WEDNESDAY, DECEMBER 14, 2016
business@tribunemedia.net
$3.85
$3.90
$3.86
IMF: Deficit double Govt’s own forecast By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Raises forecast 0.5 % pts, putting ‘red ink’ at $300m
The International Monetary Fund (IMF) yesterday said the fiscal deficit for year to end-June 2016 was twice what the Christie administration had projected, and urged it to make “more determined efforts to rationalise spending”. The Fund, in a statement on its week-long visit to the Bahamas that ended yesterday, said reduced government expenditure was now “critical for rebuilding fiscal and external buffers”, which have been further eroded by Hurricane Matthew.
Calls for ‘more determined effort’ to cut spending Govt needs to ‘set tone’ on ‘trimming the fat’ While suggesting that Baha Mar’s phased opening and hurricane-related construction repairs would enable Bahamian economic growth “to
resume” in 2017, the IMFs statement was otherwise unrelentingly grim - especially on the Government’s finances and the economy’s structural problems. “Preliminary data for the fiscal year ending in June 2016 suggests that the fiscal deficit declined to about 3.5 per cent of GDP, down from 4.4 per cent in the previous fiscal year,” the IMF team head, Jarkko Turunen, said. While the year-over-year comparison sounded reassuring, and provides a modest bit of good news, the 3.5 per cent deficit projection is actually a 50 basis point (half a percentage point) increase on the fore-
cast made in the IMF’s own Article IV report from July 2016. The Fund had then projected that the Government’s deficit for the 2015-2016 fiscal year would be equivalent to 3 per cent of gross domestic product (GDP), or around $240-$250 million. This was still in excess of the $150 million, or 1.7 per cent of GDP, that Prime Minister Perry Christie had confidently touted in his 2016-2017 Budget address just one month before. Now, the revised IMF estimate is more than double that Government projection in percentage terms, implying that See pg b6
Consumers ripped off at 50% of gas pumps By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tibunemedia.net
Bahamians not getting all fuel they pay for
Bahamian consumers are being short-changed at 50 per cent of gasoline station pumps, a regulator revealed yesterday. Dr Renae Ferguson-Bufford, the Bahamas Bureau of Standards and Quality (BBSQ) director, said Bahamians were not getting the volume of gasoline they paid for at half the pumps in this nation. She said yesterday the Bahamas still has much work to do in improving standards and quality, revealing that an inspection of fuel stations by the Bureau had found only 50 per cent of the pumps measured volumes accurately. Addressing the Bahamas Chamber of Commerce and Employers Confederation’s(BCCEC) Energy Security Forum, Dr FergusonBufford stressed that Bahamians should get what they pay for, adding that the Bureau will periodi-
Standards Bureau: ‘We have work to do’ Director calls for more manpower to be effective cally carry out such inspections but requires additional manpower to be fully effective. “What we had found is that 50 per cent of the pumps were actually accurate. When inspectors when out to the pumps and, let’s say, they inspected four, only two were found to be in compliance with what is required,” she said. “We have three major service providers, and we’re talking about all of them; we’re not targeting one over the other. We found issues with all of them. We have work to do. We found deficiencies. See pg b4
BPL can ‘undervalue’ price consumers get for renewable energy By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamas Power & Light (BPL) will initially be allowed to “undervalue” the price it pays to purchase renewable energy generated by its residential customers, according to proposals released yesterday. The Utilities Regulation and Competition Authority (URCA), in unveiling the public consultation on BPL’s plans to facilitate small-scale renewable generation, said the utility monopoly is proposing to purchase power via a ‘net billing’ arrangement. This will allow homeowners to sell excess renewable energy to the BPL grid, but at a price that is lower than the utility’s retail tariff rates. While agreeing that net billing was “preferable” to the other option, net metering, URCA said the standard practice is for energy utilities to base the price they pay for renewable energy on their ‘avoided cost of generation’. This represents the savings produced from utilities having to generate less energy themselves from their own plant, but URCA’s document revealed that BPL is only willing to pay consumers a price equal to its then-prevailing fuel
URCA says ‘ interim measure’ until true cost set Agrees with utility monopoly that net billing best Won’t increase prices and cause ‘cross-subsidy’ charge. The regulator said the fuel charge component of BPL bills would not represent all its ‘avoided cost of generation’, and did not account for other benefits - such as reduced losses from its transmission and distribution(T&D) system. As a result, URCA acknowledged that BPL’s proposed compensation to homeowners actually “undervalued” the excess energy it was buying. Yet the regulator, in its preliminary decision on URCA’s offer, said it was minded to allow this as a “temporary measure”, in a bid to both kick-start renewable energy development in the Bahamas and avoid “the significant costs” that will be incurred in calculating BPL’s ‘avoided cost of generation’. See pg b4
The Baha Mar development
Baha Mar acquirer slams as ‘baseless’ claim it’s unsuitable By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Baha Mar’s new owner yesterday slammed efforts to link it to Chinese organised crime gangs as “baseless, unfounded and untrue”, reiterating its commitment to the “highest integrity” wherever it operated. Graeme Davis, president of Chow Tai Fook See pg b5
Hits at ‘unfounded’ efforts to tie it to Triads Reiterates commitment to ‘highest integrity’ ‘Growth fit’ attracted CTFE to purchase project
$3.89
Baha Mar owner forms ‘new entity’ to operate casino CTFE subsidiary to manage key project amenity Baha Mar name retained; ‘tremendous brand equity’ ‘Most’ retail, restaurant tenants to remain New proprietor seeks ‘best and brightest’ recruits By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Baha Mar’s new owner yesterday said it is forming its own company to operate the project’s casino, and does not seen gaming junkets as “a critical market for us”. Graeme Davis, president of Chow Tai Fook Enterprises (CTFE) Bahamian subsidiary, told Tribune Business that the Hong Kong-headquartered conglomerate is creating “a Graeme Davis new entity” specifically to manage Baha Mar’s 100,000 square foot casino, the largest in the Caribbean.” “We’re operating the casino ourselves, through CTFE, one of our subsidiaries,” Mr Davis revealed to this newspaper, emphasising that CTFE was hiring a “world class leadership” team to manage both that facility and Baha Mar’s hotels. CTFE’s casino management structure thus appears to be little different from that of previous developer, Sarkis Izmirlian, who had engaged a management firm to operate the facility under Baha Mar’s own brand name. The casino’s performance will be key to CTFE’s Baha Mar success, given the facility’s size and central location within the resort campus, with all hotels spinning off from it. Mr Davis yesterday distanced CTFE’s See pg b6
PAGE 2, Wednesday, December 14, 2016
THE TRIBUNE
Look outside for electricity savings
Winter is coming. In fact, winter feels like it is here. With fewer daylight hours, it is important to take a good look at the exterior lights that provide your home or business with security and convenience. These can be upgraded is an affordable, easy way to reduce your electricity bill and improve your quality of life. There are more options available for this now than ever before. Want something fancy and beautiful? How about some remotecontrolled, colour changing LED floodlights for your next party? Do you want something simpler? You can upgrade to LED
exterior security lights – as LEDs, they use up to 90 per cent less power than traditional bulbs and can be warrantied to last years. It is very easy to replace a 150 watt traditional outdoor light with a brighter, motion-sensor LED that uses only 25 watts. Before we go there, let’s talk about some solar options. After all, if you can have free light all night every night, that sounds alright. On the large side, you can invest a few hundred or a few thousand dollars on solar light kits to brighten your whole yard. Most clients will mount these on a 10 or 15-foot pole. Be sure to look for complete kits –
including the solar panels, battery, connectors, photo cell and motion sensor. Otherwise, you may find your ‘solar light’ is a dud that does not operate like you want it to. Complete kits like these are available in the Bahamas. On the smaller side, you can get aesthetic solar landscape lights. Since the lights are solar, where you put them is limited only by your creativity. You can use these to line a walkway or garden path. You might put them on posts, walls, or on either side of your gates. Versions that install flush with your deck or dock are also available. Be sure to get marinequality solar lights, because
all of our Bahamaland gets ocean air. Also, ask your provider how many hours the light will run at night, and whether they will make it through the night if there are a few cloudy days in a row. For an investment like solar, which should last years, quality matters. The upside of solar exterior lights, clearly, is that the light is free and reliable. You do not have to pay the utility for it, and you do not have to hope BPL will be on. The downside, of course, is that the solar lights are more expensive than non-solar lights, and they have to be put in the sun. If you are going to put them in the shade, you might as well not go solar! That brings us to purely LED outdoor lighting options. Why switch out your old incandescent, metal halide and CFL light bulbs to LED bulbs? These use up to 90 per cent less power to provide brilliant light. Many LEDs come with a five-year warranty, which is a great reason to buy Bahamian. A Bahamian provider can honour a warranty that you would void if you imported the bulbs yourself. Beyond that, typical life expectancy is 10-15 years on a single LED light bulb. Imagine not having to change a light bulb for a decade. That is not fantasy; it is reality. It also leads to less waste in the garbage
dump, and means a smaller electricity bill, less maintenance, fewer trips to the store to buy bulbs, longer life and less garbage. You can see why many people are making the upgrade. For LED exterior lighting, a replacement for every traditional light is already available – pole lights, flood lights, security bulbs, wall packs, screw-ins... the list goes on. Whatever sort of light you have now, the good news is there is an LED replacement for it – warrantied, long-lasting and power-saving. I want to focus on one in particular: Remote-controlled RGB, colour-changing LED flood lights. That is a mouthful, so let’s break it down. When you turn your exterior light on, it can be the same white light that has become standard. But, imagine at your next party or get-together, that you want to add a little pizzazz. Want Christmas reds and greens? Point the remote control at the lights, change the colour, and change the mood of the whole event. Or set the light to quickly or slowly fade through all the colours. These are especially beautiful with gardens or landscapes. Your exterior lighting does not have to be boring. And it does not have to cost you a fortune to run every year either. If you have three traditional security lights running every
Joshua key SuperGreen Solutions
night, that is nearly $1,000 on your electricity bill per year. By upgrading to LED or solar, you can make that disappear. Who would have thought that a few small changes to your outdoor security lighting could makes such a big impact on the electricity bill? Or that it could be such a great tool for creating the mood you want to set? Other Bahamians are enjoying the benefits. Talk to an energy solutions expert today so you can start saving, too. • NB: Joshua Key is general manager for SuperGreen Solutions Bahamas, located on Wulff Road next to FYP. SuperGreen Solutions is one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions.
THE TRIBUNE
Wednesday, December 14, 2016, PAGE 3
Provider: 20-30 MW Baha Mar owner ‘very in renewable energy confident’ on opening deadlines awaiting regulations
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
A renewable energy provider yesterday said it is eagerly awaiting implementation of regulations governing the sector, as it has 20-30 Mega Watts (MW) worth of contracts waiting to be built. Jack Roosevelt, managing director of Blue Wave Capital and Clifton Energy Partners, said: “The Electricity Act 2015 really covers almost all of the issues that needed to be addressed. They make it possible for almost everything that we need to have. “Really, what needs to happen now is the Utilities Regulation and Competition Authority (URCA) primarily has to sit down and write the regulations. That’s really what we are waiting for right now.” He added: “We have probably anywhere from 20-30 MW worth of contracts waiting to be built from ‘behind the meter’ projects with corporate entities. We just are waiting for URCA to be able to put in place the regulations and process to file for approvals and move this forward.” Mr Roosevelt also conceded: “Bahamas Power & Light still needs to play a part in that, obviously, because if you’re going to have a grid-tied system you need to have an interconnect permit, and you need to have BPL managing the
grid. “What we deal with here is really a collection of micro-grids. Every island is just another micro-grid, and the transmission/delivery side is really the most difficult part of what BPL does. They need to be able to manage the amount of renewable energy that is brought online on every island.” Mr Roosevelt said Bahamian interest in renewable energy solutions was high, but investment cost remained a deterrent. “Everyone I talk to wants to find a way to build solar, either at their home or business,” he said. “It’s always a question of money and finances. That’s one of the sides to our business, especially if you’re a private off taker, a corporate entity, a business owner; we will build it for you. We own it and sell the power back, so there’s no upfront cost for you.” He added: “We came here originally to design and build solar facilities, primarily large 40-50 MW facilities on some land we control out west. “We then started working with private off-takers; with the local business community in looking for small ‘behind the meter’ projects, anywhere from 100 KW (kilowatts) and up. That also blossomed into doing micro-grids, so we design, build and own micro grids for resorts. We are working on one in the Exumas.”
Resort owner: Don’t wait for Govt over renewable energies By NATARIO McKENZIE Tribune Business Reporter
nmckenzie@tribunemedia.net
A boutique resort operator said yesterday that Bahamians cannot simply sit back and wait for the Government to address their every need, as he moves ahead with a solar energy solution to address the needs of his and neighbouring communities. Dr Keen Larry Carroll, proprietor of the Sand Piper Inn, located at Abaco’s Schooner Bay project, told Tribune Business: “Solar energy has developed so much now that you can get a mini grid of 1.5 megawatts (MW) of solar power. “In South Abaco, where all these communities have problems with power consistency, that is something that should be explored.” He added: “The thing is if we wait for the Government or BPL to come looking to help you, right now
they have their own crisis. They have to manage that. They have to fix Nassau. Until they fix that they can’t think about the Out Islands.” Dr Carroll said that for many detached island communities, residents, and particularly those who operate businesses, must be self-sufficient. “One of the unfortunate things about Abaco is that everything south of Winding Bay is like it doesn’t exist,” Dr Carroll said. “This is how tourist development and business development has gone over the years. Tourists don’t know, and there is no push from anyone about that. It’s detached; it’s pretty much in a national forest. It doesn’t appeal to everyone’s taste. It’s a two-edged sword, however, because the isolation is good for those who want to get away.”
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Baha Mar’s new owner yesterday pledged that it would be “a great caretaker” for the project, and said it was “very confident” it would meet the April 2017 opening deadline. Graeme Davis, president of Chow Tai Fook Enterprises (CTFE) Bahamian subsidiary, told Tribune Business that it was working “very closely” with Baha Mar’s receivers and secured creditor, plus the contractor, to ensure the development is completed on schedule. “We’re certainly working closely with the ExportImport Bank on a phased
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Bahamas Power & Light’s (BPL) residential consumers should be able to install grid-tied renewable energy systems by the end of January 2017, the Utilities Regulation & Competition Authority’s (URCA) top executive said yesterday. Stephen Bereaux, while speaking on the sidelines of the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) Energy Security Forum, said URCA had yesterday published an initial decision and preliminary determination on BPL’s small-scale renewable generation plan. The document sets out URCA’s proposed revision of BPL’s plan for residents and businesses interested in the sale, installation and use of solar panels for the generation of electricity. “What URCA has released is its preliminary determination, and an initial decision, on BPL’s renewable energy plan,” Mr Bereaux said. “What we have done at this stage is that in order to further the National Energy Policy for the introduction of renewables, we have approved BPL moving forward with the first phase of what we are calling the small-scale renewable generation programme”. The URCA chief further explained: “What that will mean is that early in 2017, I would say definitely by the end of January, customers, residential customers, would be able to apply to BPL to install grid-tied solar and wind systems in the Bahamas, and sell the excess energy back into the grid. “What happens is the
MANAGEMENT Suitably qualified candidates are invited to apply for the following position at University of The Bahamas: Associate Vice President, Business Enterprise Unit responsible for providing strong oversight for multiple activities across a range of business operations and opportunities at the University including retail and facilities rental. Further duties and responsibilities include working pro-actively to develop new business opportunities; developing business proposals for existing and new customers; ensuring costs are reported and monitored to determine return on investments/objectives and improve general efficiency; working with key suppliers and network/source new suppliers in order to provide the most up-to-date and cost-effective client development solutions and developing innovative strategies for revenue growth, including undertaking interviews in order to get feedback and incorporate it into the institution’s growth plan. Applicants must have a Master of Business Administration (MBA) degree, with at least 5 years’ post degree experience at the management level. Applicants should submit by Wednesday 21st December, 2016 via email to hrapply@ub.edu.bs the following documents: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Current Curriculum Vitae or Resume; • Copies of Qualifications and Certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B. Card; • Current Police Certificate; • One recent Passport photo; • At least three (3) written professional references.
Hard copy submissions will not be accepted.
Pledges to be ‘great caretaker’ for project Praises ‘excellent vision’ of Sarkis Izmirlian turnover of the project,” Mr Davis told this newspaper. “The next step is to get the project open by April 2017. “We’re certainly very confident, and have a very good working relationship with China Construc-
tion America (CCA), the Export-Import Bank and the receivers. Everyone is certainly working very diligently to meet those deadlines.” Mr Davis confirmed that CTFE, the Hong Kongheadquartered conglomerate owned by the Cheng family, would first seek to complete and open Baha Mar’s convention centre and golf course. Both these facilities are largely completed already, and require minimal work to ready them, with CTFE and its construction/creditor partners then focusing on the casino and casino hotel. However, one source familiar with the latest de-
velopments at Baha Mar suggested that meeting the latest construction and opening deadlines for the project remained “the elephant in the room”. CCA has been retained as general contractor, charged with overseeing the completion, despite accusations from Baha Mar’s original developer, Sarkis Izmirlian, that the Chinese stateowned firm should shoulder most of the blame for the project’s previous demise. CCA missed two completion deadlines, in December 2014 and March 2015, and its failure to complete on-time and on budget ultimately led to Baha Mar’s Chapter 11 See pg b7
Residential renewables can grid-tie in early ‘17
www.ub.edu.bs
For more information visit: http://www.ub.edu.bs/about-us/career-opportunities/.
Working ‘very closely’ with contractor, bank
customer uses what it produces, and any excess energy can be sold back into the grid at the fuel charge, so effectively the customer would receive a credit on their bill for energy sold back into the grid at the fuel charge level.” The Government last November suspended itds then-Residential Energy Self-Generation (RESG) programe to ensure it ‘dovetailed’ with wider energy sector reforms, including PowerSecure’s take over of BPL’s management. “There are limits by each island regarding the system size that customers can install,” Mr Bereaux said, explaining that these largely mirrored the RESG plan. “On New Providence, the limits for a residential home will be the average customer demand, which effectively is the average amount a customer pulls from the grid. The customer will be able to effectively sell back to the grid 5 KW (kilowatts) or thereabouts.” Deputy Prime Minister Philip Davis, while address-
ing yesterday’s forum, again said BPL’s business plan was “more ambitious” than the Government’s National Energy Policy (NEP), calling for renewables to gener-
ate 20 per cent of this nation’s electricity within five years. The National Energy Policy 2013-2033 aims to have See pg b6
DR. SPARKMAN FERGUSON DR.TAMIKA FERGUSON
ANNOUNCE The relocation of OPTIMUM DENTAL CARE to VILLAGE ROAD PROFESSIONAL CENTER #61 VILLAGE ROAD BUILDING A SUITE 3 TELEPHONE: 323-2755
PAGE 4, Wednesday, December 14, 2016
Consumers BPL can ‘undervalue’ ripped off price consumers get at 50% of for renewable energy gas pumps From pg B1 “As an interim measure, From pg B1 “We spoke to them, and they got their technicians to deal with the issue right away. You should get what you pay for.” The Bahamas has three major fuel providers - Sol Petroleum/Esso (Bahamas); Rubis/Texaco (Bahamas) and Freeport Oil Company (FOCOL)/ Shell. Dr Ferguson-Bufford reiterated: “We have a lot of work to do. We are very late coming out of the pack. If you look at Jamaica, for instance, when it comes to standards and quality they are meeting the mark. “I’m not saying that we are not doing anything, but if we are going to advance ourselves and open the markets that we need, we have to improve.” She added: “We have three, perhaps four accredited laboratories in this country. We cannot afford to get left behind in terms of efficiency, processes and practices in this country. “We have not had a Bureau of Standards in this country. We are coming up last out of 15 CARICOM states. Standards are driven by the industry, and so we need the private sector to drive the process.”
Assessing the two options for compensating small-scale renewable energy producers, the regulator said: “URCA notes that BPL has proposed net billing, and proposed a charge equivalent to the prevailing fuel charge during the billing period when the electricity was supplied to the grid..... “URCA is in general agreement with BPL that a net billing arrangement would be preferable. URCA, however, considers that the fuel charge, while a suitable starting point, does not actually comprise all of BPL’s avoided cost of generation. “Small-scale renewable generation may also create additional value, such as reducing transmission and distribution losses. Therefore, the fuel charge undervalues the electricity provided to the grid by small-scale generators.” URCA said it wanted “a more accurate assessment of the value of small-scale generation” to ensure consumers were fairly compensated for what they supplied to BPL. However, it indicated its readiness to temporarily suppress such desires due to the “significant costing exercise” that this would require.
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URCA therefore proposes to allow BPL to implement the small-scale generation programme based on a net billing arrangement at the fuel charge,” the regulator said. “However, URCA proposes to commence a review of BPL’s avoided cost of generation, and once completed (including necessary consultation) URCA will determine the net billing tariff based on the outcome of that review.” URCA said it planned to complete its review by November 2017, which is when BPL is due to launch phase two of its small-scale generation programme. Analysing the merits of net billing as opposed to net metering, URCA said BPL favoured the former on the grounds that it would ensure fairness, and equity, between consumers who had their own renewable facilities and those that did not. “BPL argues that this approach is appropriate to ensure that consumers without small generating facilities are not disadvan-
taged by paying a higher cost for the electricity provided by small-scale generators, compared to the cost of electricity generated by BPL,” the regulator said. “BPL will install a meter to register any surplus electricity sent to the grid. BPL will credit the customer’s account for this electricity at the fuel charge rate in effect for the month that the electricity is reflected on the customer’s bill.” While net billing would allow consumers to generate their own energy, and sell any excess to BPL’s grid, net metering credits consumers on their electricity bill for such a supply. “In essence, BPL compensates consumers for electricity provided to the grid at the retail rate (including fuel and electricity charge),” URCA said of net metering. The regulator said that while a net metering policy would likely encourage a swifter consumer uptake of renewable energy, due to the compensation on offer, it could also increase electricity costs - directly contradicting the Government’s National Energy Policy objectives. “Net metering encourages the uptake of renewable energy, a key goal of the Electricity Act,” URCA said. “Net metering does so by giving a very attractive
NOTICE
NOTICE is hereby given that PHILOGENE PHILIPPE LIMAGE of Sunrise Road, P.O.SB-52349, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
KLASTORIN CONTINENTAL S.A. Company No. 1471626 (In Voluntary Liquidation)
NOTICE MAYAGUEZ WAY LTD. In Voluntary Liquidation
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that KLASTORIN CONTINENTAL S.A. is in voluntary liquidation. The voluntary liquidation commenced on 8th December, 2016 and FREDERICK VAN ZYL of Invision House, Wilbury Way, SG4 0TW Hitchin, United Kingdom (UK) has been appointed as the Sole Liquidator.
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MAYAGUEZ WAY LTD. is in dissolution as of December 12, 2016
Dated this 8th day of December, 2016 Sgd. FREDERICK VAN ZYL Voluntary Liquidator
LIQUIDATOR ______________________
POSITION AVAILABLE
MENA FINANCE CO. LIMITED Company No. 180130 (In Voluntary Liquidation)
ADMINISTRATIVE ASSISTANT
A leading organization is seeking to fill the positon of Administrative Assistant. The candidate must be administratively competent, organized, possess excellent customer service and communication skills, confidential, self-motivated, and a team player. DUTIES AND RESPONSIBILITIES • Provide administrative assistance to Manager • Conduct special projects • Coordinate Promotional and Marketing Activities • Prepare Monthly Reports • Compile and Manage Customer Base • Complete Monthly Operational Reports • • • •
International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
QUALIFICATIONS Bachelors Degree in Management Studies, Accounting, Marketing Excellent Writing and Public Speaking Skills Computer literate (Microsoft Word, Excel, Publisher, Access) Marketing, Accounting and Secretarial skills would be an asset
Resumes can be sent to: careersbahamas@gmail.com Deadline Friday 16th December 2016
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that MENA FINANCE CO. LIMITED is in voluntary liquidation. The voluntary liquidation commenced on 9th December, 2016 and DÉSIRÉE KÄGI of Utoquai 37, 8008 Zurich, Switzerland has been appointed as the Sole Liquidator.
Dated this 13th day of December, 2016 Sgd. DÉSIRÉE KÄGI Voluntary Liquidator LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)
MERIDIAN INVESTMENT FUND LTD. In Voluntary Liquidation (the “Company”)
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), MERIDIAN INVESTMENT FUND LTD. (IBC №. 149932 B) is in dissolution. The date of commencement of the dissolution is November 13, 2016. Adriano Jose Negreiros Vaz Netto is the Liquidator and can be contacted at Rua Almirante Pereira Guimaraes, 40, APT 101 Leblon, Rio de Janeiro, RJ,22440-005, Brazil. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before December 28, 2016. Adriano Jose Negreiros Vaz Netto Liquidator
THE TRIBUNE
price for small-scale generation: the full retail tariff. This is a subsidy for smallscale generation, since the full retail tariff is designed to cover the cost of transmitting and distributing electricity, as well as generating it. “Compensating smallscale generators at the full retail price gives them more than the value of the electricity they generate (since they are only generating electricity,and not distributing, transmitting or retailing it).” While net metering was also simple to administer from BPL’s perspective, URCA added: “Net metering may be inefficient. Paying more than the value of the electricity generated encourages uptake of forms of generation that are not least-cost. “As a result, the overall costs of electricity tend to rise where net metering is implemented, which is contrary to the goals in the National Energy Policy and Electricity Act to reduce electricity costs.” URCA added that since high income consumers and businesses were more able to finance investments in renewable energy systems, and therefore enjoy the benefits, the ‘profits’ generated by net metering would “cause low income consumers to subsidise high income
consumers”. “This cross-subsidy would run contrary to the Electricity Act’s goal to protect vulnerable consumers,” URCA said. “The subsidy for net metering may incentivise more small-scale generation than the utility can reliably incorporate, forcing the utility to stop allowing new small-scale generators to sell electricity. “To ensure that only renewable generators take advantage of the subsidy to small-scale generators, BPL and URCA would have to set up and administer a more complex framework for small-scale generators that distinguishes between renewable and conventional sources.” URCA said net billing, in contrast, would not cause an increase in electricity prices or a “cross-subsidy” in favour of higher income consumers, while also encouraging efficient renewable generation. On the down side, it added: “The uptake of smallscale renewables will be slower than with net metering. However, this may be needed to allow the utility to incorporate small-scale generation without compromising reliability of supply. “Setting the rate for net billing is more time-consuming and expensive than net metering.”
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Aniska Dean of #212 Pinta Avenue, P.O.Box ER-46178, Grand Bahama, Bahamas, mother of SHAUN ALEXANDER DEANE JR. intends to change my child’s name to SHAUN ALEXANDER DEAN JR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742,Nassau Bahamas no later than Thirty (30)days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that ELVINA MORIN of Jeans Bay Road, Eleuthera, 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 14th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Wednesday, December 14, 2016, PAGE 5
Bahamas promoted to meeting planners The Bahamas was the only international destination represented, and presenting, at the recent National Coalition of Black Meeting Planners Conference 2016. The Ministry of Tourism’s African-American market director, Linville Johnson was one of the speakers at the event, which was held in St. Louis under the theme, ‘Engage, Impact, Deliver’. Mr Johnson said: “The Bahamas is always happy to attract the quality groups that the African-American
planners have demonstrated their ability to deliver over the years.” Mr Johnson said the conference generated a number of leads for the Bahamas, including a proposal to host the Coalition’s Board Meeting in 2017. He added that discussions are underway for the Bahamas to join the Coalition as co-sponsors of an African American planners site inspection trip to Nassau, which will be hosted by Atlantis in 2017. Mr Johnson told the conference about the Bahamas’
Baha Mar acquirer slams as ‘baseless’ claim it’s unsuitable From pg B1
Enterprises’ (CTFE) Bahamian subsidiary, told Tribune Business that the global conglomerate with $60 billion in total assets was focused on strong corporate governance wherever it operated. “We certainly want the Bahamian people to know we operate all our businesses and subsidiaries with the highest integrity and good corporate governance, and the accusations we have read our baseless, unfounded and untrue,” Mr Davis told this newspaper. “We have $60 billion in assets around the globe. We operate with the highest integrity, with excellent
corporate governance, and in partnership with governments around the world. “We look forward to partnering with the Ministry of Tourism, the Nassau Paradise Island Promotion Board, the business community and the people of the Bahamas, and them joining with us in celebrating and supporting the opening of Baha Mar.” Efforts to portray CTFE, the Hong Kong-headquartered company owned by the Cheng family, as an ‘unsuitable’ purchaser of Baha Mar have been led by the Government’s political rivals, who have suggested it should not receive a casino licence. The concerns were
readiness for the upcoming winter travel season in the wake of Hurricane Matthew. Historically a top destination for African-American visitors, the Bahamas is continuing to enhance its cultural product. Working closely with the National Coalition of Black Meeting Planners allows the Bahamas to provide information for the planners to share with their clients on why the Bahamas continues to be a great vacation option.
raised first by FNM candidate and former Baha Mar Board member, Dionisio D’Aguilar, who based them on the Chengs’ continued business partnership with Macau gaming ‘king’, Stanley Ho. These stemmed from a May 18, 2009, report by the US state of New Jersey’s gaming enforcement division, dealing with a proposed Macau casino joint venture between MGM Mirage and Stanley Ho’s daughter, Pansy. As disclosed by Tribune Business, that report focused on concerns that Macau’s VIP gaming rooms were vulnerable to exploitation by Chinese/Asian crime gangs known as Triads. Mr D’Aguilar’s claims sought to link the Cheng family and CTFE’s publicly traded subsidiary, New World Development, to these activities via their in-
from L-R: Linville Johnson; Ana Apointe-Curtis, NAACP (ret), and NCBMP Chair ; Kevin Johnson, Kappa Alpha Psi Fraternity Inc, and President NCBMP and Frank Seals, National Bar Association and member of the NCBMP’s General Council.
vestment in Mr Ho’s STDM and SJM companies. However, while the New Jersey regulator’s report made adverse findings against Mr Ho, describing him as “unsuitable”, no such conclusions were reached about the Cheng family or their companies. And CTFE has emphasised that neither Mr Ho, nor his companies, are involved in their plans for Baha Mar, having moved quickly to disassociate itself and its principals from the Macau gaming scene. Mr Davis, meanwhile, told Tribune Business that CTFE was attracted to Baha Mar because it was “a natural fit in our strategic growth plan”. He emphasised that the Cable Beach-based devel-
opment was not the largest integrated real estate/ resort development that CTFE is currently involved with, pointing to its $10 billion-plus Greenwich Village project in London, which will create more than 15,000 new residences. Mr Davis also referenced CTFE’s involvement as a partner in the $2.3 billion Queen’s Wharf project in Australia, which includes resorts and casino assets, and the Metro Manila casino/hotel development in the Philippines. “We are a global diversified conglomerate that has extensive experience in integrated resort development, hospitality management and ownership across the globe,” Mr Davis told Tribune Business.
“This [Baha Mar] is a natural fit in our strategic growth plan for CTFE. This is what really attracted us. This is not a new experience. We have the resources and expertise to have this project open and operating successfully for the longterm. We look forward to unlocking the potential of the project.”
to advertise today in the tribune call @ 502-2394
St Andrew’s School, The International School of The Bahamas is authorised by the Council of International Schools (CIS), the New England Association of Schools and Colleges (NEASC) and was the first school in The Bahamas to offer the International Baccalaureate Organisation (IBO) Primary Years Programme (PYP) and Diploma (IBDP) programmes. The School invites applications from qualified and Experienced Bahamian candidates and Permanent Residents for the following teaching vacancies with effect from August 2017. Primary School Vacancies Spanish Learning Support Assistant Teachers with the ability to teach Kindergarten - Grade 5 Secondary School Vacancies Mathematics Teacher English Language & Literature Teacher Physics Teacher IB Psychology Teacher IB Drama Teacher Whole School Vacancies Head of Learning Support Research Leader Handyman (An ability to offer a second subject would be an advantage) GENERAL INFORMATION Candidates must be qualified teachers (holding a minimum of a bachelor’s degree or equivalent) with at least two (2) years teaching experience. Previous experience of the PYP and the IB Diploma programme would be an advantage. Applications from teachers with experience in an independent and/or international school are particularly welcome. APPLICATION PROCESS Interested candidates should apply to the School’s Business Office by letter, email or fax as soon as possible. All applications MUST include the following: • Letter of Application • Curriculum Vitae – to include the contact details of at least three (3) referees • A recent photo Failure to provide all this information may result in your application not being considered. Please note that only shortlisted candidates will be contacted. If you have not heard from us within four (4) weeks of making an application, please assume your application was unsuccessful. The closing date for applications is Friday 23rd December 2016. Short listed candidates will be invited to interview at the School in January 2017. No applications will be considered after the closing date. St Andrew’s School Business Office P.O. Box EE 17340 Nassau, The Bahamas Email: sandrews@st-andrews.com Fax: (1 242) 324 0816
PAGE 6, Wednesday, December 14, 2016
IMF: Deficit double Govt’s own forecast From pg B1 the 2015-2016 fiscal deficit has actually come in at around $300 million. While that is still an improvement on the $381 million worth of ‘red ink’ incurred during the 20142015 fiscal year, the latest projections further reinforce the IMF’s message that the Government’s fiscal consolidation projections are “too optimistic”. The Fund is projecting that the Government’s progress in eliminating the fiscal deficit, and achieving a balanced Budget - then surplus - will be more gradual, and take much longer, than it is bargaining for despite the $1 billion in extra revenues it has earned from Value-Added Tax (VAT) in just 21 months. With VAT, and other revenue administration and enforcement measures in hand, the IMF is now calling on the Christie administration to rein in its spending if is to maximise the benefits from its new income.
“Further fiscal consolidation, including more determined efforts to rationalise spending, remains critical for rebuilding fiscal and external buffers,” the IMF’s Mr Turunen said. “To support stronger growth and job creation, policies should focus on implementing structural reforms to improve productivity and competitiveness, and shoring up the economy’s resilience to natural disasters. Steps to address financial sector challenges include policies aimed at increasing credit growth and responding to global ‘de-risking’ trends.” K P Turnquest, the FNM’s finance spokesman, told Tribune Business that the IMF assessment confirmed that the Government was continuing to spend “recklessly”, and at a rate that outpaced the VAT-related increase in its revenues. “This again is only confirmation of what we’ve been saying all along: The level of spending is unabated and
Baha Mar owner forms ‘new entity’ to operate casino From pg B1 plans from the Macau casino industry model, telling Tribune Business that Baha Mar’s gaming business model would not be focused on junkets - parties of gambling high-rollers put together by promoters. These have been increasingly viewed as susceptible to money laundering, but Mr Davis told Tribune Business: “We certainly don’t see junkets as a critical market for us. “We are certainly going to be focused more on mass gaming, premier gaming and VIP gaming. Our first approach is to ensure we operate in an exceptional way for the casino operations, provide that experience for gaming and hotel guests, and ramp up our marketing efforts and approach across the globe.” Mr Davis added that the casino would “absolutely be a Baha Mar experience”, and said: “It will certainly be an iconic experience. “It’s a world-class facil-
ity, it’s stunning, and has the connections to gaming clients from around the world.” The CTFE executive added that Baha Mar’s casino was comparable to “anything in Las Vegas”, and had the added advantage of being located in the Bahamas’ tropical destination. Mr Davis declined to comment on the price CTFE has paid the China Export-Import Bank to purchase Baha Mar, or how it was selected as the buyer when it did not enter the formal sales process run by the Deloitte & Touche receivers. He also declined to discuss the value and nature of the investment incentives CTFE had obtained or was seeking, including whether it will pay the 10 per cent ‘transfer tax’ on the sales price, citing commercial confidentiality and the fact some details were still being discussed with the Government and China ExportImport Bank, respectively.
Residential renewables can grid-tie in early ‘17 From pg B3 30 per cent of the Bahamas’ energy needs generated from renewable sources by 2030. Speaking on BPL’s renewable energy plan Mr Bereaux said: “The smallscale part we felt was very close to ready, so we made some changes and hopefully they will come back to us very quickly with those changes made. “The commercial limits
will be a bit higher. We had a slightly different requirement. Commercial systems will also be able to be installed, and the limit for those on New Providence would be twice the average customer demand or 100 KW; whichever is less. “Effectively. you could have small commercial installations up to 100 KW. The utility-scale plan requires a lot more effort by BPL and URCA because
The Bahamas Cycle Company will hold it Annual General Meeting on Thursday 15th, December at 5pm at the Magnolia Building on the corner of Bay St. and Elizabeth Ave.
reckless,” he said. “Despite over-achieving in VAT revenues, they’ve not been able to account for its usage, and they’ve been increasing expenditure even more - over and above the increase in the revenues from VAT collections. “It’s a serious problem. It means that our spending remains out of control, and despite talk of fiscal consolidation, the Government is ignoring the warning signs.” Mr Turnquest called on the Government to review all its discretionary spending programmes to ensure they were delivering “value for money”. He added that those which were not essential should be delayed “until such time as we get our fiscal house in order”. Gowon Bowe, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, told Tribune Business that the Government needed to “set the tone” and demonstrate it was willing to “cut the fat” or eliminate unnecessary spending. He said that in its previous visits to the Bahamas, the IMF had been more cautious than many locals and the private sector when
it came to the need for a reduction in government spending. While the Fund agreed with spending reductions, Mr Bowe said it had also emphasised the need to “be very careful” in avoiding “a shock to the system” from cutting too deeply and quickly. He emphasised that it had been focused on “trimming the fat, ineffective and inefficient expenditures”, and focusing on programmes where results could be measured. In contrast, Mr Bowe said many Bahamians feel there is significant waste and inefficiency in government that can be eliminated relatively easily, provided the political will was there. “We’re probably speaking the same language,” he told Tribune Business, “but the general view of Bahamians is that there’s more spending reductions that can take place imminently than over time. “There’s low hanging fruit. It’s more important now that a tone is being set. It’s important for the Government to demonstrate that a tone is being set, and show they’re willing to cut, and trim their spending sig-
nificantly.” With the eyes of the IMF and the two rating agencies, Moody’s and Standard & Poor’s (S&P), now trained on the Bahamas via twice yearly visits by each, Mr Bowe said this nation’s economic and fiscal platforms were effectively undergoing quarterly reviews. “That augurs well for us in terms of transparency,” the Chamber chief added, “as any government will have to become familiar with the required reporting until we create the necessary breathing space again.” Meanwhile, the IMF’s Mr Turunen said Hurricane Matthew would have “a negative impact on nearterm growth, as well as on fiscal and external accounts”. He added: “Real GDP growth is nevertheless expected to resume next year, supported by construction activity related to the repair of Hurricane damage and work towards completion of the Baha Mar resort. “The Baha Mar resort is expected to provide an important boost to growth and employment over the next few years. However, structural impediments continue to constrain growth over
the medium term.” Mr Turunen said the Bahamas’ current account deficit was still in “double digits” percentage wise, despite having benefited from lower global oil prices. “Foreign reserves stood a$913 million end-September, equivalent to about 2.6 months of imports of goods and services. Altogether, modest fiscal and external buffers make the economy vulnerable to shocks, including natural disasters,” he added. “Available indicators continue to point to a sound domestic banking system as a whole. However, together with high unemployment, the persistent overhang of non-performing loans (at more than 13 per cent of total loans at end-September 2016) continues to dampen private sector credit and economic activity. “While the loss of correspondent banking relationships by some domestic and international banks has not resulted in major disruptions so far, a further deterioration remains an important challenge to economic development and financial stability.”
Mr Davis, though, confirmed that CTFE would retain the Baha Mar brand and name, believing it had not been tarnished beyond repair by the missed March 2015 opening and subsequent reservation cancellations. He added that the new owner, together with its resort brand partners, Grand Hyatt, SLS and Rosewood, had the marketing ability to repair any damage. “We believe there’s tremendous brand equity in Baha Mar as a destination brand,” Mr Davis told Tribune Business. “We’re very confident, with our global brand partners that we’re currently in discussion with, that we’ll create a significant brand opportunity between them and ourselves. “We will be very thoughtful on our opening plan to ensure the guest experience is exceptional. We’ll be taking reservations based on the temporary certificate of occupancy, which is being worked on. We’re confident in the opening dates. “When you talk about brand damage, people have short memories. When it comes to Baha Mar, it
didn’t open, yes, but there’s a tremendous amount of anticipation and excitement for the brand to open.” Mr Davis said “most” of Baha Mar’s existing retail and restaurant tenants, who have invested millions of dollars in their operations, would be retained under CTFE’s ownership. He added that the new owner had met “with most of the local Bahamian partners”, and new lease agreements would be signed with them. Mr Davis said there were no current plans to incorporate CTFE’s Chow Tai Fook Jewellery Group, an $8 billion business with some 2,460 stores in Asia, into the Baha Mar retail mix despite the obvious synergies. “It’s premature to talk through the strategies of Chow Tai Fook Jewellery,” he told Tribune Business. “We have no immediate plans to bring in Chow Tai Fook Jewellery.” Mr Davis said CTFE was seeking to recruit “the best and brightest that the Bahamas has to offer us”, adding that the developer was seeking persons with
expertise, experience, personality and attitude for the thousands of jobs that will come on stream, starting with the recruitment of 1,500 in the 2017 New Year. He indicated, though, that the 2,000 former employees released in late 2015 would not be given an automatic first preference on available jobs. And the CTFE executive expressed optimism that, once Baha Mar comes fully on stream, it will grow rather than split the Bahamian tourism market with Atlantis, as some have feared. “We certainly want to collaborate and grow the destination as a whole,” he added. “Similar to Las Vegas, as you build more iconic destination resorts, it grows the overall market. “We expect to do the same. We feel we’re a different product [from Atlantis], and we expect fully to grow the market together.” Mr Davis, who as regional head for Starwood, and then Rosewood, has
been involved with Baha Mar himself for more than a decade (via the resort brands), said CTFE was currently “master planning” potential uses for the Crystal Palace casino site, plus Long Cay. He suggested these were likely to include additional family amenities and entertainment venues, plus residential and resort ownership opportunities such as timeshare. Promising that CTFE would invest “tens of millions” in Baha Mar preopening activities, Mr Davis said it had the necessary resources and expertise to “manage through the soft opening and ramping up” into the winter 2017-2018 season. “We believe further investment will continue to unlock the value of the project,” he told Tribune Business, “and we are confident in its future success. We understand the challenges of operating in the Caribbean environment.”
we’re not sure it goes quickly enough to result in real opportunities for utilityscale generation,” he added. “We’re not going to get to the targets we want with people just putting panels on houses. We decided to accept what was ready so we did the small-scale stuff. It’s still open for consultation, but at least it affords people to get started on this critical area. The utility scale stuff we will be looking at very early in 2017, with the aim of having a clear plan, identified projects and the process started for those projects as early as possible next year.”
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NOTICE
NOTICE is hereby given that CHARNELLE MELISSA GIBBS of Pine Dave, Eight Mile Rock, 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 14th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that WE, KIRK DOUGLAS CAREY of the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas AND CECILE ALEXANDRIA KNOWLES of the Settlement of Cockburn Town on the Island of San Salvador another one of the Islands of the Commonwealth of The Bahamas, Father and Mother of KIANO KAMARI KNOWLES intend to change our child’s name to KIANO KAMARI KIRK CAREY. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.
The Public is hereby advised that we, ELVIN ALLINGTON MISSICK and NATASHA VANDORA ELLIS parents of NATEJHA DESTINAE ELLIS, intend to change our child’s name to NATEJHA DESTINAE MISSICK. If there are any objections to this change of name by Deed Poll,you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later thanthirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Aniska Dean of #212 Pinta Avenue, P.O. Box ER-46178, Grand Bahama, Bahamas, mother of SHAUNIQUE ALEXANDERIA DEANNE intends to change my child’s name to SHAUNIQUE ALEXANDERIA DEAN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742,Nassau Bahamas no later than Thirty (30)days after the date of publication of this notice.
THE TRIBUNE
NOTICE is hereby given that NELISSA THOMAS of #78 Falcon Cres, Eastern Estates, P.O.Box SB-52247,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 7th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Legal Notice NOTICE ORLEDGE ASSET MANAGEMENT LTD. NOTICE IS HEREBY GIVEN as follows: (a) Orledge Asset Management Ltd., is in dissolution under the provisions of the International Business Companies Act 2000 (b) The dissolution of the said Company commenced on the 12th December, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas. Shareece E. Scott Liquidator
Job Opportunity Private Company back office is looking for an individual, age between 35 to 45 years, with banking experience-a competent, energetic person, perhaps made redundant through down- sizing. The candidate must have presence and a good knowledge of bank procedure to be capable of discussing customer-bank issues with confidence. A knowledge of Corporate matters is an asset, however this can be learned in office if necessary. The individual must be able to demonstrate, if a former banker, that the termination was due to down-sizing and not because of a lack of competence or any other detrimental cause. Replies should be addressed to :Fax: 242-356-6787 or Telephone: 242-322-2883. Resume and back up references will be requested if a candidate is scheduled for interview.
THE TRIBUNE
Wednesday, December 14, 2016, PAGE 7
ConAgra to pay $11.2M to settle tainted peanut butter case ALBANY, Ga. (AP) — A ConAgra subsidiary pleaded guilty Tuesday and agreed to pay $11.2 million — including the largest criminal fine ever imposed for a foodborne illness in the United States — to resolve a decade-long criminal investigation into a nationwide salmonella outbreak blamed on tainted peanut butter. ConAgra admitted to a single misdemeanor count of shipping adulterated food. No individuals at the leading food conglomerate faced any charges in the 2006 outbreak, which sickened at least 625 people in 47 states. Disease detectives traced the salmonella to a plant in rural Sylvester, Georgia, that produced peanut butter for ConAgra under the Peter Pan label and the Great Value brand sold at Wal-Mart. In 2007 the company recalled all the peanut butter it had sold since 2004. Leo Knowles, president of ConAgra Grocery Products, offered
no testimony as he entered the misdemeanor plea Tuesday on behalf of the Chicago-based corporation’s subsidiary. “It made a lot of people sick,” federal prosecutor Graham Thorpe said Tuesday as he described ConAgra’s decision to continue shipments from the Georgia plant in late 2006, before corrective actions were completed, despite lab tests that had twice detected salmonella in samples. “The industry has taken notice of this prosecution,” Thorpe added. Though the Justice Department called $8 million the heftiest criminal fine ever imposed in a U.S. food safety case, it represents just one-tenth of one percent of ConAgra’s current $8 billion market capitalization. The company also will pay $3.2 million in cash forfeitures to the federal government. U.S. District Court Judge W. Louis Sands waited more than 18 months after ConAgra agreed to
Baha Mar owner ‘very confident’ on opening deadlines From pg B3 bankruptcy protection filing and an acrimonious legal battle, which has stalled the project’s completion for the best part of two years. Now, CTFE and the China Export-Import Bank are counting on history not repeating itself, even though Prime Minister Perry Christie last year said a $600 million investment was necessary to complete and open Baha Mar. That price tag will only have risen since, due to a combination of Hurricane Matthew and Baha Mar largely sitting empty, something that according to Justice Ian Winder was causing its value to depreciate by $60 million a month. However, due to CTFE’s phased opening plan, CCA will be able to concentrate on just getting a section of Baha Mar ready, Prime Minister Perry Christie having told stakeholders that 700-800 rooms are being targeted for the March/ April opening. Still, CCA will have to meet more completion and opening targets if it is to meet the goals of both CTFE and the Government. Mr Davis confirmed that the new owner plans to start recruitment of Baha Mar’s first 1,500 employees, who will largely be engaged for the casino, early in the 2017 New Year. And Prime Minister Perry Christie, in addressing the Bahamas Hotel and Tourism Association (BHTA) recently, said CTFE planned to open 1,800 rooms at the casino and conference hotels during the 2017 second quarter. “This is to facilitate the phased opening of 1,800 rooms at the conference and casino hotel, the casino, convention centre and golf course, and employment
of up to 3,300 by August of 2017; 4,300 by December 2017,” Mr Christie said then. Mr Davis, meanwhile, pledged that CTFE saw its Baha Mar purchase as “a long-term investment” that complemented its global growth plans and fitted well with its other multi-billion dollar integrated resort development interests. He said CTFE aimed to “unlock the value” that has been created by the Cable Beach-based project, praising the “excellent vision” that the original developer, Mr Izmirlian, had for the benefit of the Bahamian people. “We believe strongly that the previous developer had an excellent vision for the Bahamian people and to build an incredibly iconic destination resort that creates significant job creation, and creates economic value for the island,” Mr Davis told Tribune Business. “We have global resources, and have the expertise as a global diversified conglomerate that owns and operates in the hospitality industry, that owns and operates large integrated resort developments, larger than Baha Mar.... “That gives us the depth of expertise that the Bahamian people can feel confident we’ll be a great caretaker and future developer that will create more growth and development for the Bahamas.” Mr Davis said CTFE’s business interests, apart from its $10 billion publiclylisted New World Development Company, also include shopping malls, department stores, and aircraft leasing. It also owns NWS Holdings, a $6 billion infrastructure and transportation company, plus the $8 billion Chow Tai Fook Jewellery Group.
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, ELVIN ALLINGTON MISSICK and NATASHA VANDORA ELLIS parents of NATEJHA DESTINAE ELLIS, intend to change our child’s name to NATEJHA DESTINAE MISSICK. If there are any objections to this change of name by Deed Poll,you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later thanthirty (30) days after the date of publication of this notice.
ALPHA BRANDS LTD.
IN VOLUNTARY LIQUIDATION Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act 2000 ALPHA BRANDS LTD. is in dissolution. The Date of the Commencement of Dissolution was 6th December 2016. David Thain of Amber Bank Ltd., Building 2 Caves Village, P.O. Box N 3917, Nassau, Bahamas is the Liquidator of ALPHA BRANDS LTD. All persons having claims against the above-named company are required to send their address and particulars of their debts to the Liquidator before the 6th January 2017. ___________________________ David Thain Liquidator
the plea deal with prosecutors, so that victims could be contacted before he approved the settlement. The case began in 2006, as doctors around the country reported severe gastrointestinal illnesses caused by salmonella. The Centers for Disease Control and state health officials traced the common factor — peanut butter — to the plant in rural Georgia. In February 2007, ConAgra recalled its previous three years of peanut butter production, and Peter Pan vanished from store shelves for about six months. Despite the widespread illnesses, no deaths were ever confirmed to be caused by the salmonella outbreak. “The company has behaved in a model way, as a model corporate citizen, ever since that time,” Douglas Fellman, an attorney for ConAgra, told the judge. “Since that time, we have an unblemished record. Peter Pan peanut butter is wholesome and it’s safe.”
a sign for ConAgra Foods’ world headquarters in Omaha, Neb. ConAgra is heading to court to finalize an $11.2 million plea deal in a federal criminal case stemming from a salmonella outbreak that sickened hundreds who ate tainted Peter Pan peanut butter. A federal judge in Albany, Georgia, is scheduled to decide Thursday, Dec. 15, 2016 whether to approve the settlement reached with Justice Department prosecutors in May 2015. (AP Photo)
y a d i l o H Hours r u o y t e g r o f Don’t ! g i b n i w o t e c chan
December 12 – 23, 2016
December 17, 2016
December 24, 2016 December 26, 2016 December 27, 2016 December 28 – 30, 2016 December 31, 2016 January 2, 2017
er! Winn
8am to 7pm 8am to 6pm 10am to 6pm 8am to 7pm 8am to 6pm 8am to 4pm CLOSED 8am to 6pm 10am to 4pm CLOSED CLOSED 8am to 6pm 8am to 1pm CLOSED
(Navy Lion)
(Eight Mile Rock) (Palmdale, Carmichael) (Navy Lion) (Cable Beach, Gladstone, Prince Charles) (Eight Mile Rock)
(Eight Mile Rock) (Boxing Day) (Christmas Day observed)
(New Year’s Day observed)
The Management & Staff of Cash N’Go, a member of the BAF Global Group would like to take this opportunity to thank you our valued customers for your patronage during 2016 and we look forward to serving you once again in 2017.
322-CASH (2274) simplycashngo.com Cash N’ Go is a member of the BAF Global Group
BAF holiday hours Friday, December 23rd, 2016
9:00 a.m. – 1:00 p.m.
Monday, December 26th, 2016
CLOSED (Observance of Christmas Day)
Tuesday, December 27th, 2016
CLOSED (Observance of Boxing Day)
Friday, December 30th, 2016
9:00 a.m. – 1:00 p.m.
Monday, January 2nd, 2017
CLOSED (Observance of New Year’s Day)
Management and Staff of BAF Financial & Insurance (Bahamas) Ltd. would like to take this opportunity to thank you our valued customers for your patronage during 2016 and we look forward to serving you once again in 2017.
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MERRY CHRISTMAS happy new year! www.mybafsolutions.com