12082016 business

THURSDAY, DECEMBER 8, 2016

business@tribunemedia.net

$3.85 Bran: ‘Natural justice denied’ over VAT fines

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamian businesses are being denied “natural justice” by the absence of a properly-defined appeals process for resolving Value-Added Tax (VAT) disputes, the Democratic National Alliance’s (DNA) leader has blasted.

Branville McCartney told See pg b5

‘No appeal or court’ to hear business challenges DNA leader: ‘We’ve missed the boat on this one’ Private sector ‘suffering like hell’ from new tax

OECD urged G-20 to press Bahamas over tax exchange

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The world’s most powerful nations were earlier this year urged to pressure the Bahamas into agreeing to the multilateral approach for automatic tax information exchange, something it has so far resisted.

The request was contained in an April 2016 report to the G-20 nations’ finance ministers by the Organisation for Economic Co-Operation and Development’s (OECD) secretary-general, who said it

Nation identified as one of 15 rejecting ‘multilateral’ Provides clue as to why Bahamas singled out “seems time” for all nations to adopt the multilateral approach.

The Bahamas was identified in the report as one of just 15 nations that had either not signed, or shown See pg b6

Reforms ‘pending’ to reduce Govt’s Central Bank credit reliance

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Central Bank’s governor has revealed there are “pending” legislative reforms that are designed to “gradually reduce” the Government’s dependency on it to provide debt financing.

John Rolle, in a recent e-mail to Tribune Business, disclosed that the See pg b5

Governor: Gradual changes agreed ‘in principle’

$3.90

$3.86

$3.89

Bahamian group seeks landfill LOI

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

10-strong group bids to take over management

A Bahamian consortium yesterday said it was eagerly hoping to obtain a Letter of Intent (LOI) from the Government so it can proceed with plans to take over the New Providence landfill’s management, where conditions are said to be “getting more dangerous by the day”.

The Waste Resources Development Group (WRDG), a consortium of See pg b4

Would offer Bahamians shares via APD-type set-up Facility becoming ‘more dangerous by the day’ Tackling/preventing fires first priority

New Providence Landfill

Freeport web shops: Govt can ‘co-exist’ with GBPA licence

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government believes itself and the Grand Bahama Port Authority (GBPA) can “co-exist” on the licensing of Freeportbased web shops, provided the latter does not “usurp” the Gaming Board.

The Attorney General’s Office, in written submissions to support its call for

a preliminary trial on who is Freeport’s gaming/web shop regulator, argued that both the Gaming Board and GBPA could issue separate licenses to sector operators.

While arguing that the Gaming Board was the industry’s primary regulator, and that Freeport-based web shops needed to be licensed by it first, the Government conceded that the GBPA could then issue its own

licences to these operators.

It acknowledged that this right derived from the Hawksbill Creek Agreement, which gave the GBPA the right to manage and control the Port area.

As a result, it could only issue licences to casinos and web shops by virtue of their location in Freeport.

“We submit that when it comes to gaming, the GBPA may offer licences to See pg b6

Provided Port does not ‘usurp’ Gaming Board Says Board, GBPA can give separate licences But web shops must get Gaming Board version first

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PAGE 2, Thursday, December 8, 2016

The graphic differences with desktop publishing

While desktop publishing (DTP) and graphic design share many similarities, they are not the same.

However, they do have some common capabilities and features, and that can cause confusion for those who are not sure exactly what sets them apart.

Both DTP and graphic design are processes used to bring creative things to life. DTP centres on creating things that would once have been traditionally published, including flyers, brochures, books and websites, from a computer. Graphic design, on the other hand, is

the name given to processes used to create graphics from product packaging to website design, social network avatars and more.

What Is Desktop Publishing?

Perhaps the best definition of DTP is that it is the use of software on a computer, smartphone or tablet to create projects that can include business cards, book covers (and entire books), flyers, brochures, signs and more. It does involve design, and DTP can be considered a component of graphic design. The lat-

ter, though, is much more than DTP alone.

Moreover, there are numerous tools used in DTP, including programs such as Microsoft Publisher and Word, Apple’s iWorks suite and dozens of others. Usually, these tools combine a text editor or word processor with at least rudimentary tools for creating graphics and designing layouts.

Tools range from those geared for home use to professional-grade software.

What is Graphic Design?

What is the difference

between Graphic Design and Desk Top Publishing?

While both encompass a little of each other, DTP touches on many other things, including full website design, product packaging graphics, form, layout and design, advertising design and more.

A graphic design company can be a desktop publisher, but desktop publishing companies are not always graphic designers.

Graphic design requires considerably more expertise and experience than DTP does. Like DTP, there are many different tools used in graphic design, including programs such as Adobe Photoshop, Dreamweaver, Flash and too many others to list.

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It might help to clarify the differences between DTP and graphic design if you think about them in terms of what is created.

DTP is generally concerned with creating text material, which is usually combined with graphical elements.

Those elements might be created by the desktop publisher, or by a graphic designer. Graphic design, on the other hand, is concerned more with the creation of graphical means of conveying information.

A business logo is an excellent example, but it goes far, far beyond that to typography, colour grading, photography, web design

and even advertising. In short, a graphic designer must have more knowledge and experience than a desktop publisher.

When everything is said and done, it is important to know what type of professional you need. Do you need to work with a graphic design company to create logos, stationery or a full website? Or do you need a desktop publishing company to help you bring text and graphic elements to life in a professional manner?

Verify that the company you are considering offers the services you need, but also that they have the necessary experience.

I believe that Desktop Publishing is not ‘minus the creativity’. Let us not confuse the little old church lady, sitting in her parlour typing up the Sunday flyer in Word, with a professional desktop publisher who can take your copy and images and put together a successful marketing piece.

Desktop Publishing is an old, ‘left over’ term from the late 1980s that should be dumped for those who classify themselves as professionals. A secretary with no graphic training, and who creates charts and other outdated visuals, can hold the term ‘desktop publisher’, but anyone who takes design with a message to another level should carry the mantle of ‘production artist’.

There are all levels of

THE TRIBUNE

The Art of Graphix by deidre m bastian

skills and creativity in each of these classifications, and it also depends on the skill of the desktop publisher as well. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game!

• NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained graphic designer/ marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

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The longest-serving Bahamas Hotel and Tourism Association (BHTA) president handed over the role to incoming president, Carlton Russell, at the organisation’s annual general meeting last Friday.

After serving at the BHTA’s helm for six years, Stuart Bowe has stepped down to allow Mr Russell to take over the leadership as the Association embarks upon its 65th year in existence.

“I am aware I have sizeable shoes to fill. Our past president, and the team supporting his presidency, has taken the BHTA to new heights as it pertains to our ability to positively influence See pg b4

From L to R: Stuart Bowe, immediate past president of the Bahamas Hotel and Tourism Association, together with Carlton Russell, newly-elected president of the Bahamas Hotel and Tourism Association.

Realtor completes luxury sales course A Bahamian realtor has completed the sales and marketing course for high-end real estate that is offered by The Institute for Luxury Home Marketing.

Lamond Davis, president of Sterling Bahamas Realty, took the two-day training course that instructs residential real estate profes-

sionals on selling and marketing to the affluent.

Topics covered included demographics of the affluent; lifestyle segmentation; trends and amenities in today’s luxury home product; and creating a marketing plan for multi-million dollar properties.

“Agents who take our intensive two-day training and become members of The Institute are professionals who are actively working to differentiate themselves within real estate by fine-tuning their expertise and competencies in the luxury niche,” said Amanda Hammer, The Institute’s director of membership.

“Through training and membership within our organisation, they are exemplifying their dedication to better understanding and serving the needs of the affluent buyer and seller, and are dedicated to providing the exceptional service that the affluent have come to expect.”

Ms Hammer continued: “Only current and active members of The Institute

are eligible to earn the Certified Luxury Home Marketing Specialist (CLHMS) designation, a prestigious luxury-specific professional designation that reflects that the real estate professional has proven documented performance within the luxury residential market.”

Mr Davis specialises in high-end residential property sales in communities such as Ocean Club Estates on Paradise Island, and Old Fort Bay. Since establishing Sterling Bahamas Realty in 2014, with Robyn, his wife and partner, Mr Davis has sold more than $30 million in luxury real estate in those communities, in addition to properties in Grand Bahama, Harbour Island and Abaco.

“The training provided me with new insight about affluent buyers,” said Mr Davis. “Sterling Bahamas Realty emerges from this training better equipped to tailor our services to better match our customers’ needs.”

THE TRIBUNE

Thursday, December 8, 2016, PAGE 3

Chamber makes call for Unionist rejects renewable energy register explanation for Ocean Club’s act

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Chamber of Commerce yesterday said it has called for a register of renewable energy providers to be created, in a bid to jump-start the industry’s development.

Edison Sumner, its chief executive, said frustration has been expressed by both providers and others in the private sector over the “slow pace” at which laws, regulations and policies governing the renewable energy industry have been developed.

Speaking at a press conference to announce the Chamber’s energy security forum, set for December 13, Mr Sumner said: “That recommendation was to use the Chamber to establish

Wants to ease regulatory ‘blockage’ to sector growth Would ultimately transfer register to URCA

a register of all those companies and individuals who wish to operate in the renewable energy sector.

“We can assist URCA, essentially, in the beginning stages of going though the due diligence process for those who wish to operate in that sector.”

Mr Sumner added: “There are a number of companies currently who have expressed some level of frustration over moving

ahead as quickly as they would like.

“We have made the recommendation to the Government, which they are taking under consideration, to provide them with a facility through the Chamber to get a register established, and provide the necessary due diligence and compliance for those operating in the industry, so that we can at least move this to the next phase.

“When URCA comes fully on stream and are prepared to take over that sector completely, then it will be relinquished completely to URCA.” Deputy Prime Minister Philip Davis recently touted Bahamas Power & Light’s (BPL) business plan as even “more ambitious” than the Government’s National Energy Policy (NEP), calling

for renewables to generate 20 per cent of this nation’s electricity within five years.

His comments on BPL’s business plan, which is yet to be made public, came during his address at the Caribbean Infrastructure Finance Forum (CARIF).

The Bahamas National Energy Policy 2013-2033 aims to have 30 per cent of the Bahamas’ energy needs generated by renewable sources by 2030.

Mr Sumner added: “I can list right now probably three to five companies that have already spent a considerable amount of money putting the infrastructure in place to provide the service, but because there seems to be a bit of a blockage from the policy and regulatory side, then there is a challenge in getting things done.”

Marathon registrants grow 15% over 2015

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Organisers of the Sunshine Insurance Marathon Bahamas Race weekend yesterday revealed that registrations were up 15 per cent year-over-year, with a 32 per cent rise in local participation to-date.

Chakita Archer, the event’s spokesperson, said 19 countries are represented among the registrants, including Turkey, Nigeria,

Japan, Hong Kong, China, Australia, Sweden, Italy, Switzerland, France, Germany and the UK, along with registrants from 38 states in the US and eight provinces in Canada.

The Sunshine Insurance Race Weekend, set for January 14-15, is in its seventh annual running of the marathon, half-marathon and relay.

It is also its sixth running and partnership with the Susan G. Komen Bahamas Race for the Cure 5K. The

event, considered one of the nation’s leading annual sports tourism products, provides a much-needed resort industry boost during a lull in the winter calendar Rogan Smith, marketing co-ordinator for Sunshine Insurance, told Tribune Business: “Most rewarding is the level of local registrations. Also noticeable is the increase in the marathon numbers. There is also a sizeable increase in the relay participants.

“The 5k Susan G. Komen

race is at a much slower start. The aggressive kickoff was delayed due to the hurricane. We strongly believe that accounted for the slow start. However, we anticipate that the numbers will increase substantially in the coming weeks as we ramp up marketing efforts,” she added.

“We are confident that we will make our numbers, as we have had many civic organisations, churches and other groups pledging to participate in the Komen Bahamas event.”

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A hotel union executive said yesterday he could not accept that 61 One&Only Ocean Club employees were terminated for ‘performance-based reasons’, telling this newspaper: “That can’t be so”.

Bahamas Hotel, Catering & Allied Workers Union (BHCAWU) secretary-general, Darren Woods, told Tribune Business that the terminations spoke largely to a management issue.

“You’re going to tell me that 60 people are troubled employees. I find that hard to believe,” he told Tribune Business.

“They have, I think, about 200-plus people on the property and you’re telling me that you have as many as 60 persons terminated for performance reasons. That doesn’t say anything about the employees; that really says something about the management.

That can’t be so.”

Ashley McBain, vicepresident of corporate com-

Blames management, not line staff ‘performance munications at Kerzner International, suggested to The Tribune that the terminations were the result of poor employee performance at the hotel, saying that some staff were not working in sync with “performance standards that we’ve set in place - not only in the Bahamas, but beyond”.

She said the hotel thus had “to make the hard decisions, and say who really is pushing themselves forward and adhering to those standards, and maybe who’s not”.

More than 60 employees, including management and line staff, were fired, with the hotel’s reported dissatisfaction over unsavoury guest reviews serving as the primary reason for conducting pre-Christmas terminations.

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Bahamas ‘serious’ on meeting tax exchange obligations to OECD

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet Minister said yesterday that the Government is “serious” about meeting international standards for the automatic exchange of tax information, telling Parliament “there is much work to be done” to meet the 2018 implementation deadline.

Hope Strachan, minister of financial services, speaking during the second reading of the Automatic Exchange of Financial Account Information Bill 2016, said: “We are serious about our commitment to the OECD and our global partners to exchange in-

formation by 2018, and we have elected to do so on a bilateral basis.

“There is much work to be done to meet the 2018 reporting deadline, and to execute, navigate and negotiate the bi-lateral approach that we have adopted.”

The Bahamas adopted the Organisation for Economic Co-operation and Development’s (OECD) Automatic Exchange of Information Standard (AEOI) with an implementation date of December 31, 2018.

The AEOI standard is expected to be implemented via bilateral treaties with “parties who have demonstrated their ability to safeguard the information pro-

vided”.

Mrs Strachan said: “We are committed to transparency and accountability, and to the standards demanded of us by the US and European regulators.

“We recognise, however, our responsibility to our clients to maintain the highest degree of confidentiality for their safety and our integrity.”

She added that in preparation for 2018, an implementation Task Force has been created, with members drawn from the Ministry of Finance, the Ministry of Financial Services, the office of the Attorney General, the Bahamas Financial Services Board and other industry representatives.

“The Task Force has been working over the past several months to ensure clear path to CRS implementation,” Mrs Strachan noted.

“The US required us to automatically exchange tax information on its citizens and their financial transactions here in this country, and now we seek to fulfill the same obligations to our global counterparts who are members of the OECD. “Our imperative from the OECD includes the automatic exchange of information consistent with the common reporting standard (CRS), rather than by request, which is the existing standard for the Bahamas today.”

Tourism targets New York’s travel agents Travel agents from New Jersey and New York have attended several ‘More Bahamas’ presentations, spectacularly staged by the Ministry of Tourism, in a bid to increase awareness of this nation’s product.

Aimed at educating travel agents as well as exposing them to a taste of Bahamian culture, ‘More Bahamas’ was delivered via a ‘Talk Show-style’ presentation from directors’ chairs, set against a Bahamas step and repeat background. Agents were then treated to a performance by Bahamian entertainer, Julien Believe.

Starting in New Jersey and then moving to Long Island and Manhattan, travel agents were given updates on the Bahamas, the ease of travelling to this nation

from the US east coast, and the Bahamas’ preparedness for the winter travel season.

The events were part of the Bahamas’ trade and sales mission to the New York area, led by area manager, Mikala Moss. She

was assisted by fellow team members, Chrystal Bethel and Valencia Carroll.

Also involved were Valery Brown-Alce, senior director of US sales based in New York; Dupree Smith, district manager,

Houston; and Jeannie Gibson, manager global communications, Plantation, Florida.

The presentations allowed agents to interact with Bahamas’ partners and vendors. Participants at the various events included the Grand Bahama Island Tourism Board, through Carmel Churchill, Donna Munroe and Melesia Parker; the Nassau Paradise Island Promotion Board’s Rich Chomenski; and representatives of hotels and destination products, including Sandals, SuperClubs Breezes; Forbes Charter; Valentine’s Resort; the Grand Lucayan Resort; Viva Wyndham Resort; Delta Airlines and Vacation Express.

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PAGE 4, Thursday, December 8, 2016

Bahamian group seeks landfill LOI From pg B1 10 Bahamian waste management groups, told Tribune Business in a statement it had been informed that its proposal - submitted four months ago - “is being considered favourably”.

It indicated, though, that it now needed an LOI, or some form of agreement in principle, to proceed further with any management takeover bid, including the development of master and business plans for the Tonique Williams Highway site.

WRDG, whose members include Wastenot, BISXlisted Bahamas Waste, Impac and Sanitation, pledged that if successful its owner-

ship would be structured similar to that of Arawak Port Development Company (APD).

BISX-listed APD is owned 40 per cent by the shipping/port services industry and 40 per cent by the Government, with the remaining 20 per cent in the hands of public investors following the 2012 initial public offering (IPO).

“The shareholding of the company will be made up of the Bahamian waste companies, the Government and the general public, very like the Arawak Port setup,” WRDG said, meaning that Bahamians will have an opportunity to obtain equity ownership.

The Bahamian consor-

tium is seeking to ‘fill the gap’ created after Renew Bahamas, the landfill’s former manager, suspended its services in the aftermath of Hurricane Matthew.

The company exercised the ‘force majeure’ clause in its contract, which effectively frees parties from their liabilities/obligations when an extraordinary event, over which they have no control, arises such as a hurricane.

Kenred Dorsett, minister of the environment and housing, who has ministerial responsibility for the landfill, subsequently told Tribune Business he was seeking legal advice from the Attorney General’s Office on how to respond to Renew Bahamas’ move.

However, little has been heard or said publicly over what will happen next at the New Providence landfill, although the Department of Environmental Health Services (DEHS) has continued to operate and manage the facility in Renew Bahamas’ stead.

Mr Dorsett did not return Tribune Business messages seeking comment yesterday, while neither Michael Cox, Renew Bahamas’ chief executive, nor his predecessor, Gerhard Beukes, could be contacted.

However, one source familiar with the situation at the landfill, speaking on condition of anonymity, said there appeared to “be a bit of cat and mouse” going on between the Government and Renew Bahamas, with neither “wanting to move first”.

The latter is understood to still be blaming the Christie administration for its current predicament, while “the Government doesn’t seem to move”.

“The DEHS is in,” the source said. “The landfill is in a bad condition. They still don’t have the proper equipment, a proper compactor.

“They’re doing the best they can with what they have. They’ve been kind of thrown back in, and are resentful because they’ve been kept out of the loop.

It’s getting more dangerous up there by the day.”

The source said this was because ‘dry season’, which peaked around the New Year period, was fast approaching. This coupled, with questions over the level of remediation and maintenance at the landfill, meant that nearby New Providence communities were once again likely to be exposed to fires and associated noxious fumes.

Pointing to “subterranean fires” caused by combustible materials and flammable gases, the source said: “These are fires that are known of that flare, and if you are not on them right away, you get a huge burn out. We’re set up again for that circumstance.

“We really have to pay attention to the condition the landfill’s in now, how waste is placed into it, that we make the best use of air space and ensure it’s not building on unstable ground.”

The WRDG consortium yesterday said the integrated waste management plan it has presented to the Government is designed to address these challenges.

It revealed that the proposal calls for the recycling of plastics, paper, metals and green waste, and for dealing with construction and demolition debris, under “a comprehensive management” plan for the New Providence landfill.

“This is the latest proposal the Bahamian companies have submitted, either individually or as a group, over an eight-year period, all compiled with the assistance of international professionals,” the WRDG group said.

“We have been assured that our proposal is being

Longest-serving hotel president stands down From pg B2

the tourism industry,” said Mr Russell.

“I am committed to continuing to foster the growth and development of this incredible organisation, with the help and support of the cadre of professionals that comprise our executive committee, our Board of Directors, our members, industry partners and our dedicated staff members.”

Mr Russell’s career in the hospitality industry has spanned 26 years. He has

THE TRIBUNE

considered favourably, and we are now awaiting a Letter of Intent (LOI). Once we have the LOI, we can proceed to finish the Master Plan with our international and local advisors.

“The Master Plan is a blueprint for how the future waste will be placed in the landfill, how to increase the diversion and recycling of the greatest amount of waste, and which technologies to incorporate later down the road to turn more of our waste into a resource.”

Tribune Business understands that WRDG and its members are keen to obtain an LOI, or some form of agreement in principle, as a “guarantee” that their efforts will not be in vain.

Numerous Bahamian companies and groups have previously invested much time and money in developing proposals to take over the New Providence landfill’s management, only for these to be either turned down or make no progress with the Government.

As a result, they are now “gun shy” about proceeding with extensive investment without some kind of encouragement from the Government.

Tribune Business understands that the WRDG group has already developed an extensive business plan for the landfill, and has UK engineering firm, Mott McDonald, on stand-by to perform further work once it gets a ‘go-ahead’ signal from the Government.

It was emphasised that WRDG’s plan is much more extensive than that for Renew Bahamas, which was totally reliant on the proceeds from selling recycled materials to finance its operations and machinery rentals, plus generate a profit.

The decline in global commodity prices undermined that plan, and WRDG said of its proposal: “The day-

to-day landfill management will be done by qualified international waste professionals, with instructions to pass their knowledge on to qualified young Bahamians for the future management of this and other landfills in our country.”

Promising that it would tackle the concerns of communities near to the landfill, WRDG added: “We want to reassure the residents who live in close proximity to the landfill (Gladstone Road), as well as those living further away in the Carmichael Road and the Cable Beach areas, which are most affected by smoke and fumes emanating from the landfill fires, that our first steps after assuming control of the New Providence landfill will be to work on the many festering subterranean fires and to install a comprehensive fire fighting system.

“We are all Bahamians, we live here and, like everybody, we suffer the suffocating and poisonous fumes that billow from the ‘dump’ when it is on fire.

We worry daily about the badly compacted material causing injury to our drivers and landfill personnel. We worry about the diminishing capacity of the landfill, a landfill which can last much longer with proper management and a closely followed Master Plan.

“We worry about the effect the poisonous gases are having on our fellow Bahamians, and our foreign investors and guests who have come to enjoy our pristine environment. We worry about the contribution we are making to global warming, and we worry about the damage our reputation as sensible, caring and environmentally conscious people is taking on the global stage. We’re better than this; let’s get it done.”

progressed through various resorts, and started with his current employer as director of food and beverage at the Ocean Club in 1998.

Mr Russell moved to Atlantis (now owned by Brookfield Hospitality) in 2003, and has risen through the ranks to take on the role of vice-president for hotel, and food and beverage, operations at the Cove & Reef Towers.

He also serves as vicepresident of the Bahamas Hotel Employers Association, and trustee for the Bahamas Hotel Industry Management Pension Fund and the Bahamas Hotel & Allied

Industries Employees Assistance Fund.

Mr Russell is currently pursuing a PHD in philosophy Management-Leadership and Organisational Change at Walden University, and holds an MBA in International Business from the University of Miami.

Mr Bowe will continue to serve as immediate past president. The BHTA’s newlyelected executive committee is represented by Mr Russell; Mr Bowe; Dean Spychalla, senior vice-president; Jamal Glover, treasurer; Rui Domingues, vice-president, Nassau, Paradise Island; Jeremy Mutton, vice-president, Family Islands. The vicepresident for Grand Bahama will be determined by February 2017.

Vernice Walkine is the BHTA vice-president for allied members, while Nina Maynard serves as chairperson for small hotels. Beverly Saunders is chairperson for workforce development.

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THE TRIBUNE

Thursday, December 8, 2016, PAGE 5

Reforms ‘pending’ to reduce Govt’s Central Bank credit reliance From pg B1 Government had agreed “in principle” to enacting such reforms by changes to the Central Bank Act. “There are reforms pending to the Central Bank Act, [for] which we have received the Government’s endorsement in principle, that would gradually reduce (but not eliminate) the public sector’s reliance on funding from the Central Bank,” Mr Rolle revealed.

“Once this progresses we will be relying on new tools to manage liquidity that would only indirectly expose the Central Bank to holding government debt.”

Mr Rolle did not reply before press time to Tribune Business requests for him to expand on this, especially the specific nature

of the reforms, the rationale for enacting them and how they will work.

However, his disclosure followed a pledge by K P Turnquest, the FNM deputy leader, to probe what he termed the “very worrisome” increase in Central Bank financial support for the Government.

This came after the Christie administration had to meet more than $100 million in one-off demands, on top of its $86 million first quarter deficit, during the three months to end-September.

This involved the Bahamian taxpayer, via the Public Treasury, picking up the “entire” $40 million Bank of the Bahamas rights issue, after none of the BISXlisted institution’s 3,000

Bran: ‘Natural justice denied’ over VAT fines From pg B1 Tribune Business in a recent interview that VAT’s negative impact on business sales was being exacerbated by an inability for registrants to appeal, and challenge, penalties and sanctions imposed by the Department of Inland Revenue.

“There are some situations now where persons have called saying they’ve been charged thousands of dollars because they [the Government] claim they have not complied with certain provisions in the VAT Act,” Mr McCartney told this newspaper, “and there’s no type of appeal, no court to hear your grievance.

“That has to be dealt with.

That is only natural justice.

It does not fall within the realm of natural justice currently, in terms of there being redress or an appeal on these issues; it doesn’t fall within any legal system.”

The DNA leader implied that the absence of an efficiently-functioning appeals process that could be used by the 6,000-plus VAT registrants to resolve disputes with the Government was effectively adding insult to industry, given the tax’s impact on consumer spending and sales.

“When you have that appeals process, you can certainly challenge the way you have been penalised,” Mr McCartney said.

“We’ve missed the boat on this one. People are suffering. We continue to pay religiously, and if we don’t, there’s a problem.”

The VAT Act and accompanying regulations do provide for the creation of mechanisms, and appeal bodies, to adjudicate disputes between the private sector and the Government.

However, other business community figures have confirmed privately to Tribune Business that these bodies are either not set-up or not operating at full effectiveness.

Mr McCartney, meanwhile, said individual businesses and the wider Bahamian economy continued to suffer because of VAT and the ‘wealth transfer’ to the Public Treasury that it rep-

Branville McCartney resents.

“We are suffering like hell because of VAT,” he told Tribune Business. “I can’t explain it any more than that.

“Business has decreased by 15-20 per cent since the introduction of VAT. I’ve seen it in the pharmacies, I’ve seen it in the law firm, and I’ve seen it in the commercial rentals, as VAT has to be added on to that.

“Persons are reluctant [to rent], so you have to reduce your commercial rental

minority investors elected to subscribe for their allocation.

Patricia Hermanns, the National Insurance Board’s (NIB) director, confirmed in an e-mail to Tribune Business that NIB took no part in the rights issue.

“We wish to clarify for the record that the National Insurance Board did not participate in the rights issue,” she said.

“The Minister of Labour and National Insurance, Shane Gibson, clarified this point on the floor of the House of Assembly.”

The Government also had to fund HoldingCo’s $62 million share of the start-up costs for the new mobile operator, Aliv, and Mr Turnquest said it was “reasonable” to ask why the Central Bank had increased its holdings of government debt securities (bonds and Treasury Bills) during the three months to end-September 2016.

He, and others, were querying whether the Central

Bank’s increased financial support for the Government is a sign that the latter has exhausted its borrowing capacity with the private sector and other sources, forcing it to turn to the regulator as ‘lender of last resort’.

The Government’s increased reliance on the Central Bank was revealed in the latter’s monthly economic developments report for October, which said: “On the monetary front, an increase in Central Bank financing to the Government supported the growth in bank liquidity, while external reserves contracted, on account of the season uptick in foreign currency demand.”

The Central Bank’s increased holdings of government debt securities were said to have produced a $62 million increase in excess commercial bank liquid assets, which totalled $1.494 billion at end-October 2016.

Mr Rolle, though, said at

the time that too much was being read into this, and that there was no cause for concern or speculation.

He added that any financial support the Central Bank provided to the Government was typically replaced quickly by the placement of Bahamas Government Registered Stock (BGRS) issues, two of which are designed to raise a collective $30 million by next week.

Mr Rolle, in his subsequent e-mail to Tribune Business, also took issue with suggestions that linked the Central Bank’s provision of funding to the Government to declines in the foreign exchange reserves.

Describing such assertions as “not accurate”, he added: “For 2016, the foreign reserves will end the year higher than in 2015.

“By the line of reasoning in today’s paper, the [Central] Bank’s credit to government should have declined in 2016, which is not the case.”

The Central Bank governor explained further: “The link between external reserves and credit expansion, and foreign reserves, should always be analysed in the macro sense.

“Our reserves are a residual component of the difference between total domestic credit expansion and domestic deposit growth. That is credit either by commercial banks or by the Central Bank, to the combination of public or the private sector. A careful read of the Central Bank’s reports would show that we always explain changes in the foreign reserves in this context.”

Mr Rolle then added: “A constructive analysis of Central Bank credit to government should consider whether it adds to an unsustainable trend in total domestic credit, or if it displaces private sector access to credit. Neither trend is presently the case.”

rates for persons to be able to afford to pay.”

Turning to the wider consequences beyond his own family’s businesses, the DNA leader said: “You have less employment; you can’t employ as many people as you once used to.

“Because there is less employment, less money is coming in because people have less money to spend.

VAT, to-date, has hurt the majority of businesses in this country, whether it’s sales, professionals (legal), or real estate and insurers.

“If we had managed our economy properly, reduced wastage, cut out corruption and collected our taxes equitably, we wouldn’t have this same situation now.”

The Government previously revealed that it has collected $852 million in VAT revenues during the tax’s first 18 months, with the $160.3 million received during the three months to end-September 2016 taking this over the $1 billion mark for 21 months.

But, with the Government still running annual fiscal deficits in the hundreds of millions of dollars, albeit down from pre-VAT numbers, many Bahamians are questioning how their monies are being used.

VAT represents a ‘wealth transfer’ from Bahamian consumers and businesses to help dig the Government out of its debt hole, with the national debt still growing towards the $7 billion mark, even though the growth rate has been reduced.

The VAT revenues have yet to achieve the fiscal deficit’s elimination because

the growth in revenues continues to be outpaced by the Government’s spending.

The Central Bank of the Bahamas, in its report on monthly economic developments for October, said of the three-month period to end-September 2016: “Data on the Government’s budgetary operations for the first three months of fiscal year

2016-2017 showed a $23 million (36.6 per cent) worsening in the deficit to $86 million, relative to the comparable period last year.

“This outturn reflected a $35.8 million (7.2 per cent) expansion in spending, which outstripped the modest $12.8 million (2.9 per cent) rise in revenue.”

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OECD urged G-20 to press Bahamas over tax exchange From pg B1 no interest in signing, the multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) - a protocol that would assist with the implementation of a multilateral approach.

Of the 15 ‘recalcitrants’ identified, only Panama is a larger international financial centre (IFC) than the Bahamas, which may provide a clue to why these two nations were singled out as the victims of a concerted international attack earlier this year.

In what amounts to a thinly-veiled call for such pressure to be applied, the OECD’s secretary-general wrote: “As regards the multilateral Convention on Mutual Administrative

Assistance in Tax Matters (MAC), almost 100 countries and jurisdictions have already signed or are participating in this instrument, with only a few countries of relevance having not yet signed, including Panama.

“It seems it is time for all countries to sign the Convention. This is especially the case for those which have committed, or should commit, to automatic exchange of information.

“Out of the countries committed to AEOI, or that have been asked to commit, only 15 have not signed nor expressed interest in signing the MAC.” Apart from the Bahamas and Panama, the 15 also includes the United Arab Emirates, another nation that the OECD has expressed public concerns

Freeport web shops: Govt can ‘co-exist’ with GBPA licence From pg B1 businesses in the Port area, but it was never the purpose of the Hawksbill Creek Agreement, or otherwise, that the GBPA issue gaming licences,” the Attorney General’s Office argued.

“In fact, as it pertains now and in the past, it has been the requirement of the GBPA to issue only licences to casinos in the Port area because the said casinos are doing business in that area.”

The Attorney General’s Office pointed to the precedent set by the Grand Lucayan resort’s casino, last managed by Treasure Bay, which was primarily licensed and regulated by the Gaming Board for the purpose of casino gambling.

It added that regulating this casino was “not within the purview of the GBPA”, with its history showing that the Gaming Board was the regulatory body for all Freeport-based gaming ac-

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about when it comes to its chosen path to implement the Common Reporting Standard (CRS) - the glo bal benchmark for automatic tax information exchange.

The o thers named in the report were Antigua and Barbuda, Bahrain, Brunei Darussalam, Dominica, Grenada, Kuwait, Malaysia, Qatar, Samo a, Saint Vincent and the Grenadines, Trinidad and To bago, and Vanuatu.

Recommending the action that the G-20 sho uld take against the Bahamas and o thers, the OECD secretary-general’s report said: “The G-20 sho uld reaffirm the need for the identified countries and jurisdictions to commit to the CRS without further delay.

“Countries should now sign the multilateral Convention on Mutual Administrative Assistance in Tax Matters, noting that only sovereign states can legally sign this instrument, as well

as the Competent Authorities Agreements for the CRS without further delay.”

The G-20 is formed from the world’s most powerful countries, including the US, the UK, China, Russia, Australia and, of significance when it comes to tax matters, the likes o f France and Germany.

The Bahamas, which yesterday mo ved to enact legislation that will give effect to its CRS and automatic tax information exchange commitments, has already been given an indication o f what such ‘pressure’ loo ks like.

For it was the victim o f “a very well-organised attack”, which began with The Economist magazine portraying this nation as a non-cooperative jurisdiction that was undermining the glo bal battle against “tax do dgers”.

This was swiftly follo wed by the European Union (EU) ‘red flagging’ the Bahamas on two of three

criteria related to tax avoidance, and culminated in the ‘leak’ of 1.3 million documents - containing details on some 175,000 Bahamasdomiciled entities - from the Companies Registry.

The anti-Bahamas media offensive appeared designed to force, or bounce, the Bahamas into abandoning the bilateral approach to CRS implementation something that would allow this nation to exchange tax information automatically with those that approach it rather than with all-comers.

Hope Strachan, minister of financial services, previously acknowledged that while the OECD would clearly prefer all nations, including the Bahamas, to adopt a ‘multilateral’ approach to CRS implementation, the Bahamas had “made our position known since 2014”.

To suddenly change this stance now, she added, threatened to undermine

the Bahamian financial services industry and cost it business.

“If you think about how people do business, and how businesses operate, you cannot just decide today or tomorrow to change course, as that has a lot of implications for people,” the Minister told Tribune Business.

Pointing out that the Bahamas’ approach to implementing the CRS global standard was agreed prior to her becoming minister of financial services, Mrs Strachan said: “We consulted widely with the industry, looked at our tax regime, all aspects of how the jurisdiction is managed, and determined which approach was safer for us.”

The OECD had itself provided, and approved, the bilateral approach for implementing the global standard on automatic tax information exchange, she added.

tivities.

“The history of gaming in the Port area speaks to the fact that all casinos in the Bahamas, inclusive of the Port area, have to be licensed by the Gaming Board for gaming purposes,” the Attorney General’s Office argued.

“As pertains to the Treasure Bay casino, there has been from its inception in the Port area, and continues to be, a Heads of Agreement between the Government and itself, and its activities regulated by the Gaming Board of the Bahamas, rightly, as the gaming authority for the Commonwealth.”

The Government’s position, not surprisingly, supports the stance taken by web shop operator, Chances Games, and its parent, Jarol Investments, in whose Supreme Court action it has intervened.

However, it directly contradicts the GBPA’s stance, which is seeking a Supreme Court finding that the Hawksbill Creek Agreement exempts Freeport-based web shops from having to obtain a Gaming Board licence.

The case is now likely

to revolve around which Hawksbill Creek Agreement clause the web shop industry falls under.

The GBPA is arguing that they fall under the purview of clause 2 (23) (b), and its ‘entertainment’ and ‘amusement’ definitions.

As a result, it is alleging that the Gaming Act 2014 does not apply to Freeportbased web shops.

The Government and Chances, though, are alleging that web shops fall under the Hawksbill Creek Agreement’s clause 2 (23) (b).

Those in this category are undertaking business activities subject to national laws and regulations, which means they may first obtain the relevant permits from the Government - in this case, the Gaming Board.

“It is our submission that the plaintiff [Jarol/Chances] would obtain a licence from both the Gaming Board and the GBPA, first obtaining a licence from the Gaming Board pursuant to the said sub-clause 2 (23)(b),” the Attorney General’s Office said.

“It is our submission that a licensing authority, like the Gaming Board, histori-

cally licensed and/or collected fees from businesses in the Port area. Then licensees in the Port area would first seek to obtain such license and pay fees to that authority.”

The Government was forced to intervene in the court battle between Jarol/ Chances and the GBPA due to the potential threat it poses to the objectives and integrity of the national regulatory regime created by the Gaming Act 2014.

Should the GBPA’s argument succeed, and the Supreme Court find that Freeport-based web shops do not require a gaming licence, then the city will effectively have “carved out a special place” that is exempt from the national regime.

The Attorney General’s Office, though, is arguing that gaming “regulatory functions are not within the purview of the GBPA”, either under the Gaming Act or its 1969 predecessor, the Lotteries and Gaming Act. “In fact, the GBPA was not perceived by government to be a regulatory authority for gaming,” it said. “In fact, the Hawksbill Creek Agreement was en-

tered into by government to encourage the development of the Port area, and thereby the GBPA was rather to perform functions usually associated with local government. Of which the regulation is not one such function.”

The Attorney General’s Office added that “only the Gaming Board” was able to perform the anti-money laundering functions specified in the Gaming Act 2014, not the GBPA. “It is our submission that the GBPA are not the Gaming authority in the Port area, and may only issue, in respect of the gaming industry, licences in the Port area,” the Attorney General’s Office said.

“We further submit that this licence may not necessarily be a business licence - merely a licence which attaches itself to the agreement made between the GBPA and the Government of the Bahamas.

“In fact, we would go as far as to say that the licence issued by the GBPA is merely a licence paid to them as managers - for the time being - of that area of land known as the Port area.”

THE TRIBUNE

Thursday, December 8, 2016, PAGE 7

Trump chooses former WWE exec McMahon for small business WASHINGTON (AP) — President-elect Donald Trump is adding former wrestling executive Linda McMahon to his Cabinet as leader of the Small Business Administration.

McMahon and her husband, Vince, founded and built World Wrestling Entertainment Inc., now a publicly traded sports entertainment company. She stepped down as the company’s chief executive in 2009 and earlier this year launched a joint venture, Women’s Leadership LIVE, which promotes opportunities for women in business and public service.

She also poured $100 million of her fortune into two unsuccessful bids for a U.S. Senate seat in Connecticut in 2010 and 2012 and has become an influential Republican donor — including to the Trump campaign.

“Linda is going to be a phenomenal leader and champion for small businesses and unleash America’s entrepreneurial spirit all across the country,” Trump said in a statement Wednesday.

Trump said McMahon shares his vision of decreasing “burdensome regulations that are hurting our middle-class workers and

small businesses.”

“As an entrepreneur myself, I have shared the experiences of our nation’s small business owners and will do my best to advocate on their behalf,” McMahon, 68, said in a statement. “My husband and I built our business from scratch, building it to a publicly traded global enterprise with more than 800 employees.”

The SBA, best known for the small business loans it makes and the disaster aid it provides to companies and entrepreneurs, is also tasked with monitoring government officials’ compliances with contract laws. Its budget is generally under $1 billion.

McMahon’s two Democratic Senate opponents had kind words for their former foe.

Sen. Richard Blumenthal called her “a person of serious accomplishment and ability” who can help small businesses as long as “she is not hamstrung by the dangerous economic policies espoused by other Trump-nominated Cabinet officials.” Meanwhile, Sen. Chris Murphy called McMahon a “talented and experienced businessperson” who helped shepherd WWE

from an idea into a successful business.

“Of course, I know firsthand what a fierce fighter Linda McMahon is, and though we haven’t always seen eye to eye, I have confidence she’ll bring that fight to the SBA on behalf of Connecticut small businesses,” he said.

Some national small business advocates said they had little experience with McMahon but hoped she would understand the needs of small companies. Connecticut members of the National Federation of Independent Business had supported McMahon when she ran for Senate, NFIB spokesman Jack Mozloom said.

“Her views with small business aligned very well with our views. If that indicates what kind of SBA administrator she’ll be, that’ll be good,” Mozloom said.

The Small Business Majority said it would have liked a nominee with more direct small business experience, but was optimistic McMahon would support companies and their owners.

“We hope that she recognizes the unique role that the SBA plays in providing much-needed capital and support to America’s small

Congress cracks down on “bots” that snap up concert tickets WASHINGTON (AP) — Congress sent legislation to President Barack Obama that could make it easier to get tickets to popular shows, sports events and concerts.

Legislation passed by the House on Wednesday would crack down on computer software used by ticket brokers to snap up tickets. The so-called "bots" rapidly purchase as many tickets as possible for resale at significant markups, and

are one of the reasons why tickets to a Bruce Springsteen concert or "Hamilton" performance can sell out in just a few minutes.

The bill would make using the software an "unfair and deceptive practice" under the Federal Trade Commission Act and allow the FTC to pursue those cases.

The Senate passed the bill last month.

"Hamilton" producer Jeffrey Seller testified at a

Senate hearing in September. He said the bots invade the Ticketmaster system the moment tickets go on sale and electronically purchase almost all the available inventory — one of the reasons tickets to the hit musical about the life of founding father Alexander Hamilton have sold for $1,000 or more.

In a report earlier this year, investigators in New York Attorney General

Linda McMahon talks with reporters after a meeting with President-elect Donald Trump at Trump Tower in New York. President-elect Donald Trump will nominate wrestling executive Linda McMahon to serve as administrator of the Small Business Administration, a Cabinet-level position.

(AP Photo) businesses and that she is prepared to play a strong role advocating for small business needs throughout the government,” said John Arensmeyer, the group’s CEO. The contract laws that the SBA monitors compliance with are aimed at ensuring small businesses get at least 23 percent of federal contracting money that is considered eligible for small businesses. The SBA also sponsors small business training and assistance at hundreds of centers across the country. And its Office of Advocacy’s responsibilities include challeng-

Eric Schneiderman’s office cited a single broker who bought 1,012 tickets within one minute to a U2 concert at Madison Square Garden when they went on sale on Dec. 8, 2014, despite the vendor’s claim of a fourticket limit. By day’s end, that broker and one other had 15,000 tickets to U2’s North American shows.

The report said thirdparty brokers resell tickets on sites like StubHub and TicketsNow at average margins of 49 percent above face value and sometimes more than 10 times the price.

ing government regulations that pose a burden for small businesses.

House Small Business Committee Chairman Steve Chabot, R-Ohio, called McMahon an excellent choice.

“I look forward to working with her and the new administration to roll back burdensome regulations and increase access to capital for America’s 28 million small businesses,” he said.

Trump wasn’t McMahon’s top choice for president. She first backed New Jersey Gov. Chris Christie. But McMahon has known Trump for three decades, and contributed $5 million to Trump’s

family charity, almost all of it in 2007. He participated in WWE events, including a 2007 “Battle of the Billionaires,” during which he shaved Vince McMahon’s head.

After Trump secured the Republican nomination, McMahon became one of his most generous benefactors. Fundraising records show she gave $6 million to an outside group that aired supportive commercials and attack ads against Democrat Hillary Clinton. She also gave more than $150,000 to the Trump campaign and his Republican Party partners at the end of September.

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THE TRIBUNE

Softbank tycoon who met with Trump is Japan’s deal maker TOKYO (AP) — Japanese billionaire Masayoshi Son, who met with President-elect Donald Trump and then announced plans to create 50,000 jobs and invest $50 billion in U.S. startups, has been one of Japan’s most aggressive overseas investors for over two dec-

ades. He’s getting an early start on deal-making with the future president.

A graduate of the University of California at Berkeley, Son founded Softbank in 1981 after selling a pocket translator he invented while still in college to Sharp Corp. for $1

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million. Softbank became Japan’s largest distributor of computer software and leading publisher of computer-related magazines and books, going public in 1994.

The Tokyo-based company is now one of Japan’s biggest telecoms providers, with more than 63,590 employees, a solar power business, humanoid robots for home use, ride-booking services and financial technology. It recently set up a $25 billion private fund for technology investments, along with Saudi Arabia and other investors, that Son says could grow to $100 billion. But Softbank has had its ups and downs over the years, occasionally having to retrench and sell off investments.

Here are some highlights: ARM HOLDINGS: In July, Softbank bought Britain’s ARM Holdings for

24.3 billion pounds ($32 billion), in a deal the British government hailed as a vote of confidence despite its decision to leave the European Union. ARM is known as an innovator in smartphone technologies and the “internet of things.” ‘’Now is the time. This is the Cambrian explosion,” Son recently told investors in a presentation.

SPRINT CORP.: Son’s 2013 purchase of a 70 percent stake in Sprint Nextel for $20 billion was the biggest foreign acquisition in the history of Japan Inc. The U.S. wireless carrier is slowly turning itself around, though it reported a loss of $142 million in its fiscal second quarter. Son hopes to expand Softbank’s U.S. footprint by acquiring T-Mobile. On Tuesday, he praised Trump as a “deregulator,” suggesting he is hoping the new administra-

tion might ease hurdles to such a deal. Son has said he believes the mobile internet is the most important, backbone technology for the 21st century, but the U.S. lags in terms of speed. He could be looking to focus investments in that area.

ALIBABA: Son says he parted “unwillingly” with some of his investment in the Chinese e-commerce giant to help pay for the ARM acquisition. “But I still believe in Alibaba’s future; it is still in the process of growth and it has a big future,” he said in an earnings presentation last month.

SUPERCELL: Earlier this year, Softbank sold its stake in Finnish game developer Supercell to Chinese technology firm Tencent in a deal that values the company at about $10.2 billion.

INDIA: Son has pledged to invest $10 billion in India over 10 years, though Softbank has had to write off losses from ride hailing technology company Ola Cabs and e-commerce company Snapdeal.

EARLIER DEALS: In 1995, back when Softbank was still a software distributor and publisher of computer and hi-tech magazines, it bought Comdex and other computer-related show businesses from The Interface Group. Eventually it sold off the trade shows.

Over the years, Son has also invested in satellite TV and other media ventures, in banking and in Japan’s Nasdaq. An investment in U.S. computer memory board maker Kingston Technology Corp., in 1996, is considered one of Son’s missteps.

Japan downgrades growth estimate for July-Sept to 1.3 pct TOKYO (AP) — Japan’s economy grew at a slower pace than earlier estimated in the July to September quarter, expanding at an annual pace of 1.3 percent.

The figure released Thursday downgraded a preliminary estimate of 2.2 percent annual growth in the last quarter. Quarterly growth

was 0.3 percent, down from the earlier reported 0.5 percent.

The figures fell below what analysts were expecting, but still showed three straight quarters of growth.

The downgrade reflects a 0.4 percent drop in business investment from the previous quarter. Originally it

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was reported as flat. Exports grew 1.6 percent, below the 2.0 percent earlier figure.

Japan has yet to attain the strong momentum Prime Minister Shinzo Abe promised with his economic platform, which has mostly relied on massive asset purchases by the central bank.

The country remains far from the 2 percent inflation target set by Abe and the Bank of Japan.

But economists say that the sustained expansion and a recent weakening in the yen versus the dollar, which should help exports.

That means the central bank is likely to keep its current lavish monetary easing intact, without pushing interest rates further into negative territory, said Marcel Thieliant of Capital Economics.

“Firms’ predictions for industrial production suggest that the economy continued to expand at a solid pace in the current quarter.

Our forecast is that GDP will grow by 1% next year,” he said.

The government also revised annual estimates of gross domestic product for 1994-2015, raising figures across the board based on a 2011 benchmark year. The revision put Japan’s GDP in 2015 at 530.5 trillion yen ($4.66 trillion), up from the earlier figure of 499.3 trillion yen.

The newest data reflect a new calculation method based on revised international standards. They include research and development costs, patent royalties and purchases of defense equipment that previously were not part of the calculations.

The U.S., Australia and many European countries have been using the new method for years.

Though the revised figures do not reflect any actual change in Japan’s sluggish economic reality, since they boost the overall GDP figure they are a “substantial windfall” from a political point of view, Masamichi Adachi of JPMorgan said in a research note.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

2015 CLE/GEN/1515

IN THE MATTER of an Indenture of Mortgage made the 1st day of March, A.D. 2012 between Jeffrey A. Rahming and Suezetta M. Rahming and Finance Corporation of Bahamas Limited AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws of the Commonwealth of The Bahamas BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED Plaintiff AND JEFFREY A. RAHMING AND SUEZETTA M. RAHMING

First Defendant

Second Defendant

TO:Jeffrey A. Rahming Suezetta M. Rahming TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 24th day of September, A.D. 2015 seeking inter alia an order to direct you to deliver up possession of Mortgaged Property being ALL THAT piece parcel or lot of land comprising Lot Number Three Hundred & Twenty (320) in the Subdivision called and known as “Yamacraw Beach Estates” situate on the Island of New Providence, Bahamas, to Finance Corporation of Bahamas Limited within Twenty-Eight (28) days of the order and judgment for the sums outstanding under the Indenture of Mortgage dated the 1st day of March, A.D. 2012 AND THAT an Affidavit in support of the Originating Summons and a Notice of Appointment to Hear the Originating Summons were filed herein on the 26th day of November, A.D. 2015 AND THAT it has been ordered that service of the said Originating Summons and all further process filed herein be effected on you by way of this advertisement.

The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton, Judge of the Supreme Court, at The Supreme Court, Swift Justice Building, East Street and Bank Lane, Nassau, Bahamas on Wednesday, the 21st day of December, A.D. 2016 at 10:00 o’ clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the court thinks just.

A copy of the said Originating Summons, Order of the Court, Affidavit in support of the Originating Summons and Notice of Appointment to Hear the Originating Summons may be obtained from the Supreme Court Registry, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or from the Attorneys of the Plaintiff below mentioned.

Dated the 8th day of December, A.D. 2016 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, The Bahamas Attorneys for the Plaintiff

THE TRIBUNE

Thursday, December 8, 2016, PAGE 11

Study: ‘Obamacare’ repeal-only would make 30M uninsured WASHINGTON (AP) — Repealing President Barack Obama’s health care law without a replacement risks making nearly 30 million people uninsured, according to a study released Wednesday.

Separately, a professional group representing benefit advisers warned congressional leaders of the risk of “significant market disruption” that could cause millions of Americans to lose their health insurance.

Republicans dismiss such dire scenarios, saying that they are working on replacement legislation for a President Donald Trump to sign.

Nonetheless, the complex two-stage strategy the GOP Congress is contemplating has raised concerns not only among supporters of the law, but also industries like hospitals and insurers.

The plan is for Congress to first use a special budgetrelated procedure to repeal major portions of the Affordable Care Act, or ACA, next year. The effective date of that repeal would be delayed by months or even years to give lawmakers time to write replacement legislation.

The replacement law would presumably do many of the same things that “Obamacare” does, such as subsidizing coverage and protecting people with health problems. But it would not involve as much federal regulation, and it would eliminate a highly unpopular requirement that most Americans get health insurance or face fines.

The new study from the nonpartisan Urban Institute looks at a scenario where “repeal” goes through, but “replace” stalls. It predicts heavy collateral damage for people buying individual health insurance policies independent of government markets like HealthCare. gov. Though nonpartisan, the Urban Institute generally supports the goal of extending coverage to all Americans. Previously it has criticized some of the subsidies provided under Obama’s law as insufficient.

The new analysis warns that repealing major parts of the health law without a clear replacement could upend the health insurance market for people buying their coverage directly, outside of the workplace. That group has grown substantially under the health care law, but also includes millions of other customers.

The study found that 22.5 million people would lose coverage directly due to repeal of the law’s subsidies, Medicaid expansion, and its individual requirement to carry health insurance.

Another 7.3 million would become uninsured because of the ripple effects of market upheavals.

That could happen if insurers lose confidence in the Republican promise of a replacement and abandon the individual market. A key industry worry is that a repeal law would get rid of subsidies and mandates but still leave insurers on the hook for covering people with health problems.

The number of uninsured people would rise to nearly 59 million in 2019, since the ACA did not completely eliminate the problem of people without coverage. As a result, the nation would have a higher uninsured rate than when the ACA passed in 2010, the study found.

Federal and state governments would save billions, but the potential price would be social dislocation and a political backlash.

“This scenario does not just move the country back to the situation before the ACA,” the study concluded.

“It moves the country to a situation with higher uninsurance rates than was the case before the ACA’s reforms.

The concerns raised by the Urban Institute study were underscored Wednesday in a letter to congressional leaders from the American Academy of Actuaries. The group represents professionals who advise corporations and government on how to design and maintain benefit programs like pension and health care plans.

The actuaries said even if Congress delays the date of repeal, the uncertainty could prompt insurers to stop offering individual plans for people not covered by employers.

“Delaying the effective date of repeal while a replacement is worked out likely won’t be enough to assure the stability and sustainability of the individual market,” wrote Shari Westerfield, the group’s vice president for health care

the HealthCare.gov 2017 web site home page as seen in Washington. Repealing President Barack Obama’s health care law without a clear replacement risks making nearly 30 million people uninsured, according to a study released Dec. 7. Republicans say that won’t happen because they are working on replacement legislation for a President Donald Trump to sign.

Nonetheless, the complex two-stage strategy the GOP Congress is contemplating has raised concerns. (AP Photo) practice.

Earlier, hospitals warned that they would suffer heavy financial losses if Congress repeals coverage for millions of new paying customers. Those would be magnified if lawmakers leave in place cuts that hospitals accepted as part of the deal to pass the Obama health law. Insurers are also uneasy, even if the ACA hasn’t turned out to be as profitable as expected.

Republicans say they won’t allow chaos to happen.

EU official hopeful for trade deal under Trump presidency WASHINGTON (AP) — A senior European Union official on Wednesday expressed hope that the incoming Trump administration will continue talks on a comprehensive free trade agreement with Europe.

EU Ambassador to the U.S. David O’Sullivan told a conference in Washington that he hopes that negotiations on the Trans-Atlantic Trade and Investment Partnership will go on despite President-elect Donald Trump’s negative comments on trade. Trump has spoken out against various trade deals during the presidential campaign.

The Obama administration has been negotiating the agreement, also known as TTIP, for three years. TTIP aims to remove barriers to trade between the world’s two largest economies, to boost economic growth and employment and harmonize labor, safety and environmental standards.

“We stand ready to continue these negotiations and bring them to successful conclusion,” O’Sullivan told a

conference on EU-U.S. relations. “We still think the objective arguments... in favor of a good trans-Atlantic deal remain valid.”

O’Sullivan added that if trade talks were to resume next year, a deal could be reached in a year or two.

At the same time O’Sullivan noted that Trump has yet to formulate his position on TTIP. During a heated presidential campaign, where trade was a central issue, Trump has said that international deals cost Americans theirs jobs.

“We simply do not know in the light of everything that

has been said about trade where this new administration will stand. So we are being respectful of that,” he added.

Proponents of the agreement argue that lowering tariffs and harmonizing rules would give a much-needed boost to businesses at a time of global economic uncertainty. But trade unions, nationalists and green groups in Europe have lobbied hard against the deal. In the U.S., labor unions have complained that the deal is aimed at lowering, not improving standards.

NOTICE

NOTICE is hereby given that SHAWN SMITH of #81 Gambier Drive, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 12, Thursday, December 8, 2016

THE TRIBUNE

Democrats: Congress stiffing city on Donald Trump’s security NEW YORK (AP) — Congress is shortchanging the city by proposing to reimburse just $7 million — a fifth of the city’s request — for protecting Republican President-elect Donald Trump, the mayor said Wednesday.

“New York City taxpayers should not be on the hook for 80 percent of the national bill” to protect Trump and his family, Democratic Mayor Bill de Blasio said in a statement.

Since Trump won the Nov. 8 election, security around Trump Tower, the eponymous Manhattan skyscraper where he lives and works, has been stepped up to extraordinary levels. The New York Police Department has played a major role, along with the Secret Service and Trump’s private security personnel.

The Fifth Avenue tower is safeguarded by police officers armed with assault weapons, bomb-sniffing dogs and concrete barriers.

Police have closed some traffic lanes, barricaded the block where Trump Tower residents have a private entrance and set up checkpoints manned by officers in guard booths.

De Blasio and other Democratic officials wanted up to $35 million in federal reimbursement for police

overtime and other costs of safeguarding Trump from Election Day to his Jan. 20 inauguration. But stopgap spending legislation unveiled Tuesday in the Republican-led Congress includes $7 million.

The legislation would keep the government running through April. The House is expected to vote as soon as Thursday, and the Senate soon after.

The federal government has reimbursed state and local governments before for protecting incoming presidents, setting aside $7 million in a grant program after Democrat Barack Obama, who previously represented Illinois in the U.S. Senate, took office in 2009. Chicago spent more than $1.5 million securing Obama’s home there between his election and his inauguration, according to a 2009 Chicago Tribune report based on city records.

New York didn’t detail its projected costs in letters to congressional leaders and the White House earlier this week but noted the “unprecedented” challenge of providing presidential-level security at a building that’s a tourist attraction in one of the busiest parts of Manhattan, plus protecting Trump’s motorcade when he heads out.

NOTICE OPERA LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, OPERA LTD. is in dissolution as of November 28, 2016.

GESTAM ADMINISTRATION LTD. situated at Suite 102, Saffrey Square, Bay Street & Bank Lane, Nassau, Bahamas is the Liquidator.

LIQUIDATOR ______________________

members of the New York Police Department’s counterterrorism unit guard Trump Tower in New York. New York City’s mayor and other Democratic officials say Congress is coming up far too short in proposing to reimburse the city $7 million for protecting Trump Tower. Mayor Bill de Blasio said yesterday, that New York City taxpayers “should not be on the hook for 80 percent of the national bill” to protect Republican President-elect Donald Trump and his family. (AP Photo)

A broad rally drives Dow, S&P 500 indexes to record highs NEW YORK (AP) — The Dow Jones industrial average and Standard & Poor’s 500 indexes soared to their biggest gains since the presidential election on Wednesday and set all-time highs. Investors bought stocks that do well in times of faster economic growth, like technology and industrial companies, but they also snapped up stocks that pay large dividends.

Stocks moved steadily higher throughout the day after a mixed open.

Phone and real estate companies made the largest gains, but the rally moved into high gear in the afternoon, as airlines, railroads and trucking companies soared.

Investors took the rally in transportation stocks as a sign of optimism about economic growth. Technology and consumer-focused companies also jumped.

Biotech drug companies

took steep losses after President-elect Donald Trump said he wants to reduce drug prices.

The transportation sector reached an all-time high for the first time in two years. Julian Emanuel, an equity strategist for UBS, said investors were pleased to see that record because they see it as a sign businesses will start spending more, which would bolster economic growth.

“The consumer has really been the engine of the economy,” he said. “The missing piece has been the corporate side, the industrial side.”

The Dow Jones industrial average jumped 297.84 points, or 1.5 percent, to 19,549.62. The Standard & Poor’s 500 index rose 29.12 points, or 1.3 percent, to 2,241.35. The Nasdaq composite recovered from an early loss to rise 60.76 points, or 1.1 percent, to

MARKET REPORT WEDNESDAY, 7 DECEMBER 2016

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

BISX ALL SHARE INDEX: CLOSE 1,933.76 | CHG 1.19 | %CHG 0.06 | YTD 111.00 | YTD% 6.09 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.12 8.28 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.15 11.00 8.69 6.90 12.25 11.00

52WK LOW 2.50 17.43 8.19 3.50 1.77 0.12 5.50 8.05 5.50 7.66 12.59 2.18 1.31 5.60 6.60 8.56 6.12 6.35 11.81 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

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

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

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

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

LAST CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.49 13.23 2.26 1.55 5.82 9.05 10.95 8.69 6.75 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 100.00 100.00 100.00 109.73 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.49 13.23 2.19 1.55 5.82 9.15 10.95 8.69 6.75 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.07 0.00 0.00 0.10 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

109.98 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.25 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

3,300

1,300

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 23.3 9.3 11.4 15.0 11.4 13.4 9.6 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% 2.74% 2.58% 4.12% 3.01% 0.00% 3.22% 1.78% 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

5,393.76. That was about five points short of its alltime high.

The Russell 2000 index of small-company stocks also recovered from an early loss and set its own a record as it gained 11.84 points, or 0.9 percent, to 1,364.51.

U.S. government bond prices rose, sending yields lower. The yield on the 10-year Treasury note fell

a Senate antitrust panel scrutinized its planned $85.4 billion purchase of Time Warner, the parent of HBO. Legislators asked if the deal would improve competition and reduce prices for consumers, as the companies say it will.

AT&T gained $1.10, or 2.8 percent, to $40.45 and Time Warner edged up 8 cents to $93.98.

A wide array of com-

“The consumer has really been the engine of the economy. The missing piece has been the corporate side, the industrial side.” to 2.34 percent from 2.39 percent. Bond yields have risen sharply since the summer but have slipped in the last few days.

The lower bond yields have helped stocks that are seen as bond substitutes, like real estate investment trusts. Their big dividends are attractive to investors who want income, so when bond yields fall, investors often turn to those stocks.

Industrial real estate company Prologis rose $1.62, or 3.2 percent, to $52.32 and Verizon picked up $1.02, or 2 percent, to $51.38.

AT&T also jumped as

panies that stand to benefit from faster economic growth also climbed.

Home improvement retailer Lowe’s rose $3.94, or 5.4 percent, to $76.40 and truck maker Paccar jumped $3.20, or 5 percent, to $67.63. U.S. Steel added $1.54, or 4.3 percent, to $37.49.

IBM led technology companies higher as it rose $4.44, or 2.8 percent, to $164.79. Hard drive maker Western Digital climbed $5.30, or 8.3 percent, to $69.15 after it extended a patient licensing deal with Samsung.

NOTICE

NOTICE is hereby given that SHAQUILLE SMITH of #81 Gambier Drive, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 8th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

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

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

PASCANGELES LIMITED In Voluntary liquidation

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

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

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

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

The date of commencement of dissolution is the 6th day of December, 2016.

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

THE TRIBUNE

Thursday, December 8, 2016, PAGE 13

In this slow shutter speed photo senators vote during a confidence vote on the 2017 budget law at the Italian Senate, in Rome, yesterday. Italian President Sergio Mattarella told Italian premier Matteo Renzi, who decided to resign after a humiliating defeat in a referendum on government-championed reforms, to stay in office a bit longer until the critical budget law is passed.

Renzi quits; search on for new leader to guide Italy to vote ROME (AP) — Italian Premier Matteo Renzi resigned Wednesday evening, his self-inflicted penalty for staking his job on constitutional changes voters resoundingly rejected earlier in the week. He will stay in a caretaker’s role at the request of Italy’s president until a new government can be formed.

Renzi had first offered his resignation on Monday, shortly after voters rejected the constitutional reforms his center-left government had championed. President Sergio Mattarella, Italy’s head of state, told him to stay in office until Parliament completed approval of the 2017 national budget.

A few hours after the budget was passed on Wednesday, Renzi returned to the Quirinal presidential palace. This time, Mattarella accepted the resignation of the man who in February 2014 became Italy’s youngest premier at age 39.

A presidential palace official, Ugo Zampetti, told reporters that Mattarella would begin consultations Thursday with the heads of Parliament’s two chambers, as well as with former President Giorgio Napolitano.

After hearing out minor parties on Friday, Mattarella on Saturday plans to take proposals from the major players, including the Democratic Party that Renzi leads and the populist 5-Star Movement, Parliament’s No. 1 and No. 2 parties respectively.

It could be clear whom Mattarella might tap to be the next premier once those meetings are done.

One strong possibility is a government that would rule until Parliament hashes out a new election law in a bid to bring political stability to Italy.

The talks are aimed at sounding out party leaders to determine the configuration of a new government that would have enough support in Parliament to win both the required confirmation vote and to lead the country until elections are next held.

Elections are scheduled for spring 2018, but Renzi’s humiliating defeat in the referendum will likely hasten that date considerably, possibly bringing a vote in spring 2017. Opposition parties, including the anti-euro 5-Star Movement, are pressing for the elections to be held soon.

“We want to go to the ballot box soon,” said Roberto Fico, a 5-Star lawmaker. But Fico, as have both other opposition leaders and leaders from Renzi’s Democrats, also cited the need for Par-

liament to approve a new election law before the national contests are called.

Ultimately, it will be up to Mattarella to decide whether Parliament should be sent packing early.

“The ball’s in President Sergio Mattarella’s court,” Renato Brunetta, a parliament whip for former Premier Silvio Berlusconi’s opposition Forza Italia party, said. But “as far as we go, never, never would a second mandate to Renzi” be acceptable.

In a speech to a meeting of the Democratic Party leadership just before he resigned Wednesday, Renzi took responsibility for his political debacle. But, sounding a bullish note, and as if he would possibly seek office again in the future, he asserted that his party would be ready for the elections whenever they are held.

Collapse “We have no fear of anything or anybody, if the others want” elections soon, Renzi said.

Many Italian governments have collapsed far before the end of Parliament’s fiveyear term. Italian lawmakers have struggled for decades to devise an electoral system that would make the country more governable.

A new law, one giving the winner a big bonus in the lower Chamber of Deputies, was passed during Renzi’s tenure. But no new law was made for the upper house, the Senate, while the constitutional reforms voters ultimately rejected in a referendum Sunday were on the table.

One of the proposed reforms would have stripped the Senate of most of its powers and make it no longer directly elected. Instead, Italian voters pulled the plug on the reforms, and now political leaders agree the electoral rules as they now stand are unworkable.

Infighting and party maneuverings have dogged the Democratic Party for the last few years. One of the moves that antagonized many in the party was Renzi’s bold maneuver to trigger the downfall of his predecessor as premier, Enrico Letta.

The last elected Italian premier was Berlusconi, the media mogul who started his third term in 2008.

When Italy’s financial instability forced Berlusconi to resign in 2011, economist Mario Monti was appointed.

After a year, Monti’s socalled technocrat government collapsed. Letta and then Renzi were appointed.

Italian Premier Matteo Renzi, right, arrives at the Quirinale presidential palace to meet President Sergio Mattarella and tender his resignation in Rome, Monday, Dec. 5, 2016. Italian voters dealt Premier Matteo Renzi a resounding rebuke early Monday by rejecting his proposed constitutional reforms, plunging Europe’s fourth-largest economy into political and economic uncertainty. (AP Photos)