the island’s development. Ms Bootle, the island administrator, says her aim is to share with residents the economic status of their
From pg B1
Bahamas Agricultural & Industrial Corporation
Consultants 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.
How to Apply
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
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.
Email: sponge@baic.gov.bs
BAIC HEAD OFFICE & TRAINING CENTER Old Trail Road • P. O. Box N-4940 Nassau, Bahamas
supervisory employees of the Ministry of Education, Science and Technology, to continue enjoying “better conditions” that may have existed prior to the industrial agreement’s signing until both the BEMU and the Government agree to any changes. These “better conditions” included the ‘double dipping’ on NIB sickness benefits, thus creating an obstacle to the Government’s plans to conserve scarce Bahamian taxpayer resources by eliminating the practice. Both the Ministry and the Government argued that the latter had yet to ‘give effect’ to the policy change, but Justice Winder said an end to ‘double dipping’ was clearly what it intended to implement. “The evidence before me clearly demonstrates that this retention of full salary and receipt of the sickness benefit was a practice which persisted with the full knowledge of the Government of the Bahamas,” Justice Winder found. “The practice, which has been colloquially described as ‘double dipping’, was the state of affairs which had existed in the public service since the establishment of the National Insurance Board (in 1974, some 42 years ago).” Justice Winder emphasised that the January 19, 2016, circular on NIB sickness benefits clearly “represented a change in policy”. He acknowledged that neither the National Insurance Act, nor the social security scheme’s various Boards, would have anticipated public sector employees obtaining both sickness benefits and their full regular wage, and that successive governments would turn a ‘blind eye’ to a practice that has cost the Bahamian taxpayers millions of dollars. The Government, Justice Winder added, continued to pay sick employees their full salary despite having to confirm to NIB that these people were really ill and
absent from work. Pointing out that the Government and the BEMU were covered by their industrial agreement, he ruled: “On the facts, therefore, double dipping was not provided in the industrial agreement, but enjoyed by employees, and was a practice which existed prior to the industrial agreement.” This, Justice Winder said, meant that ‘double dipping’ was covered by the agreement’s article 8.18, which deal with the continuing “better conditions” that BEMU members are able to enjoy. He therefore granted a declaration in the BEMU’s favour, that the Government’s plans to eradicate ‘double dipping’ “would amount to a breach” of the BEMU’s industrial agreement unless both parties consented to the change - something that is highly unlikely from the union’s perspective, Obie Ferguson, the Trades Union Congress’s president, told Tribune Business that Justice Winder’s ruling was significant in terms of showing the extra protection workers/unions have when their industrial agreements are registered by the Registrar of Trade Unions. He added that it also emphasised that long-standing practices, which are contained in industrial agreements, cannot be changed “arbitrarily” - only with the consent of both parties. “The message one can derive from that ruling is that where there is a registered industrial agreement, the terms of that agreement must be adhered to by the parties,” said Mr Ferguson, who represented the BEMU. “With a practice that has been in effect for 40 years, you can change it, but you must change it with the union. You can’t arbitrarily change a practice that has been in effect from when NIB was incorporated.” Mr Ferguson added that when industrial agreements were registered, any disputes or changes to its terms
Tel: (242) 396-3725/6 Fax: (242) 322-2123 / 328-6542 Web: www.baic.gov.bs www.facebook.com/mybaic
Management APD Limited Growing. Partnering. Empowering.
THE TRIBUNE
Tuesday, December 6, 2016, PAGE 5
Hero golf tournament provides tourism boost The Hero World Challenge golf tournament created invaluable free publicity for the Bahamas when it was broadcast to one billion households over a four-day period. Golf fans in 227 countries tuned in to see Tiger Woods made his comeback after a 16-month hiatus, with the event also attracting some to travel to the Bahamas. Greg Ball, media relations representative for Hero World Challenge, said more than 100 international journalists came to New Providence for the event.
“With Tiger Woods playing, the ratings were really good on the Golf Channel and NBC. It is broadcast back to the United States, Europe and all around the world. It really is a good way to show people all around the world how beautiful this place is,” Mr Ball said. “The Bahamas has received - and will continue to receive -some excellent coverage in media from around the world. Every Internet story and newspaper story that’s written has a Nassau date line and, of course, the television coverage will
Nassau port operator targets 16% profit rise From pg B1 per cent over the prior year actual revenue, while net income is projected to be $5.044 million or $705,615 over the 2016 actual net income of $4.338 million,” APD’s 2016 annual report projected. “Our import TEU (twenty-foot equivalent unit) volumes are currently 5 per cent over budget as at September 30, 2016, and we continue to see a steady import of used vehicles from Asia. “Nassau Container Port’s TEU volumes as at September 2016 are tracking 5 per cent over budget. Total revenue as at September 2016 is tracking about 1 per cent over budget.” Despite the import-generating activity foreshadowed by Baha Mar’s likely construction completion, and subsequent phased opening, APD has taken a conservative position on potential import volumes during the 12 months to end-June 2017. Noting the increased importation of construction materials in Hurricane Matthew’s wake, the BISXlisted operator said: “Total
market volumes are expected to remain around 62,000 import TEUs for 2017, or 500 over the 2016 TEU budget volumes of 61,500 import TEUs. “Our total revenue as at September 30, 2016, is ahead of budget by approximately $466,000 or 46 per cent. Total expenses as at September 30, 2016, are under budget by $337,000 or 8 per cent.” APD said its gross accounts receivables had increased by $624,048 in 2016 as a result of a $700,168 impairment related to unpaid rental income owed by Baha Mar - a sum it believes it can recover. Michael Maura, APD’s chief executive, told shareholders that the company was still awaiting clarity from the Ministry of Finance and Department of Inland Revenue on how Value-Added Tax (VAT) will be applied to interna-
highlight how beautiful this place is, Albany specifically, and New Providence.” Members of the media stayed in various hotels throughout New Providence and Paradise Island. “We have a large contingent of media for the Hero World Challenge, approximately 105,” Mr Ball said. “They come from quite a few parts of the world. We have a large group from the United States. We have quite a few folks from India… we have a few from other parts of Europe and Asia as well. I think peotional cargo and shipping. APD has “passionately recommended” that such services be ‘zero-rated’ for VAT purposes, so that all ‘input’ tax can be recovered even though the 7.5 per cent levy is not charged by itself. “Our Nassau Container Port community is still unsure as to how VAT will be assessed on international cargo,” Mr Maura wrote. “We have passionately recommended to the Department of Inland Revenue that all port and carrier services related to international shipments be zerorated so as to avoid possible increases in international shipping charges. We look forward to clarification on this matter soon.” He added: “The Department of Inland Revenue has recognised the significant economic character of international trade, and the impact that subtle changes to tax application at the border can have, resulting in significant cost implications to the trading market. “While much progress was made, the Department
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Tiger Woods (left) poses with no. 6 ranked Hideki Matsuyama (right) at the Hero World Challenge golf tournament.
ple love coming here. It’s a beautiful place.” Many of the professional golfers also commented on the beauty of the destination. Hero World Challenge
winner, Hideki Matsuyama, said: “Unfortunately, I couldn’t do any tourist things this visit. “But it’s such a beautiful country, and the beaches, and the oceans and the sea;
to be able to just wake up and look out at the beautiful scenery, and also to be able to play golf on a great golf course at the same time, it was a marvellous week.”
of Inland Revenue had not finalised its VAT procedures for international trade.” Looking back at its 2016 financial year, APD said: “Despite our actual import TEU volumes for 2016, of 61,778, being over budget by 278 TEUs or 0.45 per cent, revenue from the bulk car carrier business was able to compensate for any fall-off in revenues from storage fees. “This resulted in some 11,400 bulk car carrier vehicles landing at our facility and revenues of approxi-
mately $1.972 million from landing and security fees. Approximately 2,760 or 32 per cent more bulk car carrier vehicles were imported than our forecasted volume of 8,640. “Additionally, revenues from storage fees were approximately $378,423 under budget. This was attributable to the fact that the carriers were evacuating empty containers before the allowed free time had expired.” APD added: “Our Direct Operating Margin (DOM) for 2016 was 37 per cent
(2015: 41 per cent), which was 2 per cent higher than our forecasted DOM of 35 per cent. “For the period ended September 2016, our DOM is 42 per cent, which is 5 per cent higher than our forecasted DOM for the same period. “Operating expenses, including depreciation of $20.523 million for the period ended June 30, 2016, were $8,081 or 0.04 per cent higher than our 2016 forecasted operating expenses of $20.515 million.”
PAGE 6, Tuesday, December 6, 2016
Court’s new ‘wake-up call’ on Customs abuse From pg B1 - as “precedent setting” and one that should bring greater certainty to Freeport’s business environment. For Justice Gray-Evans, in granting around “80 per cent” of the declarations that Kelly’s (Freeport) had
been seeking, upheld the integrity of the city’s ‘overthe-counter’ bonded goods regime and the “legitimate expectations” of all GBPA licensees. Mr Smith and his wholesale/retail client had initiated Judicial Review proceedings in late 2010 over
Customs “unprecedented demand” that it submit a report on monthly ‘over-thecounter’ bonded goods sales to it. Kelly’s (Freeport) alleged that the demand was made with no prior notice or consultation and, moreover, it had no basis in “lawful authority”. And Customs’ offence was “compounded” by its decision to detain 11 of Kelly’s (Freeport’s) imported
GN-1826
GOVERNMENT NOTICE PROCLAMATION
containers, while also refusing to accept or process its documents because it had not submitted the ‘bonded good’ sales report. Justice Gray-Evans, though, found that the right of Kelly’s (Freeport) - or any other GBPA licensee - to sell ‘over-thecounter’ bonded goods did not depend on submitting a monthly report on such sales to Customs. And she blasted Customs’ decision to detain Kelly’s (Freeport’s) imported containers, and refusal to process its entries, as having “no lawful basis”. Justice Gray-Evans then issued a blanket injunction preventing Customs from taking similar action in future against any other GBPA licensee that failed to submit a ‘bonded goods’ sales report - something that was not “sanctioned by law”. She also ordered Customs to pay Kelly’s (Freeport) damages for the “wrongful detention” of its goods and failure to process its entries, before adding aggravated damages for the Government agency’s “arbitrary and high-handed actions”. The Freeport-based wholesaler/retailer did not score a total victory, though, as the Supreme Court declined to rule that there was “no lawful basis” for Customs to demand a monthly ‘bonded goods sales’ report. However, Justice GrayEvans noted that the amendment cited by Customs as giving it the authority to demand such a report had been repealed since Kelly’s (Freeport) filed its action, thus rendering the issue moot. Mr Smith told Tribune Business that the Supreme Court had again affirmed that the Government, and its agencies, could not arbitrarily and illegally interfere with GBPA licensees’ legitimate business operations. While Customs has always possessed powers to investigate evidence/suspicions of wrongdoing, Mr Smith said it could not act outside the law - as it had done in Kelly’s (Freeport’s) case by detaining its containers and refusing to process its paperwork. “You can’t interfere with the business of licensees,” he explained. “If you want to impose a penalty, you need to prosecute them and deal with them properly, not hold their goods hostage.” Although the events that gave rise to Kelly’s (Freeport’s) Judicial Review were more than six years old, Mr Smith said the Supreme Court judgment still had significant relevance for the GBPA’s 3,500 licensees - especially the injunction blocking similar Customs enforcement actions in the future. “This should embolden
Freeport licensees to be more assertive in demanding respect for their rights as GBPA licensees,” Mr Smith told Tribune Business. “Given that the court has issued a permanent injunction on behalf of all licensees, this is clearly sending a message to the Government that the courts are not going to tolerate continuing abuse.” He added: “This is one of more than a dozen court cases that have succeeded against the Government in Freeport, yet Customs and other regulatory agencies continue to pretend they do not exist. “This ruling is very precedent setting, and should be a wake-up call to the Government that they cannot ride roughshod over the rights of licensees and the GBPA. “This should also augur well for business, as it should demonstrate to investors that the rule of law does exist in Freeport if they simply insist on their rights.” Freeport’s ‘over-thecounter’ bonded goods regime has been a key feature of the city’s business environment for almost three decades, and is now an established practice under the Hawksbill Creek Agreement. It allows GBPA licensees to sell goods duty-free (bonded) to fellow companies within the Port area for use in the latter’s own business. But any sales to a consumer or household do attract duty, and these taxes have to be submitted in a report - together with the full tax owed - to Customs by the 15th of the following month. While post-paid duty sales have to be reported, there was never been a similar requirements for socalled ‘bonded’ sales, until Customs wrote to Kelly’s (Freeport) on August 5, 2010, warning that its continuing ability to sell ‘bonded’ goods depended on providing such a report. The company did not comply with Customs demands, and six containers it imported the following month were subsequently detained by the agency at Freeport Harbour. Kelly’s (Freeport) attempted to import two further containers in late September 2010, but these received the same treatment - detention and the refusal to process entries. With eight containers in Customs’ possession, attorneys for Kelly’s (Freeport) met with Lincoln Strachan, deputy comptroller of Customs, and other officials on September 29, 2010, to get the containers released. Customs made clear the containers would not be released without the ‘bonded goods’ sales report, despite being told it could not hold Kelly’s (Freeport) “to ransom”. The eight containers were eventually released after then-Prime Minister Hubert Ingraham and his minister of state for finance, Zhivargo Laing. However, Customs then tried a different tactic in October 2010 - refusing to accept Kelly’s (Freeport’s) duty-paid sales report, and $50,504 in accompanying
THE TRIBUNE taxes, because the company had not submitted the ‘bonded sales’ report. This prompted the Judicial Review filing, with Justice Gray-Evans noting Mr Strachan’s admission that the practice of ‘bonded goods sales’ had existed in Freeport since 1989. Kelly’s (Freeport), though, said Customs did not have the power to tie its rights to sell such goods to the production of such a report - something that was akin to “unilaterally altering the terms” of the Hawksbill Creek Agreement, the city’s founding agreement. Justice Gray-Evans agreed that Customs had “failed to show” that the production of a ‘bonded goods sales’ report was first required for Kelly’s (Freeport) to be able to sell such goods, finding for the company. However, she agreed with Customs that 2009 changes to the Customs Management Regulations’ ‘regulation 24’ did impose “a lawful obligation on GBPA licensees” to produce a monthly ‘bonded goods sales’ report. Justice Gray-Evans, though, noted that these changes were themselves repealed by the amended Customs Management Act and regulations, which took effect in summer 2013, thereby rendering her decision moot. The judge, though, reserved her harshest language for Customs’ decision to detain Kelly’s (Freeport’s) containers and refusal to process its entries. “It is clear, however, that the respondent [Customs] ‘took matters into its own hand’ and engaged in ‘selfhelp remedies’ in an attempt to enforce the applicant’s compliance with ‘regulation 24’,” Justice Gray-Evans found. “I accept the submissions of counsel for [Kelly’s Freeport] that the respondent’s ‘enforcement actions’ were arbitrary, unreasonable and contrary to the law.” She added that it was also “unreasonable and unlawful” for Customs to refuse the company’s September 2010 tax payment, and that Kelly’s (Freeport) had suffered “loss and damage” by losing opportunities to sell its detained goods, along with the extra storage fees incurred. And, in granting aggravated and exemplary damages against Customs, Justice Gray-Evans found: “The respondent’s actions, and those of its subordinate officers in detaining the applicant’s containers and goods ‘as a result of Kelly’s refusal or failure to comply with the regulations’ were indeed arbitrary, and I agree with counsel for the applicant that those actions were calculated to disrupt its business in an attempt to force it to comply, without regard to the legality of such actions.” The Supreme Court Registrar will now conduct an inquiry to determine the damages that are due to Kelly’s (Freeport), with Justice Gray-Evans taking “full responsibility” for the delays in determining the case.
THE TRIBUNE
Tuesday, December 6, 2016, PAGE 7
Up to 25% of private lands ‘in dispute’ From pg B1 unleash economic output and create certainty for residents and businesses.... “Land use is necessary and essential for economic development and social progress. Issues surrounding land ownership remain an emotive issue in the Bahamas. It is estimated that between 15 per cent and 25 per cent of all land which is not Crown Land (30 per cent of land is not Crown Land) in the Bahamas is in dispute, the main reason being the lack of clear title documentation.”
Although just 7.5 per cent of the total if Crown Land is included, the fact that almost one-quarter of privately-owned Bahamian land is in dispute is a huge impediment to national development. Many of the solutions proposed by the NDP have been talked about for decades, or put on the table before, suggesting that political will to reform and follow through, plus execution, remain the major stumbling blocks to positive change in the Bahamas. The “one-term land use
PM: BPL outages just ‘too amazing’ From pg B3 when international events are taking place at Albany, Fort Montagu, when people of prominence, when Bahamians are home watching sports as they do, that this happened for the second time in a week. That is too catastrophic, too unusual and is deserving of the highest investigation.” BPL last Thursday
blamed a “damaged underground cable” for blackouts on Tuesday and Wednesday, and customers were warned at the time that they may experience “intermittent challenges with their power supply until operations have stabilised”. New Providence residents suffered another island-wide power outage on Sunday following a weekend of electricity challeng-
Titles Act is something else that Tribune Business has repeatedly said is essential, and which is also referred to in the NDP. “Several legislative measures will address this, including the enactment of a series of Bills first introduced in 2010,” the NDP said, “as well as review of the Quieting of Titles Act 1959. “These will clarify how land is registered and conveyed among other improvements. However, the single most important action is the creation of a formal adjudication process to settle disputes once and for all in the eyes of the courts.” Prime Minister Perry Christie’s response to the ‘We March Bahamas’ or-
ganisers appears to largely be based on the contents of the draft NDP, including his promise of greater transparency over the allocation of Crown Land. “As Crown Land makes up 70 per cent of all Bahamian soil, a more transparent approach in divestiture is necessary,” the NDP said. “The first step is the creation of a Crown Land Task Force charged with reporting back to the Government and citizens with policy recommendations intended to rationalise the use, allocation, administration and pricing of Crown Lands, as well as ensuring the resources exist to implement such policies.” It continued: “Sound land management practices help
es. Residents complained of intermittent outages on Friday and Saturday. Mr Christie added: “I have been unofficially advised that they describe it at this point as human error. I want to see what that really means because it’s too amazing to happen twice in a week.” BPL chief executive, Pam Hill, yesterday suggested that such investigations were routine for the company following unplanned outages. “As we look at yesterday’s generation and what
all we did to try and make sure that the system will continue to operate, and we wouldn’t have an outage, I feel good about the level of professionalism that our folks use to maintain the system,” she said. “We always do an investigation after every trip of a unit. If anything is out of the ordinary for what had been programmed for the day, we do our own in-depth study. What I would imagine is that he [the Prime Minister] is referring to the natural 20/20 hindsight analysis that we take.”
Commission petitions for broker/ dealer’s ‘compulsory’ wind-up
Bank stocks help Dow to another record; tech stocks recover NEW YORK (AP) — U.S. stocks resumed their climb Monday as investors bought stocks that stand to benefit from economic growth, like banks, as well as technology companies, which have been mostly left out of a postelection rally. The Dow Jones industrial set another record high. Energy companies rose as the price of oil reached its highest level since July 2015. Small-company stocks continued to outpace the rest of the market. Technology companies have fallen since the election as big names like Facebook and Alphabet have lost ground. But that changed Monday. Samantha Azzarello, global market strategist for JPMorgan Asset Management, said investors have been steadily moving money away from safe-play stocks over the past year and favoring companies that stand to do the best when economic growth picks up steam, as it did in the third quarter. Azzarello said investors expect that trend to continue. “We’ve had 2 to 2.5 percent growth in the U.S. and we expect that to pop even higher if we get fiscal stimulus,” she said. The Dow Jones industrial average rose 45.82 points, or 0.2 percent, to 19,216.24. Earlier it went as high as 19,274. The Standard & Poor’s 500 index climbed 12.76 points, or 0.6 percent, to 2,204.71. The Nasdaq composite added 53.24 points, or 1 percent, to
create a balance between the need for economic growth and the building up of infrastructure on the one hand, and ensuring there is a sustainable environment on the other. “Land use management plans undertaken on each of the Family Islands, and for New Providence, will create a public dialogue and plan for how land gets developed and for what purpose. For example, certain lands might be set aside for residential development and other land might be secured for commercial development. The key outcome is that citizens are engaged and rules are created to guide future development.”
plan”, for instance, is already provided for by the existing Planning and Subdivisions Act 2010, which demands land use plans for every Bahamian island. The NDP also promises “a series of legislative amendments” to create a new Bahamian land registry and digital mapping, so that “the administration of land will be better co-ordinated and decision-making will be more evidence based”. Yet again, draft legislation to create a system of registered land was left behind by the former Ingraham administration, but the three Bills were seemingly shelved by the new government and have not seen the ‘light of day’ since. Reform of the Quieting
From pg B1 which is based at One George Street in Nassau, and all its directors and employees, are prevented from “dealing in any way whatsoever with clients’ assets” - including transferring, pledging or charging them. They cannot even act on client instructions until either the winding-up petition is heard or the Supreme Court makes further Order. Ms Rolle further informed Tillerman Securities’ clients: “Please be advised that the Commission has filed an application for the appointment of a provisional liquidator, which is scheduled for hearing on January 23, 2017.” Tribune Business understands that Intelisys (Bahamas) accountant and partner, Ed Rahming, who is one of the three Baha Mar liquidators, has been
tapped as provisional liquidator for Tillerman Securities. Tribune Business attempts to contact the broker/dealer last night proved fruitless, as its phone number was not in service, but this newspaper understands that it has filed legal papers appealing against the Securities Commission’s decision to cancel its Class Two broker/dealer licence. Its arguments will also be heard before the Supreme Court on January 23, 2017, together with the Securities Commission’s winding-up petition and push for Mr Rahming’s appointment. Tillerman Securities is a standalone, Bahamasbased broker/dealer, with client assets under administration understood to be in the low ‘eight figures’ - relatively small by global standards, but a significant sum nonetheless.
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
OFFSHORE INDUSTRIALS LIMITED IBC NO. 67588 B
In Voluntary liquidation a Wall Street street sign outside the New York Stock Exchange. Asian shares tumbled yesterday, while Europe opened higher after Italian voters rejected constitutional changes, raising questions over whether the country will stay in the European Union and keep using the euro. (AP Photo) 5,308.89. Stocks of small and mid-sized companies rose sharply. The Russell 2000 index jumped 23.53 points, or 1.8 percent, to 1,337.79. Thanks to a big rally in November, the Russell is up 18 percent this year, more than twice as much as the S&P 500, which tracks large U.S. companies. Smaller companies, which are more domestically focused than
NOTICE OF DISSOLUTION OF GOTTFRIED LIMITED Notice is hereby given that pursuant to Part IX, Section 138(4) liquidation of the above company commenced on the 01 day of December, 2016. Octagon Management Limited of Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, The Bahamas has been appointed Liquidator of the Company. _________________________________ Octagon Management Limited Liquidator
large multinationals, could stand to benefit more than larger ones from a pickup in U.S. growth. Banks resumed their post-election rally and are trading at their highest levels since early 2008. Goldman Sachs gained $5.19, or 2.3 percent, to $228.55, a nine-year high. While stocks traded lower overall last week, banks are on a four-week winning streak since the election.
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), OFFSHORE INDUSTRIALS LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 21st day of November, 2016.
Sally Louise Ozanne of Fiman House, St. George’s Place, St. Peter Port, Guernsey, GY1 2BH Liquidator
PAGE 8, Tuesday, December 6, 2016
Mexico awards first deep-water oil agreement MEXICO CITY (AP) — Mexico's state-owned oil company Pemex said Monday that it has awarded its first contract with a private firm for a joint operating agreement in deep-water oil drilling. The deep-water field known as the Trion block will be developed by the Australian firm BHP Billiton under a "farm-out" agreement in which the leaseholder of an oil field grants an operating interest to another company to develop the field. The Trion field is near Mexico's maritime boundary with the United States in the Gulf of Mexico and is believed to hold the equivalent of 485 million barrels of oil. BHP Billiton said Monday it will take a 60 percent interest in the block, while Pemex will retain 40 percent. The Australian company could eventually invest funds and give payments to Pemex totaling $624 million under the agreement. "Today is a historic day for Pemex and Mexico, as it is the company's first association agreement," a Pemex statement said. The National Oil Commission also announced the results of bidding on exploration licensing contracts for 10 other deep-water fields. Two of the contracts drew no bidders, but eight were assigned. Four blocks in the Perdido Fold belt, which is in the same area where Trion is located, were won mostly by foreign firms. China Offshore Oil Corporation E&P Mexico won contracts for two blocks. An alliance of Chevron, Pemex and Japan's Inpex got another block, and France's Total and ExxonMobil won the fourth. Six deep-water blocks were offered farther south in the Salina basin. Two drew no bidders, and four were awarded, mainly to foreign firms. An alliance of Norway's Statoil, BP and Total took two blocks. Malaysia's PC Carigali and Mexico's Sierra took another, and the U.S. Murphy Oil Corp. joined them and Britain's Ophir in winning the fourth.
Trump’s tariff plan hits a hurdle: Congressional Republicans
WASHINGTON (AP) — President-elect Donald Trump’s plan to use steep tariffs to punish companies that move overseas is running into an obstacle: Congressional Republicans. House Majority Leader Kevin McCarthy warned Monday that such an approach could cause a trade war. A better way to achieve the goal of keeping companies in the U.S. and growing jobs would be to rewrite the tax code and lower corporate rates, McCarthy said. “I think that’s a better way of solving the problem than getting into a trade war with a 35 percent tariff,” the California Republican told reporters at the Capitol. “We’ve got to have a level playing field, that companies in America can compete on a level playing field across the world, and right now we do not have one.” McCarthy’s comments came in response to Trump’s threat, made in a series of tweets over the weekend, that he would level taxes on companies that relocate overseas and then try to sell their products back into the U.S. “There will be a tax on our soon to be strong border of 35% for these companies,” Trump wrote. Republicans have typically opposed such tariffs as an intrusion on the free market, and it was just the latest example of Trump making a statement or coming up with a plan that flouts GOP orthodoxy. But Republican leaders are proving reluctant to challenge the presi-
House Majority Leader Kevin McCarthy of Calif. speaks to reporters on Capitol Hill in Washington. President-elect Donald Trump’s plan to use steep tariffs to punish companies that move overseas is running into an obstacle: Congressional Republicans. McCarthy warned Dec. 5 that such an approach could cause a trade war. (AP Photo) dent-elect, and McCarthy wrangled at some length with reporters at a pen-and-pad session, disputing suggestions that he and others in the party are soft-pedaling long-held beliefs in deference to Trump. For example, Republicans routinely criticized the Obama administration for taking steps that favored individual corporations, accusing the administration of “picking winners and losers.” Yet GOP leaders applauded when Trump got
involved to save hundreds of jobs at a Carrier plant in Indiana last week, even though it came with a cost to state taxpayers of about $7 million in tax breaks and grants. “I think a president wants to get involved any time it’s about jobs being created in America, and I think that’s healthy,” McCarthy argued Monday. A few moments later, though, he appeared to contradict himself, asserting: “You want to know my
BRUSSELS (AP) — Greece won some shortterm debt relief from European creditors on Monday even though it failed to clear the latest hurdle in its bailout program that has prevented the country going bankrupt and crashing out of the euro. At a meeting of the 19 eurozone finance ministers in Brussels that was largely overshadowed by the Italian referendum result that forced Premier Matteo Renzi to offer his resignation, Greece’s creditors offered some immediate help to the cash-strapped Greek government. Among the measures offered were a smoothing of
some of Greece’s repayment profile in order to prevent debt repayment humps on the way and a waiving of an interest rate increase that was due to take effect next year. The measures have been seized upon by the Greece’s left-wing government, which has been losing support according to opinion polls, as evidence that it’s getting something in return for all the tough economic medicine that it’s been making the country take. “The eurogroup decision for the immediate implementation of short-term measures for the adjustment of Greek debt represents a considerable success and
MONDAY, 5 DECEMBER 2016
another decisive step for the Greek economy toward exiting the crisis,” said Greek Prime Minister Alexis Tsipras. In return for successfully enacting a wide-ranging package of economic reforms and budgetary restraints, Greece’s creditors have promised to offer some debt relief measures for both the short and long term. “They are much more ambitious measures than we expected in May or hoped for, so that’s very promising,” said Greek Finance Minister Euclid Tsakalotos. “This will start helping the Greek economy all at once.” According to Klaus Reg-
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,933.23 | CHG -9.83 | %CHG -0.51 | YTD 109.28 | YTD% 5.99 BISX LISTED & TRADED SECURITIES 52WK LOW 2.50 17.43 8.19 3.50 1.77 0.12 5.50 8.05 5.50 7.66 12.59 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
philosophical belief? I believe in the free market, I don’t think government should be picking winners or losers.” Trump would likely need congressional approval to impose tariffs on a specific company or a group of companies, trade law experts said. The president has broad authority to impose tariffs on specific categories of imported goods, but not to single out individual companies that make them. House Speaker Paul Ryan was also asked about the tariff issue Monday, in an interview with the Milwaukee Journal-Sentinel in his home state of Wisconsin. He declined to comment directly, the paper reported, and, like McCarthy, focused on tax reform instead. “We can get at what he’s talking about through smart tax reform. What his concern is, is legitimate — American companies are moving overseas, are shifting headquarters and factories overseas,” said Ryan, blaming “our terrible tax code.” Outside GOP-friendly groups, meanwhile, lined up against Trump’s tariff proposal. “Tax cuts and deregulation will make the American economy great again, but tariffs and trade wars will make it tank again,” said Club for Growth president David McIntosh. “The president-elect is spot on when he calls for cutting taxes and federal regulations, but 35-percent tariffs would be devastating to consumers and businesses.”
Greece gets short-term debt relief from eurozone
MARKET REPORT 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
THE TRIBUNE
LAST CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.49 13.98 2.21 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 100.00 100.00 100.00 110.01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.49 13.23 2.22 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 -0.75 0.01 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
110.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.30 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
1,000 1,000
10
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 25.1 23.6 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% 4.61% 2.70% 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
ling, the head of the European Stability Mechanism, the body that releases the bailout funds to Greece, Monday’s package of measures will reduce Greece’s debt burden by around 20 percentage points by 2060. Tsipras said the reduction could amount to some 45 billion euros. Though conceding there’s a large amount of uncertainty around that prediction given the timescale involved, Regling said the benefits to Greece were “clear” and would help make Greek debt sustainable. Though successive Greek governments have slashed spending and raised taxes,
“They are much more ambitious measures than we expected in May or hoped for, so that’s very promising... This will start helping the Greek economy all at once.” Greece is still lumbered by debt of more than 175 percent of annual GDP because its economy has shrunk by a quarter. That’s far more than any other eurozone country and a level that the IMF — and the Greek government — consider unsustainable. It would take Greece decades of economic growth to get debt down to more manageable levels around 100 percent of GDP. The Greek government is looking for much more help over the years ahead from its creditors so it will be able to stand on its own feet, but it still has further hurdles
to clear before longer-term assistance is offered — perhaps in the form of longer repayment timetable for Greece’s loans or further reductions in the interest rates payable on those loans. Jeroen Dijsselbloem, the eurozone’s top official, said Monday that longer-term help for Athens will not be offered until mid-2018 when Greece’s current bailout program is due to end. Under the terms of the bailout, which could see up to 86 billion euros ($91 billion) in loans over three years, the Greek government promised a series of economic reforms and budget cuts. To get there, Greece needs to secure successful reviews of its adherence to the bailout program in stages. Tsakalotos was hoping that he would secure a successful review of the second stage of the program at Monday’s meeting but conceded that there were still three or four issues that needed to be resolved. These include agreement on upcoming budget surplus targets for Greece, discussions on longer-term debt relief measures and getting Greek bonds one step nearer to being eligible to be bought by the European Central BankBeing part of that stimulus program could help reduce the interest rates that Greece has to pay when it hopes to start tapping bond markets again from 2018. Greece has for the past six years relied on bailout loans — totaling around 300 billion euros — from eurozone partners and the International Monetary Fund to avoid bankruptcy. The IMF, which has yet to commit to Greece’s third bailout program, has argued strongly in favor of a big debt relief package for Greece and has suggested that the forecasts used in the Greek bailout plan are too rosy.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LEONARDO EDWARD ROLLE of Eneas Street, New Providence, Bahamas, intend to change my name to LEONARDO EDWARD GREEN. 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.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DESTINEE KASSANDRA DAVIS of Taylor Street off East Street, P.O.Box CB-12602, New Providence, Bahamas intend to change my name to DESTINEE KASSANDRA EVANS. 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
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
thirty (30) days after the date of the publication of this notice.
THE TRIBUNE
Tuesday, December 6, 2016, PAGE 9
b o dy and m ind
DJ Xcitement of 100 Jamz has his Movember beard shaved off by barber Pedro Mejias in aid of charity.
Jipcho Johnson, Past President of Rotary Club of New Providence, loses his month-long Movember beard.
Hair today, gone tomorrow Movember helps raise awareness of prostate cancer By ALESHA CADET
Tribune Features Reporter
acadet@tribunemedia.net
M
OVEMBER organisers exceeded their goal in attracting nearly 200 men to free Prostate-Specific Antigen (PSA) testing events in Rawson Square and at the Green Parrot Bar and Grill. The annual events surrounding ‘Movember’ are celebrated worldwide during the month of November, encouraging men to grow their moustaches and beards in effort to raise awareness of male health issues, including prostate cancer. The initiative was introduced to the Bahamas this year for the first time by Rotary Clubs of The Bahamas West and Tribune Radio House. “It was a step for men who hadn’t done any testing in their past time, a step in the right direction,” said Tim Ingraham, Assistant Governor for Rotary Clubs of the Bahamas West. “I think it made them much more aware of what they are exposed to and the number of men being diagnosed in our society. Beyond that we got email addresses with all of the men who received testing and we intend to continue to follow up and encourage them to take care of their health.” Being diagnosed with prostate cancer earlier this year was a sign to Mr Ingraham that indicated this movement was something to take up. The moustache and beard growth generates questions and conversations surrounding men’s health, Mr Ingrahama said. He believes prostate cancer is one of the leading causes of death among Bahamian men but it is also very treatable if they are looking into their health from early on. Last Friday, ‘Movember’ participants made a fun day out of their bearded month-long journey by taking part in a “Shave Party” at the Bahamian Brewery on Nassau Street. The men were treated to a shave by local barber Pedro Mejias, of West Bay Barber Shop, who donated his services free of charge. Pedro said even though the shave party was held on one of his
Jatonde of 100 Jamz is happy to lose his Movember beard courtesy of barber Pedro. Photos/Shawn Hanna
Men had plenty of encouragement to lose their whiskers at the end of their Movember challenge.
busiest days, he was more than willing to take on the opportunity to make a difference in his country. “I thought Movember was a great idea because men’s health isn’t usually recognised as big as it should be,” the barber told Tribune Health. “Men don’t really know how important it is for us to get our check ups and just raise awareness about our health issues. I commend the organisers on bringing this idea and movement about.” Considering he is normally working on his feet all day, Pedro said the four hours at the shave party was a breeze. For him, the most enjoyable experience was meeting everyone and getting to know new people in a different environment. “The conversations were hilarious. When they sat down in my chair I joked and asked them if they came for the hot cutlass shave and that took a few of them by surprise. They talked about coming to my shop to support me so I also gained some new clients,” said Pedro. Highlights of the shave party also included a live broadcast by Tribune Radio personalities and gift presentations. Prizes included Popeyes Bahamas Bowl tickets and a set of tickets to a Miami Dolphins NFL game with travel expenses covered. JJ McKenzie, on-air personlity and Director of Promotions/Online Marketing, is delighted that Tribune Radio House can utilise their large platform in this way because there is a need for men’s health awareness in the community. 100 Jamz participating personalities included Xcitement, Jatonde, Joe Koolz and Special K; Kiss 96’s Naughty and Big Guy; Y 98’s AC and Joy FM’s Ricardo Clarke. “Bahamian men tend to not do anything when it comes to their health so to now see them seeking more interests in taking care of themselves means the Movember movement made an impact,” she said. “Next year it is going to be even bigger so we are really excited about that. I think the most important thing is this was the proof of the power of media at Radio House and our combined efforts of getting the word out there and using the proper channels to do so.” The ‘Movember’ aim was to also raise funds to assist with treatment and testing for men’s health issues in the Bahamas. While there are no concrete numbers as to what has been raised at this time, Mr Ingraham said the main objective was to make sure men received PSA testing services, and from that perspective it was an overwhelming success.
If your mouth is bleeding see a dentist now
reason and complain that their mouth began bleeding without any provocation. This particular concern can have several causes. These can range from conditions in the throat, or larynx, or nasal cavity, or stomach, or the mouth itself. In rare circumstances, a vitamin K deficiency may be the reason, or there could be an issue of blood clotting or the existence of a blood disease called hemophilia.
The experience of realising that blood is coming from the mouth can be a daunting one. This is not a normal occurence so if you experience it, you should see a dentist immediately. This particular complaint is common but it originates in different places. Here are some common themes:
1 Night bleeding mouth
These persons complain that they awake every morning to see blood on their pillows. The problem here is that the gums are very inflamed or infected and the condition is probably generalised and involves the entire mouth. Consistent with this is often someone who has severe gum disease. Also consistent with this is someone who probably has never had a professional dental visit, or one who has had very few professional visits. When there is this type of infection present, appropriate gum treatment is necessary in
Conclusion
Dr Sparkman Ferguson Registrar of the Bahamas Dental Council order to restore gum health. Such treatments may involve the use of antibiotics, or require dental scaling and prophylaxis, or require dental deep scaling or more advanced periodontal treatments,
2 Sucking pressure bleeding
These persons complain of pro-
A bleeding mouth is cause for much concern and should never be ignored.It can be managed by a general dentist or a periodontist. ducing blood in the mouth when applying small sucking pressure to the gums. The problem here is that the gums are swollen because of inflammation or infection and the person is seeking to press them back down to size. In doing so, blood and inflammatory fluids ooze from the swelling and flood the saliva. When there is inflammation
and/or infection in the gums, appropriate treatments are needed to eliminate them in order to restore gum health. Such treatments can range from antibiotic therapy to minor oral surgery.
3 Spontaneous bleeding mouth
These patients complain of blood appearing in their mouth and sputum for no apparent
The majority of people who experience minor bleeding from the gums usually need to have a professional cleaning performed. It is a usual occurence that bleeding gums signal the need for a professional cleaning. Whatever the case, a bleeding mouth is cause for much concern and should never be ignored. Very often, the concern is local (originating within the mouth) and can be managed by a general dentist or a periodontist (gum specialist). When the cause is not local, a multi-disciplinary approach is needed involving the services of medical specialists.
PAGE 10, Tuesday, December 6, 2016
THE TRIBUNE
Ray Ferguson says lie flat to perform the leg lower
Say farewell to double wave backs and love handles Exercises to tackle those stubborn fatty areas for women and men Many women suffer from the “double wave back syndrome” you know, long after your hand has stopped moving the little jiggle of fat underneath your arm is still saying ‘farewell’. For men, it is those nagging ‘love handles’ that seem to have become stalkers. Well, ultimately, fat loss will play a significant role in managing these troublesome areas, but as long as you are calorie-conscious, I have a few exercises that if done correctly and consistently, along with a sensible meal plan, can and will help to not only reduce the size of but maybe even add some muscle to those fat zones. First, let’s get a little more specific and gain a better understanding of the muscle that comprises those areas. Women will need to tighten up those triceps muscles, the muscles behind the arm which are responsible for extension and fixation of the arm at the elbow joint. It is called the triceps muscle because it is composed of three heads; the long, lateral and medial head of the triceps. The long head runs down the back of your arm and is the largest of the three heads. It is often called the inner head. The medial is positioned on the midline of the triceps, deep within the arm. The lateral head is located outside the arm, and gives the triceps its horse shoe shape. The secret is to start with the long head. Train that first and work down so as to place the most intensity on the primary head that is responsible for the overall look and shape of the triceps. When you train the long head, the other two will either be partially or fully stimulated; even so it’s more efficient to train the primary head first. Please do not misconstrue what I am saying and believe that somehow fat will magically turn into muscle. One cannot be converted to the other. The body can only lose or gain muscle and
Ray Ferguson Personal trainer Club One lose or gain fat. Here are three distinct exercises that will aid in trimming some of the fat by building a little of muscle. The good news is that if you try these in the gym along with a sensible diet and wellstructured cardio programme, you can indeed lose fat and gain muscle in the process.
One-arm overhead cable extensions
A great option to target the long head because they will keep the triceps under constant tension throughout the entire movement while also working each arm independently to prevent any muscular imbalance.
Performing push-downs
A classic triceps exercise that targets the lateral head. Attach a straight or lateral bar to a high-cable machine. Grip the bar in your palms with your hands close together and then pull the bar down a bit. In the starting position, your elbows should be tight to your sides and bent, so that your hands are in front of your upper chest with your palms facing forward. Pull the bar down as far as possible, moving just your forearms; keep your elbows in place. Return slowly to the starting position.
Reverse grip push-down
For the medial head. Grasp the bar with an underhand grip, and keep your elbows close to your sides. Do not lean forward, focus on keeping a straight posture. Press the bar down until the arm is fully extended. Now for those male trouble spots. Men tend to not only get a big stomach from eating but it
appears that even with some significant weight loss those darn love handles seem to get wider. Well, obviously more weight loss is needed, but nonetheless we can target and train the external oblique muscles or sides of the stomach and the psoas-major muscle (or what people wrongfully term the lower abs). There are no upper or lower abdominal muscles, at least not anatomically speaking. The rectus abdominis comprises the entire superficial frontal layer of the abdomen region. However the psoas major is the muscle that joins the upper and lower body and as a part of the iliopsoas (iliacus and psoas-major) is one of the muscles responsible for hip flexion, or the movement of the hip during the act of sitting down. The “leg lower” exercise is great to train this body part.
Leg lower
Lie face up on a mat, with legs extended and the arms on the floor beneath the hips (lower back support) or to the side. Contract the abdominal and raise both legs to approximately a 45 degree angle, and then slowly lower them back toward the floor. Keep lower back on the floor during the entire movement. Do not lower the legs past the point where the back begins to lift off the floor. Repeat for desired number of repetitions. One of the functions of the external oblique is to help rotate the trunk; therefore the logical approach to train this muscle would be to perform trunk rotations.
Shan Oliver performing push downs
Cable high-low woodchop
Grasp the end of any attachment on a cable machine and position your body so that your right side faces the machine with knees slightly bent. Extend your arms as far as comfortably possible across your body to the right. Keeping your lower body stable, pull the cable extension across your torso to the left in a wood chopping motion. After desired number of repetitions repeat on opposite side. • Ray Ferguson is an ACE Certified Personal Trainer, ISSA Certified Strength and Conditioning Specialist, Tabata training, Ashtanga Vinyasa Yoga and TRX Certified.
Ray Ferguson ready for the cable high-low woodchop
Shan Oliver demonstrates the one arm overhead cable extension
Tree of nature By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net SOLOMONS Fresh Market’s mission to support healthy living has not changed over the five years it has been in existence. And in celebrating its fifth anniversary and furthering that campaign, the Bahamas’ largest gourmet grocery store partnered with vendors to expose its customers to healthy food and products that can contribute to their overall health. One of those companies that share a similar philosophy is Abaco Neem, which held a showcase of its products at Fresh Market’s Harbour Bay Plaza location last Saturday. Abaco Neem was
founded in early 1993 by proprietor Nick Miaoulis, a native Bahamian who was introduced to neem. He became attracted to the plant’s ability to help control high blood pressure and diabetes, two diseases common in his family and prevalent in the Bahamas. In February, 1994, 120 acres of land near Casuarina Point, 13 miles south of Marsh Harbour, was acquired to establish the Abaco Neem Farm. Today there are 8,500 Neem trees on the Abaco Neem Farm. Abaco Neem produces a range of over 23 products for the body, alternative preventative medicinal products, as well as home, garden and pet products. All of the products are made by using their own organically grown neem under
environmentally friendly farming practices. Daphne de Gregory Miaoulis, who runs Abaco Neem with her husband, said for centuries that the plant has been used for its medicinal properties. “Basically all parts of the tree have nutritional value - the leaves, the fruit, the seed and the bark,” Mrs Miaoulis told Tribune Health. “We take and extract the oil from the seed, which is the most valuable component that goes into our healing products. You can also use the oil by itself. But we use it as the active ingredient for our lotions and creams,” she said. The bark is also used to make a tooth powder which can act as a replacement for paste or can be used in combination with it. “What it basically does is
The range of products from Abaco Neem can offer alternative preventative medicine.
help to cut down on plaque, gingivitis and help with dental hygiene,” she said. The leaves of the neem are also used by the company to make a first response antiseptic. “Neem is anti-bacterial, anti-viral, anti-fungal and anti-inflammatory and on top of all that it is a natural repellant. So it is completely environmentally friendly and it is non toxic,” Mrs Miaoulis said. From the company’s inception, it has been keen on presenting an alternative to help people manage the various issues they may have. “When it comes to your health we believe that your food is your medicine and prevention is better than cure. So if one the onset of a scratchy throat, an earache, upset stomach, you use neem immediately. It would help you to manage that issue without it developing into a problem that would require medical attention,” she said.
THE TRIBUNE
Tuesday, December 6, 2016, PAGE 11
Lactation and the importance of support the size of your breasts does not determine how much milk you can produce? Breastfeeding does not make your breasts sag, or become lop-sided. And no, you will not give your baby gas. Your CLC will address all of these and so many more very important topics that can affect breastfeeding success.
Bun In The Oven
Bianca Carter Some women are born with the determination to have kids and some women play it by ear. Some women know exactly what type of mother they want to be, if they will breastfeed or not and other women take it one day at a time - both are perfectly fine. If there is one question I get all the time, it’s: “What is a breastfeeding class/lactation consultation?” And further, “Why the heck, do I need to have one?” Here are the top reasons why taking a breastfeeding class or opting for a private lactation consultation is so important: • Breastfeeding counsellors and Certified Lactation Counsellors (CLC) are trained professionals in a very small and specific aspect of infant health and nutrition, unlike nurses, midwives and doctors, who have a much broader and diverse training in many aspects of infant and child healthcare. CLCs are re-certified every three years to make sure they are up-to-date with the latest and most relevant information in breastfeeding science. Yes, it’s a science and is studied and proven on a constant basis.
a Certified Lactation Counsellor can dispel all the misconceptions about breastfeeding. • Prevent breastfeeding issues that can affect the outcome of your breastfeeding goals and success. I know what you’re thinking, “Shouldn’t it be a natural and easy process?” Natural, yes; easy, not all the time! If your thinking, you would prefer to take the easy way out, you may want to re-think that thought. Think about it this way: is child-birth easy? No. Is childbirth a natural process? Yes.
I’m sure looking back on your labour experience; you realise that although it was a hard and painful experience, it was also very worth it! Think about breastfeeding in the same way. It can be a little challenging in the beginning, but the payoff in the end, once breastfeeding gets off to a good start, is so worth it (for both you and your baby). • Breastfeeding misconceptions are typically pretty high.
For decades, we have relied on what other mothers have told us, what we have heard over the years, and what we have seen in our own cultures. Believe it or not, a lot of this perception is inaccurate and can be the deciding factor on if you choose to breastfeed or not. Meeting with a CLC or breastfeeding counsellor can provide you with the most up-to-date breastfeeding techniques and information. For example, did you know that
• Support, support and support is so important during the first few weeks of a new baby’s and mom’s life. Being correctly informed beforehand empowers you and your partner and prepares you with proven tools and techniques to ensure a positive and beneficial breastfeeding experience. Breastfeeding is your own decision and it’s up to you to educate yourself on the importance and benefits to both you and your baby. You wouldn’t run a marathon or take an exam without preparing for it, right? Make the decision to prepare for breastfeeding if it’s something that you want to learn about so that you can make a proper, informed and intelligent decision on the health of your baby. Bun in the Oven has three CLCs and lactation specialists to help you in your decision to breastfeed your baby. If you have questions and aren’t sure what all the fuss is about, give us a call. We can help. Love & Hugs! • Bianca Carter is a Certified Lactation Counsellor (CLC) and Founder of Bun in the Oven. For more information, email her at info@babybunintheoven.com. Follow BITO on FaceBook at babybunintheoven, and check out the BITO blog every Monday and Thursday at http://babybunintheoven.com
What are you marching for? One thing that I know for sure is that life moves according to the focus of our emotional attention. This is important because there are some irrefutable universal laws that govern our very existence. Chief amongst them is the Law of Attraction, which essentially affirms that we get what we focus on, whether we want it or not. The key word here is focus. Your point of focus is, in fact, your point of attraction and thus, your point of power. Whilst this may be a bit of a deeper dive for some of you, the laws of the universe are always in effect. Failing to accept these universal laws does not change the universe, it only changes the way you interact with the universe. It seems to me that we have far greater chance of winning the game of life if we understood the universal laws or rules that governs the game. This is especially true when it comes to deciding where you place your emotional attention. We all know the phrase ‘Pay Attention’. We pay the price of moving through life with our emotional attention. Your emotional attention has activating power. This means that when you invest your attention towards any particular thing - that thing multiplies, expands and draws itself towards you. Like it or not, this is the immutable law of life. For this reason, you must pay attention to what you are paying attention to; being very clear
Michelle Miller Motivationals
Michelle M Miller about what you are marching for. Marching for what you want in your life draws or attracts what you want. Similarly, marching against what you do not want attracts or draws more of what you do not want. The universe does not discriminate. It takes cues from you and responds to your most emotive point of focus. For example, let’s say you take up your placard and marched with outrage against poverty. Presumably all of your emotional currency will still be directed towards poverty. Your outrage against it keeps it at the centrepoint of your attention, thus serving only to ensure that poverty not only remains but expands. If you desire to reduce poverty, your emotional point of
focus must be directed towards that which is opposite poverty - ‘wealth’. Thinking and feeling outrage against poverty will not somehow transform and produce wealth. Wealth has to become your emotional focal point before it can be drawn towards you. Moreover, wealth has to become the focused thought of those who are experiencing poverty. Even so, people are more comfortable marching against what they don’t want. Despite dismal results, this is still the gold standard. Take a look through history and notice that for the most part, the waging war against things like crime, cigarettes, drugs etc, has not necessarily stopped the growth of these vices. In many ways, these issues have remained consistent. The universe does not determine what you may call ‘right’ or ‘wrong’, ‘good’ or ‘bad’. It acts only according to the focus of your emotional attention. This means that you have the power to direct your attention towards what you want rather than what you don’t want. No doubt, this is a challenge for many. So, burdened by their emotions of anger and frustration, they are more motivated to march against what they don’t want; unknowingly only making it stronger. You must work to focus your attention towards only what you really want. This concept is not as farfetched as it may seem. There’s a saying that during the war in
“People are more comfortable marching against what they don’t want rather than focusing on what they do want,” says Michelle Miller. Photo/Shawn Hanna Vietnam, some protestors asked Mother Teresa if she would join them in their march against the Vietnam War. She politely said “No - but if you have a ‘march for peace’ I’ll be there”. Mother Teresa clearly understood that there was more power in placing her emotional attention towards marching for what she wanted - peace - than against what she didn’t want. Leader to leader - consider what it is that you are marching for. Make the decision to focus your emotional attention towards what you want for your life. Remember, you are the managing director of your emotional
Connecting creatively with kids through books From pg B12 see the smiles on the kids’ faces at one of our events or programmes where we creatively bring the magic to life. The positive impact we make on the next generation is a huge benefit,” said Stephaney. The vision is to create fun programmes and events for kids in the Bahamas and eventually the world. ‘Connection to Creativity’ is known to have hosted and been a part of successful events such as ‘Twinkle Perfect Fairy Party’, ‘Tickle Me Pink Princess Party’ and ‘Ready Set Read’. “We have two more events for the rest of the year; one is called Literacy with Love for Stephen Dillet Primary School. We are asking the public to assist the school in purchasing books. The objective is for volunteers to purchases
books for the students. We want to help the School to eradicate illiteracy. The second event is a fun one called Santa’s Hustle to be held on December 18 at the Kendall Isaac Gym. It takes kids through the various jobs Santa had to have before he could be Santa. The inspiration is from the book How Santa Got His job book by Stephen Krensky,” said Stephaney. She is looking forward to a major year as 2017 approaches. Without revealing too much Stephaney said readers can expect their “Swap and Read” program to take place at the South Beach Library in the new year. “ We want to bring more awareness to local authors in the Bahamas. We are that bridge between author and reader where the mysteries will be reveal at our events,” she said.
Connection to Creativity has been involved in events like the ’Tickle Me Pink Princess Party’.
account. You get to decide how your emotional currency will be invested. By marching for your opportunities and not against your obstacles, you unleash an optimistic, potent formula for living an empowered life. Yes, you can do it. • Michelle M Miller is a certified Life Coach and Communications/ Leadership Expert. Questions or comments can be emailed to coaching242@yahoo.com, or telephone 429-6770, or visit www. talktomichellemmiller.com or snail mail to PO Box CB-13060
SECTION b
tuesday, december 6, 2016
Curtain stage goes up on a new
Samita Ferguson turns her talents to plays By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net
B
AHAMIAN Samita Ferguson wears many hats and is known as a wife, mother, businesswoman and founder of C.H.A.M.P.S girls organisation. What few people may know about Mrs Ferguson is that she has way with words and a vivid imagination that can conjure up intriguing stories that are also theatrically entertaining. Not only has she been juggling her roles, Mrs Ferguson has recently delved into playwriting, which she is ready to explore fully when the new year rolls in. Her recent breakout as playwright follows years of creating short stories and skits for the Church of God of Prophecy Love Center, of which she is a devoted member. And on Sunday, the church will host a special production, “The Treasure”, which will feature an evening of stories and a play written by Mrs Ferguson. It will be held at the church, beginning at 7pm. There will be performances by artists such as Tamika Taylor, Davian Chase, Taedan Ferguson, Naya and Nazya Maycock, Rashad Cunningham and the
Church of God of Prophecy Junior Brass Band. “Today one can note that people are dying, perhaps not physically but mentally, due to lack of joy, and hope,” she said. “One can be assured that coming to ‘The Treasure’ they will be uplifted and rejuvenated to start afresh, perhaps forgive where necessary and to tap into the gift that lies within. The plays in the past have brought hope and changed lives; we anticipate the same for this year’s production.” The evening, she said, will be filled with short stories from primary years to adult years, along with singing and dancing. Mrs Ferguson said that while she has been writing for years, she is excited that a passion to pursue it fully has been ignited. “From a little child I remember engaging in ‘I am a little tea pot’, the nursery rhyme that I rang out during my pre-school’s Christmas production. In junior school I remember acting as a Shakesperian during one of the school’s assemblies. Then, in my senior year, I acted in a play called the ‘Prodigal Daughter” written by Dr Beulah Farquharson. “Later, through my early 20s, I performed in another play which was held at St Mary’s Hall in the early 80s. Perhaps those were
Focus of attention: Samita Ferguson has a passion for play writing
stepping stones to the greatest picture. My love for the arts and writing stories of hope, stories of faith building, stories of miracles and stories of wholesome relationship no doubt was embedded in me by my grandmother, the late Jenny Thompson, and my mother, Helen Allyene Taylor, who is a poetic genius as well as my uncle and aunt, Bishop George and Minister Damaris Thompson who are playwright extraordinaires,” she told Tribune Woman. While most of the plays she has written were mostly short stories tailored to fit a limited time slot within a church’s programme, it was not until a few years ago she was inspired to turn one of them into a full stage play. “I have written short skits for my local church; a church that has brilliant actors and great talent if I may add. Four years ago that I decided to make one of the plays I wrote called ‘The Fallen’ into a full stage play. I am grateful for the reviews received. After that I felt the urge, the nudge that this ‘thing’ was beyond me and it was time to spread my wings, and create all that God wanted me to create. “Get ready in 2017 for greater works. My passion is to advance the kingdom of God via the arts, telling stories of hope and faith,” Mrs Ferguson said. As for where she sees her playwright career going she said: “There is power in the spoken tongue, so I see it going beyond the shores of the Bahama Islands. I see it reaching the lost at any cost and reminding people that all is not lost. The Word declares ‘he that begins a good work is able to complete it until the end’,” she said.
Connecting creatively with kids through books By ALESHA CADET
Tribune Features Reporter
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LABELLING herself as “one of the biggest book geeks ever”, Stephaney Davis’ dream is to get every child to be as “weird” as she is, ensuring that each child’s mind is fed with the words from a book that will encourage their creativity and catapult them to a divine destiny. Hence the inspiration to start her educational company ‘Connection to Creativity’, whose purpose is to bring magic back into reading by creating fun and interactive programmes and events for children through the country. “We want each child reading before they leave primary school,” Stephaney told Tribune Woman. “I think if you teach a man how to fish, he will have that skill set with him always. He will be able to impact his community, country and then eventually the world. Teaching and sharing reading programmes can do for a child’s life. Hence we ensure that, at the majority of our programmes, kids leave
The Connection to Creativity programme, which aims to bring magic back into reading by creating fun and interactive programmes and events for children, at Stephen Dillett Primary School. with a book of their own to keep that magic alive at home.” Going into depth about the motivation to start the organisation, Stephaney added that her own son was
not a strong reader. As he was embarrassed by it, she tried to create fun activities to get him excited about reading. “Books capture the mind, ignite creativity and
capture the hearts of readers. Books inspire, motivate and show possibilities. Books plant seeds that will fashion and pattern a child’s future. I love to See pg b11
“Books inspire, motivate and show possibilities,” says Stephaney Davis, founder of Connection to Creativity.