12162016 business

FRIDAY, DECEMBER 16, 2016

business@tribunemedia.net

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Commission’s regulatory powers restored by court

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Can again take pre-emptive action ‘in public interest’

The Appeal Court has overturned a verdict that prevented the Securities Commission “from acting in the public interest”, following its battle with a BISX-listed company over the latter’s compliance with regulatory capital standards.

The ruling, delivered on Wednesday, effectively allows the Securities Commission to maintain the integrity and order of the Bahamian capital markets by upholding its ability to take pre-emptive regulatory action against licensees before giving them an opportunity to respond.

This had been curtailed by

BISX-listed firm’s ‘hearing first’ verdict overturned Alliance solvency concern existed before SEC case a Supreme Court ruling from Senior Justice Stephen Isaacs in June 2014, who found that the Securities Commission had

been “heavy handed” and “exceeded its jurisdiction” in the action it took against Alliance Investment Management.

The regulator had been concerned about the failure of the broker/dealer, the main subsidiary of BISX-listed Benchmark (Bahamas), to address concerns over whether it was compliant with regulatory capital/going concern requirements and properly segregating client monies from its own.

The Securities Commission ultimately on April 11, 2013, ordered Alliance Investment Management to “cease taking on any new business” and remedy its non-compliance with the Securities Industries Act 2011 within 15 days.

This prompted the broker/

dealer and its president, Julian Brown, to initiate a Supreme Court action four days later to have the regulator’s orders “quashed”.

Alliance prevailed at the Supreme Court, with Senior Justice Isaacs finding that the Securities Commission operated “as a law unto itself” in taking regulatory action without first giving the broker/dealer an opportunity to be heard.

He added that the regulator had incorrectly interpreted two sections of the Securities Industries Act which, when read together, only “negated” the requirement for a hearing on three of 19 counts.

“In other words, it could not be the intention of Parliament See pg b6

‘So much to get NHI: 70% physician our teeth into’ acceptance a ‘stretch’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Loretta to become Public Accounts Committee chief

The newly-appointed House Opposition leader yesterday said she will now head the Public Accounts Committee (PAC), saying: “There’s so much to get our teeth into I don’t know where to start.”

Loretta Butler-Turner told Tribune Business she was “going to put myself on that [the PAC] to see if we can get some investigations going” into issues exposed

by Tribune Business this week.

Among the topics the current Long Island MP says she plans to target are the ongoing woes at Bank of the Bahamas’, where 46 per cent of its loans (more than $234 million) are non-performing, and the International Monetary Fund’s (IMF) assertion that the 2015-2016 fiscal deficit will be double the Government’s $150 million projection.

“I think you’ve given me a lot See pg b5

Says: ‘Someone’s got to start asking questions’ Notes IMF warning on ‘out of control spending’

Loretta Butler-Turner

Loretta: Web shops ‘only game in town’ for Long Islanders

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Long Island’s MP yesterday backed concerns that web shops were having a negative economic impact on her constituents, becoming “the only game in town” as other business “pillars” closed.

Loretta Butler-Turner, the newly-appointed Opposition leader in the House of Assembly, told Tribune Business there were “very few settlements” in her constituency where web shops were absent.

Backing the concerns raised at the Long Island Business Outlook conference by former Chamber of Commerce head, Mario Cartwright, Mrs ButlerTurner said persons struggling financially were “easily tempted” to gamble in the hope of scoring a big win.

“We share the same sentiments,” Mrs Butler-Turner said of Mr Cartwright.

‘It’s very difficult. I’m telling you that there are very few settlements where they are not located.

“There’s a proliferation of web shops. It seems to be, no pun intended, the only game in town. I’ve seen other businesses that were the pillars of certain communities struggle and literally close down.”

Mr Cartwright had earlier this week slammed web shops as a “scourge” that is “drying up” Long Island’s economy, with residents prioritising gambling above everything else.

As private sector ‘pillars’ go out of business Shares businessman’s concerns on sector ‘scourge’ Struggling Bahamians ‘easily tempted’ to ‘win big’ “By 2012 they were in full swing. These gambling houses eventually carved out a major portion of the local economy for themselves,” he added.

“It is unfortunate that many Long Islanders are avid gamblers. Playing numbers transcends everything in their lives. Money for gambling is set aside first before consideration is given for groceries, clothing and other vital household needs; it’s a pity.”

Mr Cartwright said: “Every month, tens of thousands of dollars leave Long Island via human couriers who carry the money to the numbers house bosses in Nassau.

“This money never comes back. This gambling scourge has caused a severe decay in the moral fibre of the Long Island community. Parents are setting a very poor example for their children. Legitimate businesses See pg b7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The National Health Insurance (NHI) Secretariat’s assertion that 70 per cent of doctors are willing to accept its terms and sign on to provide primary care was describe as “a stretch” yesterday by a senior physician.

Dr Duane Sands, the former FNM senator, told Tribune Business that he was hearing “quite the opposite” to the optimistic picture being painted by NHI project manager, Dr Delon Brennen, when it came to physician ‘buy in’.

Dr Brennen, in an NHI press conference on Wednesday, said doctors who attended the briefing sessions on New Providence, Grand Bahama and Abaco last week had responded “very positively” to the scheme’s struc-

Ex-Senator hearing ‘quite the opposite’ to Govt Others brand Secretariat percentage as ‘laughable’ Primary care physician buy-in scheme’s ‘choke point’ ture and compensation rates.

“In our exit surveys, 70 per cent of them have responded to say that not only are they accepting of the fee structure, but they’re willing to sign up and be a part of NHI Bahamas as we go forward,” he added.

Dr Sands, though, See pg b7

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Activists: Govt ‘in cahoots’ with the Abaco Club RDA: $500k demand trying to ‘break our back’ Crown Land consultation key issue to determine Govt owes $1m from 4 year-old Wilson City ruling

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Environmental activists have accused the Government and the Abaco Club of “working in cahoots to oppress and stifle” their legal challenge to the latter’s proposed Little Harbour marina development.

Crispin Hall, an attorney with Responsible Development for Abaco’s (RDA) legal representatives, Callenders & Company, alleged in a December 14, 2016, affidavit that the developer and Christie administration were seeking to “break the back” of his client through separate ‘security for costs’ demands.

Mr Hall’s allegations came one day after the Abaco Club and its attorneys, Higgs & Johnson, filed legal papers seeking the Supreme Court’s permission to “intervene” in RDA’s Judicial Review challenge to the Government’s consultation/permitting processes for the Little Harbour project.

The Abaco Club’s move came on the same day that RDA’s lead attorney, Fred Smith QC, accused it and other developers of forcing Bahamian taxpayers to “foot” their legal bills by not defending their interests in such actions.

But the intervention, on behalf of Abaco Club subsidiaries, Abaco Club Investments, the Abaco Club Sporting Club and Winding Bay Development, is also seeking a Supreme Court Order that RDA pay $350,000 into an escrow account or ‘bond’ to cover their legal costs.

With the Government having made a similar $150,000 ‘security for costs’ demand, RDA now potentially has to raise $500,000 to cover its opponents’ legal costs should the Supreme Court rule against it in the New Year.

The Government and other developers have frequently used ‘security for costs’ See pg b4

PAGE 2, Friday, December 16, 2016

THE TRIBUNE

How companies can get into Xmas spirit Sacred scripture reminds us that to give, rather than to receive, is more blessed. Despite high unemployment, increasing social ills, a significant natural disaster (Hurricane Matthew) and the uncertainty that comes with it, all economic indicators seem to indicate that corporate Bahamas fared moderately well in 2016.

With one week left before we celebrate Christmas, in the spirit of the festive season we encourage businesses all over the Bahamas to celebrate the gift of giving.

It is quite easy to become so consumed with the ‘bottom line’ and maximising profits that we forget our JudeoChristian heritage, and the

powerful principles and blessing in giving.

Today’s reminder helps to restore this necessary spirit in our community as we close the year. Here are seven quick tips for companies before the close of the year:

* Staff bonus

Nothing makes the smile brighter on an employee’s face than a cheque marked ‘profit sharing Christmas bonus’.

No matter how small the pot, a few extra dollars on the pay cheque goes a long way in financing the many gifts, Junkanoo tickets and other treats people are compelled to buy this season.

* Christmas party

A classy hotel ballroom or ‘Back of the Yard’ holiday celebrations always seem to bring people together.

In addition, the message is conveyed that employees are valued, and we want senior leaders and frontline employees to eat,drink and be merry together.

* Gifts for the unfortunate

There are any number of government-sponsored children’s and senior homes around our communities.

These seasons can be quite emotional for the abandoned and forgotten, and any act of kindness reminds them that hope lives.

* Toy and clothes drive

Allowing employees to participate in giving to the community and less fortunate is a powerful gesture that engages them in the spirit of giving. New or used gifts, clothes and household items can be given during the season to the many Bahamians suffering during these difficult times.

* Christmas feeding for the community

There will certainly be no shortage of ham, turkey and stuffing in most corners of the Bahamas at this time.

But as difficult as it might be to believe, there will still be hundreds, and perhaps thousands, who will have some challenge finding a

meal on Christmas Day. Providing meals by personally delivering them to inner-city communities is a corporate social responsibility action of high merit for any participating company.

* Promotion exercise during Christmas for the deserving

Outside of the Christmas bonus or profit sharing, a title change and promotion for the diligent employee prepared to assume a greater role is fitting during this season. It serves as motivation to other employees, and reminds them that hard work pays off.

* Employee

Ian ferguson Environmental Awareness A company-driven and funded coastal or community clean-up is a See pg b6

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THE TRIBUNE

Friday, December 16, 2016, PAGE 3

Presure group sceptical on no GB Power rate rise

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The head of a pressure group that has been pushing for lower Grand Bahama Power Company (GBPC) tariffs yesterday expressed scepticism over its promise not to increase rates for the next five years, suggesting it was “all a public relations cover-up”.

Reverend Eddie Victor, head of the Coalition for Concerned Citizens (CCC), while speaking with Tribune Business remained adamant that the utility should never have received approval for the 1.5 per cent increase in the average base rate earlier in the year.

“They should have broken down the rates and not increased the rates in the last application. I’m sure they have something built in.

I believe they are going to recover that [hurricane restoration] money somehow. To me, it’s all a public relations cove-rup,” said Reverend Victor.

“The base rate should have been reduced.

They need to give details to actually show that they are absorbing it. I’m sure they are going to absorb it within their business model, which should have reduced the rate of electricity.

“This means, then, that they are not going to reduce it for five years despite oil prices See pg b4

Long Island stopovers grow by 157 in 9 years

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Stopover visitors to Long Island grew by a meagre five per cent over a nine-year span, a senior tourism executive saying: “That can’t be acceptable.”

Tyrone Sawyer, director of airlift development at the Ministry of Tourism, who recently presented at the Long Island Business Outlook conference on Monday, said that from 2006 to 2015, stopover visitors to Long Island rose from 2,874 to 3,031.

This meant the island attracting just 157 extra visitors within that span, according to the Ministry’s statistics, even though it has 14 licensed resort properties.

Speaking with Tribune Business, Mr Sawyer said one of the fundamental problems impacting airlift to many Out Islands

Tourism airlift director: ‘It can’t be acceptable’ Lack of ‘airlift alignment’ hurts growth prospect was what he described as “a lack of alignment”.

“You have to be able to connect your passengers in both directions,” said Mr Sawyer.

“A lot of our airlift into Nassau/Paradise Island is hub and spoke driven. What that means is with American Airlines, for instance, their entire route network connects through their Miami hub. If you are coming to Nassau you can come from Germany, Madrid, San Francisco or Brazil and connect the same day into Nassau.

“The same thing applies with

Bay Street branch is CIBC’s top location CIBC FirstCaribbean International Bank’s Bay Street branch was named as its top location for the 20152016 financial year, the first time a Bahamian branch has been recognised as the top sales performer in the three year-old competition.

“We’re closing the curtain on a phenomenal year where credit growth was, and continues to be, the main focus,” said Mark St. Hill, CIBC FirstCaribbean’s managing director for retail and business banking.

“We challenged our team to push themselves beyond the norm and they did not disappoint.

Tremendous strides were achieved, and everyone contributed in delivering some very strong sales results.”

Inger Johnson, CIBC FirstCaribbean’s district manager, said the Bay Street branch had been the most successful throughout the year, taking first place with 251 per cent in sales performance across the region. The branch scored the highest in sales performance, surpassing branches in 17 territories.

“It’s based primarily on loan sales, Vsa cards and insurances, as well as visa debit, transaction account and more, but obviously the sales play the biggest part in the scoring system,” Ms Johnson said.

CIBC FirstCaribbean’s Harbour Bay branch placed second with 199 per cent in sales performance, followed by the Marsh Harbour branch, which placed third with 188 per cent.

CIBC FirstCaribbean

CIBC FirstCaribbean group chief executive, Gary Brown, presenting Gezel Farrington, director of retail banking channels; Lorrianne Johnson, Bay Street branch manager, and managing director, Mark St. Hill, with the award for branch of the year at the bank’s head office in Barbados.

International Bank also recently captured the 2016 Bank of the Year Country Award in The Banker Magazine’s 17th Annual Bracken Awards Programme.

This is the bank’s fifth time winning the title for the Bahamas, having been honoured in 2008, 2009,

2012, 2013 and now 2016.

Marie Rodland-Allen, CIBC FirstCaribbean’s Bahamas managing director, received the award on behalf of the bank at a dinner held at the Hilton Bankside in London on December 7, 2016.

Notice – CAFL This communication intends to explain why the CAFL took the position not to proceed with scheduled games. As we are all aware, in the aftermath of the recent hurricane many Bahamians are preoccupied with making financial arrangements for homes and businesses repairs. Therefore to allow the fullest amount of time to be spent in such pursuits we decided to postpone our CAFL activities until January 2017.

While we are enthusiastically looking to resume our scheduled events nothing is or should be more important to us than the overall wellbeing of our members. Commencing in January 2017 you can look forward to seeing a buzz of activities as games and off-field events resume.

All team (Warriors, Stingrays, and Pros & Jets) players and coaches are asked to attend a very important meeting on Saturday, 1:00pm, December 17th 2016 @ The D.W. Davis playing field.

Notice by League Executive

Delta in Atlanta. You have the ability to connect on several flights in either direction.

You have tremendous access.

For Long Island and many of the other islands facing the same challenge, there needs to be a scenario whereby - if just twice a week - there is a connection from Nassau to specific non-stop flights from key tourist originating markets.”

Mr Sawyer said that while Bahamasair was fulfilling its mandate of providing connectivity to the Out Islands, in many instances its flights were not “aligned” in both directions, and were often unseen by the travelling public in the general airline distribution system.

“It’s a structural problem, and so the only way to really fix it is to put in flights that connect in both directions, and that would require some level of investment from the respective stakeholders like the Min-

istry of Tourism, the Bahamas Out Island Promotion Board and the hotels in Long Island, for instance,” Mr Sawyer said.

“We have been able to do that with San Salvador, and we have been able to do that with Exuma. In fact, into North Eleuthera, Marsh Harbour and George Town enjoy the same market access as does Nassau and Paradise Island, because they have the critical mass of rooms that is feasible for the airline itself to do non-stop service from its hub.”

Back in September, Ellison ‘Tommy’ Thompson, the Ministry of Tourism’s deputy director-general, said the Family Islands would be able to benefit from greater visibility and visitor access, given that it has “revamped” its Bahamas.com booking engine to introduce domestic airlines into the global distribution system (GDS).

PAGE 4, Friday, December 16, 2016

Activists: Govt ‘in cahoots’ with the Abaco Club From pg B1 demands as a tactic, and first obstacle, in a bid to block Judicial Review challenges to investment projects from moving forward.

They believe that nongovernmental organisation (NGOs) environmental activists lack the necessary ‘deep pockets’ to cover such costs, and will have great difficulty in raising the necessary sums - thereby knocking out their actions at the first hurdle.

However, Mr Hall alleged in his affidavit that such a heavy-handed approach, while appropriate for commercial litigation, was inconsistent with the principles of Judicial Reviews, which were brought to try serious issues of general public importance.

He argued that one such issue to be determined in the Abaco Club case was whether the Conveyancing and Law of Property Act required the minister responsible for Crown Land

(the Prime Minister) to hold a public consultation before selling or leasing it to foreign developers.

Arguing that previous rulings from judicial systems’ similar to the Bahamas had said as much, Mr Hall also alleged that the Government still owed RDA $1 million in legal costs that it had incurred in its ultimately successful battle over BEC’s Wilson City power plant.

The Callenders & Co attorney alleged that the “late” security for costs applications by both the Government and the developers were “not being mounted in good faith, but are intended to oppress and stifle RDA’s Judicial Review claim.

“It is clear that the respondents and the developers are working in cahoots with the view to oppress RDA and stifle RDA’s claim,” Mr Hall alleged.

He added that RDA had first written to Higgs & Johnson on June 9, 2016, in accordance with its Su-

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preme Court undertaking, to see if they would accept service on the Abaco Club’s behalf so that it would know of the Judicial Review proceedings.

No response was received, and Mr Hall implied that the Attorney General’s Office used the issue of whether the Abaco Club had been served to delay agreeing trial dates for RDA’s Judicial Review.

“It is clear that both the respondents and the developers are using these late applications for security for costs to oppress RDA and stifle RDA’s claim,” Mr Hall further alleged.

“Given that the respondents and the developers are obviously in cahoots in the way they are conducting these proceedings, it is clear that by each seeking an order for security for costs in such substantial sums, they are hoping to break RDA’s back.

“That is exactly what happened in the Bimini Blue Judicial Review wherein the applicant was forced to abandon its meritorious Judicial Review challenge as a result of the substantial security costs orders obtained against it by the Government respondents and the developers.”

Mr Hall also alleged that it was “an abuse of process”

for the Abaco Club and its subsidiaries to intervene so late, and “perverse” for them to demand ‘security for costs’, given that their application to become involved had yet to be heard.

RDA was also not seeking to join them in the proceedings, as Judicial Review rules allowed the developers to still be heard.

Mr Hall alleged that previous cases had shown there was a pattern of the Government trying “to frustrate public interest Judicial Review litigation” via ‘security for costs’ applications.

“Judicial Reviews are not to be conducted as hardfought commercial litigation,” Mr Hall alleged.

“This pattern of behaviour by the Office of the Attorney General is completely inappropriate and a disservice to the public at large, as it seeks to stifle - as opposed to developing - the jurisprudence on proper governance which is in its nascent stages in this jurisdiction.”

Suggesting that RDA had “good prospects of success” in its contention that the Government and its agencies had failed to properly consult interested parties over the Little Harbour project, Mr Hall alleged that the case “raises issues of great public importance

Presure group sceptical on no GB Power rate rise From pg B3 going down or changes in technology.”

In a statement issued on Wednesday, the Grand Bahama Port Authority (GBPA) said (GBPC had agreed to absorb Hurricane Matthew’s $27.5 million restoration cost itself and not pass it on to the consumer.

Sarah St George, the GBPA’s vice-chairman, said there would be no increase to Grand Bahama residents’ electricity bills between now and 2021, based on current rates.

She added that GB Power had also agreed to delay implementation of its Hurricane Self-Insurance Fund, which would have added an extra charge to customer bills, until all Matthew restoration costs had been re-

covered.

“As promised in our briefing of November 16, there will be no increase to customers’ rates for the next five years when compared with 2016,” Ms St George said.

“In addition, GBPC has also agreed to delay the previously approved Hurricane Self-Insurance Fund until Hurricane Matthew costs are fully recouped. We wanted to announce this as soon as possible to reassure everyone of rate stability as we move towards the eve of 2017”.

The plan revealed by the GBPA is the opposite of GB Power’s immediate post-Matthew intentions, which were to recover its costs from consumers - but in way that did not cause

NOTICE RITUAL INCORPORATED HOLDING LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, RITUAL INCORPORATED HOLDING LTD. is in dissolution as of December 13, 2016 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

THE TRIBUNE that transcend the interests of the parties” In particular, he pointed to the Conveyancing and Law of Property Act’s section 54, which requires the minister for Crown Lands to make grants that are in “the beneficial interest” of the Bahamas.

“RDA avers that only by consultation could such beneficial interest be properly taken into account,” Mr Hall alleged.

“Given the rising number of commercial developments taking place on Crown Land, it is in the interests of the common good for the court to determine whether or not section 54 of the Conveyancing and Law of Property Act confers upon the minister responsible for Crown Lands a duty to consult.”

As for the Attorney General’s Office’s suggestion that RDA possesses insufficient assets to cover its legal costs, Mr Hall said the organisation was owed the $1 million awarded by the Court of Appeal to cover its own attorneys’ bills in the Wilson City case.

“The respondents are well aware that RDA has assets in the form of outstanding costs judgments (in the Supreme Court and the Court of Appeal) against some of the parties

who are parties to these proceedings,” he added.

“By letter dated May 7, 2013, counsel for RDA wrote to, inter alia, Mr Klein of counsel for the respondents confirming that the costs awarded by the court in the Wilson City Judicial Review were in the sum of $1 million.”

Suggesting that the Government’s late application had deprived RDA of sufficient time to raise the necessary ‘security’, Mr Hall also alleged that the Government’s draft legal costs were “grossly excessive, exaggerated and, in some respects, manufactured”.

He then claimed that the Government and its agencies have failed to make “full and frank disclosure”, and were “not acting in accordance with the required principles of law which guide the approach of decision makers in conducting this type of litigation”.

The Abaco Club views the proposed 44-slip Little Harbour marina as a key ‘value-added’ amenity demanded by its homeowners, with its creation enhancing the Winding Bay-based development’s ability to attract new homeowners - all of which would generate more jobs and economic activity for Bahamians on the island.

further financial and economic hardship.

Emera, the Canadianheadquartered utility that is GB Power’s 80.4 per cent majority shareholder, confirmed its intention to reclaim Hurricane Matthew restoration costs from Grand Bahama businesses and residents last month.

Emera’s financial filings for the 2016 third quarter said then that the rebuilding of GB Power’s transmission and distribution network was estimated to cost $25 million.

“The Q3 2016 results for Emera Caribbean do not include any of the approximate $25 million of restoration costs, which are expected to be capitalised and recovered from customers over time,” Emera said of GB Power.

In return, the GBPA has approved the $27.5 million “prudent costs” incurred in restoring GB Power’s “uninsurable” transmission and distribution network, which will be recovered over a five-year period starting on New Year’s Day 2017.

The Port also praised the utility for its restoration effort, which would have lasted 15 months and caused “irremediable” harm to Grand Bahama’s economy, had it not brought in foreign crews and resources from Emera’s international network.

“We have verified power restoration costs quantified at $27.5 million, comprising extensive labour and materials, which were required during the island-wide hurricane restoration exercise,” the GBPA said.

“The GBPC recovery operation involved local and off-island crews, without which it is estimated the restoration would have taken 60 weeks (15 months) rather than six weeks.

“The adverse economic impact resulting from a slow restoration - with its extended hardship and inevitable loss of business, tourism, trade and jobs - would have implied costs many times higher for the Grand Bahama community as a whole, and possibly proved irremediable, according to studies undertaken.”

The GBPA added: “The Hurricane Damage Assessment Summary provided by GBPC included: 1,362 damaged transformers, 2,025 damaged poles, 1,150 damaged brackets, 6,000 damaged insulators, 3.09 million feet of downed conductor wire; and 1,000 damaged arrestors.

“Technical experts, 200 additional linemen plus local linemen, worked over 95,000 hours. Other workers and 130 additional pieces of mobile equipment were brought to bear on the natural disaster.”

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THE TRIBUNE

Friday, December 16, 2016, PAGE 5

Bahamas features at NY magazine launch The Bahamas, and the Grand Bahama Island Tourism Board, were the featured destination at BELLA magazine’s recent New York Cover Launch Party and Holiday Shopping event, which featured NBC’S Today show hosts, Kathie Lee and Hoda Kotb.

As one of the launch’s sponsors, the Bahamas and Grand Bahama logos were featured on the red carpet branding. The Bahamas also had a vendor display within the BELLA Lounge.

Guests were eligible to win hotel accommodations at the Old Bahama Bay resort, on the west end of Grand Bahama.

The Bahamas was rep-

‘So much to get our teeth into’ From pg B1 of work to do,” Mrs ButlerTurner told Tribune Business of its reporting this week. “There’s so much to bite our teeth into, I don’t know where to begin.

“I’m going to head up the PAC, put myself on that, and see if we can get some investigations going into some of these things.”

When Tribune Business pointed out that she and the PAC were likely to run out of time, given that a general election is likely just five months away, Mrs ButlerTurner agreed: “We are, but at least someone’s got to start asking questions.”

The PAC, which is currently headed by St Ann’s representative Hubert Chipman, one of her fellow seven ‘rebel’ MPs, has been criticised for failing to properly hold the Christie administration to account, despite many instances of financial mismanagement and waste.

Step and Repeat at BELLA Magazine’s cover launch party. The Ministry of Tourism’s New York-based marketing team, Mikala Moss (left) and Chrystal Bethel (right), with Bella Magazine’s publisher and editor, Daniel and Courtenay Hall.

resented by its New York based tourism-marketing team of Mikala Moss and Chrystal Bethel.

Besides Kathie Lee Gifford and Hoda Kotb, other celebrities in attendance included Shayna Leigh, singer; Melissa Francis, Fox News anchor; Catherine Curtin of Orange is the New Black; and Charles Frattini of Discovery Channel’s Naked and Afraid.

BELLA is one of New York’s top subscription and newsstand-based women’s luxury lifestyle publications, and is described as an insiders’ guide to one of the most affluent areas in America. BELLA has also recently increased its reach to Los Angeles.

To-date, it has only published a report on the Urban Renewal Commission’s Small Homes Repair programme, with the ‘minority’ members from the Government side, Shane Gibson and Ryan Pinder, releasing their own document.

In response, Mr Chipman, who together with Richard Lightbourn and K P Turnquest forms the Opposition majority, said the Government had frequently failed to provide much of the information requested by the PAC, effectively blocking its investigations into how taxpayer monies are being used at birth.

The situation highlights the relative strength of the executive (Government) compared to the legislature (Parliament), plus the dearth of powers, time and resources available to the PAC in a House of Assembly where most PLP MPs are also in the Government.

Mrs Butler-Turner is likely to replace Mr Turnquest, who has remained in the ‘Dr Hubert Minnis camp’, and it remains to be seen whether her promise of a more reinvigorated approach will bear fruit.

The House Opposition leader, meanwhile, said she had been “fascinated” by the IMF’s report on its week-long mission and visit to the Bahamas, which ended on Tuesday this week.

“I noted in particular this whole thing about not being able to control spending,” Mrs Butler-Turner told Tribune Business.

“They’ve collected more than $1 billion in ValueAdded Tax (VAT) revenues and everything is still out of control. We’ve got to get rid of these people [the Government]. We don’t know what they’re doing with our money. Why are their projections so wrong?”

Tribune Business revealed earlier this week how the IMF had found that the fiscal deficit for the 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.

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 forecast made in the IMF’s own Article IV report from July 2016.

The Fund had then projected that the Government’s deficit for the 20152016 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 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”.

Mrs Butler-Turner added yesterday: “It was very significant what the IMF had to say. It’s very significant that their visits are becoming more frequent.

“They’re [the Government] spending like drunken sailors. They have been very reckless from a fiscal

perspective. When you hear what the IMF has to say, spending is out of control, the projections are overrated and the deficits are continuing. We are on the precipice of a real disaster.

It’s frightening.”

Mrs Butler-Turner suggested that the IMF’s visit, and worsening fiscal position, may have prompted the Government to rush out news of Baha Mar’s acquisition by Chow Tai Fook Enterprises (CTFE) prematurely.

“They say it is supposed to be open and people working by April, yet they haven’t completed the Heads of Agreement,” she added.

to advertise today in the tribune call @ 502-2394

PAGE 6, Friday, December 16, 2016

How companies Commission’s regulatory powers restored by court can get into From pg B1 verdict, said.

Xmas spirit Acknowledging that the

From pg B2

beautiful way to give back to the Earth and space that we have been blessed with.

Once again, it removes employees from the traditional work space to join forces for the good of the community.

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

to deprive Alliance wholly of its right to a hearing,” Senior Justice Isaacs ruled.

The Securities Commission moved to appeal the verdict on “points of law of general public importance”, with the judge certifying the question of whether it could take action against its licensees prior to a hearing despite objections from Alliance’s attorney, Charles Mackay.

“The appellant [Securities Commission] holds the view that the judgment effectively prevents the appellant from acting in the public interest without a hearing, as authorised by section 133(3) of the Act,” Appeal Justice Jon Isaacs, writing the higher court’s

Legal Notice

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

CATHPARS LIMITED In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), CATHPARS LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 24th day of November 2016.

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

NOTICE

KITARA INVEST LTD. NOTICE is hereby given as follows: (a) Kitara Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 14th December, 2016 Beatus Limited Liquidator

Securities Commission’s role was to maintain “public confidence” in the integrity of the Bahamian securities and capital markets, Appeal Justice Isaacs said it could take regulatory action prior to a hearing provided it complied with certain conditions.

“It must be satisfied that it is necessary and in the public interest to do so,” he added of the Securities Commission. “Parliament expressly stated the order is to have a temporary effect, and is intended to protect the integrity and reputation of our securities industry.

“The power is engaged in circumstances where the appellant, as a prudent regulator charged with oversight of the industry, deems it crucial to intervene quickly and nip in the bud, practices or actions which may be harmful to the country’s financial sector, of which the securities industry is a part.

“As one of the pillars of our economy, it is important that no effort be spared to ensure that those who engage in the business of handling investors’ funds do so with probity and integrity, and are not allowed to tarnish the reputation of our financial industry.”

Appeal Justice Isaacs added that the Supreme Court ruling was “misconceived”, but he noted that Gawaine Ward, the Securities Commission’s, had conceded that the original order issued against Alliance was defective.

“The judge’s finding that the order bears the infirmity he identified has not been

quashed or overturned.

That portion of his decision remains unimpeached,” Appeal Justice Isaacs said.

His verdict detailed how the dispute between the Securities Commission and Alliance first arose in April-May 2011, when the accounting firm, Pannell Kerr Foster (PKF), conducted an on-site examination of the latter on the regulator’s behalf.

PKF was also Alliance’s external auditor, and the Appeal Court verdict noted: “The results of this examination caused concern to the [Commission] relative to the segregation of accounts and to regulatory capital, and this concern was communicated to the respondent sometime in November 2011.”

Some 17 months’ of correspondence between the two parties resulted, with the Securities Commission alleging that Alliance was in breach of Bahamian law.

“The respondent [Alliance] maintained that there had been compliance because, as the appellant was aware (it had downloaded all of the respondent’s records), the respondent segregated the accounts so that each client had a separate account at its firm,” the Appeal Court said.

“Further, the respondent asserted that this position had been endorsed, approved and checked by the respondent’s external accountants at each annual audit, and the accountants had given no notification to the appellant that the respondent has been found wanting.”

Mr Brown, as Benchmark and Alliance’s president, countered in late 2011 that Alliance’s client accounts were segregated from the broker/dealer’s own. He also argued that the Secu-

Legal Notice

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

Big Blue Waters Limited In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), Big Blue Waters Limited, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 30th day of November 2016.

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

NOTICE

NOTICE

DALRAL S.A.

SOKOTO INVEST LTD.

NOTICE is hereby given as follows:

NOTICE is hereby given as follows:

(a) Dalral S.A. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(a) Sokoto Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 14th December, 2016

Dated this 14th December, 2016

Beatus Limited Liquidator

Beatus Limited Liquidator

NOTICE

DRAGONFISH HOLDINGS LTD. NOTICE is hereby given as follows: (a) Dragonfish Holdings Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 14th December, 2016 Beatus Limited Liquidator

THE TRIBUNE rities Commission’s regulatory capital calculation was “flawed”, and that there was no deficiency.

The Securities Commission, in late June 2012, asked PKF to assess Alliance’s “viability” to continue operating “as a going concern”.

“PKF submitted a ‘report’ which was not unfavourable, but shortcomings in it failed to allay the appellant’s concerns,” the Appeal Court said of the Commission.

“The appellant thought that ‘insufficient and unreliable documentary evidence’ had been provided.”

This led to a Securities Commission letter of July 30, 2012, in which the regulator said Alliance had failed to provide enough proof that “the assets of its clients had been segregated externally from that of the company’s”.

It also said Alliance had failed to submit plans to address the regulatory capital shortfall, despite being pressed to do so on two occasions.

This led to the Securities Commission’s first “cease taking on any new business” and comply demand on July 30, 2012, which was followed by a demand for the Krys Global accounting firm to undertake a ‘regulatory compliance assessment’ of Alliance.

There followed another eight months of ‘to-ing and fro-ing’, as Mr Brown sought to “forestall” Krys Global’s appointment in favour of his own auditors, PKF. Alliance then initiated its own legal action, with the Securities Commission responding by seeking a Supreme Court Order that Krys Global be appointed and given “unfettered access to the respondent’s

business premises and records for the purpose of determining the respondent’s ability to continue as a going concern”.

The Court of Appeal verdict thus reveals that the Securities Commission’s concerns regarding Alliance’s regulatory compliance, particularly its failure to meet capital requirements, existed before the broker/dealer became embroiled in the $400 million BC Capital Group ‘ponzi’ fraud saga.

Mr Brown and Alliance had always vigorously denied, and defended, allegations that they facilitated the scheme.

But, in a settlement with the SEC that was concluded in October, they agreed to repurchase the company’s entire $5 million preference share capital.

This, potentially, revives the same questions over Alliance (and Benchmark’s) regulatory capital and ‘going concern’ ability.

Benchmark (Bahamas) latest financial statements, for the six months to endJune 2016, show the $5 million preference shares are currently critical to the company’s net worth or solvency.

With them included on its balance sheet, the BISXlisted firm has a net worth or ‘shareholders’ equity’ of $3.157 million.

Take them away, as the SEC settlement now requires by virtue of Alliance buying them back, would plunge Benchmark (Bahamas) into ‘negative net worth’ or insolvency without those preference shares being replaced by Mr Brown or another investor(s).

The SEC settlement effectively demands a recapitalisation of Benchmark and Alliance, its international broker/dealer subsidiary.

call 502-2394 to advertise today!

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KIM MARIA MORELY nee CAMPBELL of Freeport, Grand Bahama,mother of SHAQUILLE OMAR MORLEY, intend to change my child’s name to WAYNE SHAQUILLE DWIGHTLYN ROLLE. 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.

NOTICE

NOTICE is hereby given that NormaN malcolm oliver buNbury of #8 Exuma Avenue, Yamacraw Beach Estates,P.O Box EE-16285, 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 16th 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 ROSE MARIE BUNBURY of #8 Exuma Avenue, Yamacraw Beach Estates, P.O Box EE-16285, 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 16th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, December 16, 2016, PAGE 7

NHI: 70% physician acceptance a ‘stretch’ From pg B1 suggested yesterday that the ‘70 per cent’ figure quoted by Dr Brennen was “a sampling error”, and questioned what formed the basis of this calculation.

“I’m hearing information that is quite the opposite to that,” he told Tribune Business. “It’s a stretch to come to that conclusion.

It’s certainly inconsistent with the views I have heard in the very large physician groups.”

Dr Sands questioned whether the ‘70 per cent’ figure was based on the number of doctors who attended last week’s briefing, or the wider physician community.

He also queried whether it included just primary care providers, the doctors who will be responsible for rolling out the $100 million ‘phase two’ primary care stage for NHI, or all doctors.

“It’s difficult to ascribe any significance to it,” Dr Sands added of the figures quoted by Dr Brennen.

Another doctor, speaking on condition of anonymity, described the percentage quoted by the NHI project manager as “laughable”.

Among those who attended one of the two New Providence briefing ses-

sions, the doctor told this newspaper: “The evaluation forms they gave out at that meeting, no one completed them and handed them in.

“There’s still lots of unanswered questions, obviously not just the fee schedule but the contracts, what’s in the contract, how and when we will get paid. There’s no insurance been created by the public and private insurers for NHI yet.”

The NHI primary care phase cannot be rolled out without the support, participation and ‘buy in’ from primary care doctors, especially those in the private sector, who the Government is hoping will take extra patients and relieve the burden on the public healthcare system.

Another doctor, speaking on condition of anonymity, questioned whether the NHI Secretariat had calculated the “minimum” number of doctors needed to launch the primary care phase.

“That’s their choke point right there,” the doctor said.

“They need to admit they’re not going to get enough doctors. I don’t know anyone who’s going to sign up apart from the junior doctors.

“What’s going to happen is they’re going to force the Government doctors to enroll in the system.”

Loretta: Web shops ‘only game in town’ for Long Islanders From pg B1 are suffering because the numbers houses are drying up Long Island’s economy one spin at a time.”

Asked whether the Government’s promised enforcement of zoning regulations would help curb the spread of web shops on Long Island, Mrs ButlerTurner said it was unlikely to work in New Providence, let along Long Island.

“Before we ever get to Long Island, which the

Government barely ever considers, if they were to enforce the regulations in New Providence the majority of them [web shops] would be closed down,” she told Tribune Business.

“They’re supposed to be a certain distance from schools and churches. Take a drive down Wulff Road and Robinson Road. It seems like web shops are on every corner, and schools and churches are everywhere.”

Mrs Butler-Turner said it

The NHI Secretariat rolled out Dr Charles Clarke, head of the Bahamas Doctors Union (BDU), to endorse the scheme at its press conference and give the impression that doctors were behind it.

Physician sources suggested that this was misleading, though, given that the BDU largely represents the junior doctors at Princess Margaret Hospital (PMH) and within the Government health system - not the majority of those who will be required to provide primary healthcare under NHI. In addition, Tribune Business can reveal that while around 60 physicians in total attended the two Nassau briefings, just one turned up for the Abaco event.

Dr Sands said the views of the primary care physicians group and bodies such as the Consultant Physicians Staff Association (CPSA) would be more important in relation to NHI. “You’re going to need a certain number of physicians for people to perceive they have improved access to care,” Dr Sands told Tribune Business. “That number is anyone’s guess, but it’s certainly going to be more than a handful.”

He questioned whether the NHI Secretariat had given any thought to the fact that there were many Family Island communities that did not have ready access to doctors at all apart from the Government health system.

And the former FNM

was “just as bad on Long Island” because the communities in her constituency were smaller.

“People struggling economically, they’re easily tempted to believe that by putting a few dollars on a number, or whatever it is they do, so that they may hit the jackpot.

“There’s this desire to win big, and people are going hungry and having challenges paying their bills. It’s really absurd, something like that in small Family Island communities.”

Mrs Butler-Turner added that it was hard for many Bahamians to avoid web shop gaming, and added: “You have to not be a gamer. If you’re a gamer, it’s your game. It’s sad.”

senator added that the Christmas and New Year holiday season were now set to intervene in terms of completing the NHI scheme and answering all the unresolved questions.

“We move into the New Year with very little of the management [for NHI] in place,” he told Tribune Business. “No one knows what the plan entails. There is no document anywhere to say this is what NHI includes - coverage, benefits, who’s paying for it...

“Consider me not only cynical, but sceptical and cynical. We’ll see. Don’t hold your breath.”

Dr Duane Sands

PAGE 8, Friday, December 16, 2016

THE TRIBUNE

MARKET REPORT THURSDAY, 15 DECEMBER 2016

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

BISX ALL SHARE INDEX: CLOSE 1,930.25 | CHG 1.75 | %CHG 0.09 | YTD 106.30 | YTD% 5.83 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.12 8.23 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.15 11.00 9.00 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 10.32 13.23 2.02 1.60 5.82 9.15 10.95 8.74 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 100.00 100.00 100.00 109.44 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.32 13.23 2.06 1.60 5.82 9.15 10.95 8.74 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 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.83 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

1,200 8,000

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 19.1 25.1 21.9 9.6 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% 3.49% 4.61% 2.91% 2.50% 4.12% 3.01% 0.00% 3.20% 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

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

Position Available Post of Information and Technology (IT) Manager Applications are invited from suitably qualified persons for the post of Information and Technology (IT) Manager at the Eugene Dupuch Law School, Nassau, The Bahamas.

The IT Manager will be responsible for managing the information technology resources of the Law School. The successful candidate must possess BS in Information Technology or equivalent; other relevant technical certifications; and at least 5 years of relevant work experience.

The responsibilities of this role will include, installation, maintenance, and repair to hardware; installation and upgrading of software; troubleshooting and resolving problems; management of email accounts for staff and students; planning and budgeting for all IT services; development of IT policies; design of IT solutions and project management; andmaintenance of server and technical support.

Applications must be submitted to the Eugene Dupuch Law School not later than Wednesday December 21, 2016. For further details please see go to the Law School’s website at http://eugenedupuchlaw. edu.bs/job-vacancy-it-manager .

John Panin, center, works with fellow traders on the floor of the New York Stock Exchange, yesterday. Stocks are opening moderately higher on Wall Street and the dollar is making more gains against other currencies a day after the Federal Reserve raised its benchmark interest rate. (AP Photo)

Asian shares muted, dollar climbs as rate outlook sinks in HONG KONG (AP) — Most Asian stock markets were tepid Friday while the dollar continued to march higher as investors started getting used to the new reality of a future with higher U.S. interest rates.

KEEPING SCORE: Japan’s benchmark Nikkei 225 index rose 0.7 percent to 19,405.61 as the weakening yen helped shares of the country’s exporters.

Other Asian indexes were listless. South Korea’s Kospi added 0.3 percent to 2,042.71 and Hong Kong’s Hang Seng edged up 0.2 percent to 22,108.20. The Shanghai Composite Index in mainland China crept up 0.1 percent to 3,120.54 and Australia’s S&P/ASX 200 ticked up 0.2 percent to 5,547.80.

POST-HIKE PERSPECTIVE: After an initial jolt from the Fed’s interest rate hike decision this week, markets are adjusting to the prospect of more increases that policymakers signaled were in store as they move to “normalize” interest rates. The Fed raised rates for only the second time in a decade and hinted three more hikes are on the way in 2017, rattling markets used to ultralow borrowing costs that have fueled a multiyear stock boom. The Fed’s move now shifts focus from central

bank policy to economic growth as the driver of stock market performance.

MARKET VIEW: “The market seemed to have digested the Fed rate hike and started to position itself for a brighter outlook in the U.S. economy, and the changes Donald Trump’s new administration could bring to the equities market,” said Margaret Yang of CMC Markets in Singapore. “Favorable sentiment has spread over to Asian markets this morning.”

WALL STREET: Major U.S. benchmarks finished higher, led by banks and other financial stocks that stand to benefit from higher rates. The Dow Jones industrial average rose 0.3 percent to close at 19,852.24.

The Standard & Poor’s 500 index rose 0.4 percent to 2,262.03. Nasdaq composite rose 0.4 percent to 5,456.85. The three indexes are all within half a percent of their record highs.

The CURRENCIES: dollar rose to 118.30 yen, its strongest level in 10 months, from 118.27 late Thursday.

A weaker yen benefits Japan’s exporters by making boosting their earnings when they’re brought back from overseas. The euro was up to $1.0431 from $1.0412, its weakest level since early 2003.

PAGE 18, Friday, December 16, 2016

THE TRIBUNE

Greek leader Tsipras confident he can resolve debt tiff Tsipras said at the summit that there is room for “a breakthrough, without blackmail.” He will be making his case on his country’s debt problems during a visit Friday to German Chancellor Angela Merkel in Berlin.

He expressed confidence the dispute with European bailout lenders will be resolved soon.

“I, as you can see, am extremely calm, and think it is something that will be overcome very soon. The (Christmas bonus) does not in any way threaten the bailout program and the targets for the 2016 budget surplus,” Tsipras said, adding that bailout creditors are preparing a report on the issue.

Tsipras said other more crucial issues will determine the successful conclusion of Greece’s bailout talks with its European creditors and the International Monetary Fund.

“I believe that in the near future all parties will take

BRUSSELS (AP) — Boosted by French President Francois Hollande and other left-leaning European Union leaders, Greek Prime Minister Alexis Tsipras said Thursday he could win a dispute with European creditors who pulled a recently announced debt relief package for his country.

Hollande said at the EU summit that “it is out of the question to ask for further additional efforts from Greece or prevent them from taking a number of sovereign measures that respect the commitments” previously undertaken by his country.

Days after a Dec. 5 eurozone agreement to approve some debt relief, Tsipras announced a Christmas bonus for some 1.6 million low-income pensioners and committed to restore a lower sales tax rate for Aegean Sea islanders. The move surprised the eurozone creditors, who suspended the debt relief.

German Chancellor Angela Merkel, center, speaks with Greek Prime Minister Alexis Tsipras, second right, and European Parliament President Martin Schulz, right, during a round table meeting at an EU Summit in Brussels yesterday. European Union leaders meet Thursday in Brussels to discuss defense, migration, the conflict in Syria and Britain’s plans to leave the bloc. (AP Photo) some to try to revive a negotiating game to the detriment of Greece and its people, which has made huge sacrifices in the name of Europe,” Tsipras said.

“This is not reasonable.”

the necessary initiatives to bridge our differences,” he told reporters.

He said Germany was the only European country to question the bonus.

“It is unacceptable for

Tsipras also accused the IMF of pressing Greece to adopt new austerity measures for after the end of the program.

“No democratic parliament ... could accept such

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 77° F/25° C Low: 61° F/16° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Partly sunny with a shower; breezy

Partly cloudy, a shower; breezy

Partly sunny, a shower; breezy

Mostly sunny and breezy

Periods of sun, a shower; breezy

Mostly sunny and pleasant

High: 82°

Low: 71°

High: 83° Low: 73°

High: 84° Low: 73°

High: 84° Low: 72°

High: 84° Low: 71°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

85° F

71° F

88°-76° F

93°-76° F

92°-73° F

91°-75° F

High: 79° F/26° C Low: 65° F/18° C

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

N

almanac

E

W

ABACO

S

N

High: 74° F/23° C Low: 72° F/22° C

8-16 knots

S

High: 78° F/26° C Low: 72° F/22° C

10-20 knots

FT. LAUDERDALE

FREEPORT

High: 79° F/26° C Low: 73° F/23° C

E

W S

E

W

WEST PALM BEACH

N

High: 78° F/26° C Low: 70° F/21° C

MIAMI

High: 80° F/27° C Low: 72° F/22° C

7-14 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 68° F/20° C Normal high ....................................... 79° F/26° C Normal low ........................................ 67° F/19° C Last year’s high ................................. 85° F/30° C Last year’s low ................................... 67° F/20° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 49.61” Normal year to date ................................... 39.11”

ELEUTHERA

NASSAU

High: 82° F/28° C Low: 71° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2016

High: 78° F/26° C Low: 75° F/24° C

N

KEY WEST

High: 81° F/27° C Low: 75° F/24° C

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

9:18 a.m.

9:43 p.m.

3.5 2.7

2:57 a.m. -0.8 3:47 p.m. -0.7

Saturday

10:09 a.m.

10:38 p.m.

3.3 2.6

3:50 a.m. -0.6 4:39 p.m. -0.5

Sunday

11:01 a.m.

11:35 p.m.

3.0 2.5

4:45 a.m. -0.3 5:31 p.m. -0.3

Monday

11:54 a.m.

-----

2.8 -----

5:41 a.m. 0.0 6:24 p.m. -0.2

Tuesday

12:32 a.m.

12:48 p.m.

2.4 2.5

6:41 a.m.

7:17 p.m.

0.3 0.0

Wednesday 1:31 a.m.

1:43 p.m.

2.4 2.3

7:42 a.m.

8:10 p.m.

0.4 0.1

Thursday

2.4 2.2

8:43 a.m.

9:01 p.m.

0.5 0.1

2:29 a.m.

2:39 p.m.

sun anD moon Sunrise Sunset

High: 79° F/26° C Low: 76° F/24° C

N

S

E

W

8-16 knots

S

8-16 knots

6:48 a.m.

5:23 p.m.

Moonrise Moonset

8:30 p.m.

9:08 a.m.

Last

New

First

Full

Dec. 20

Dec. 29

Jan. 5

Jan. 12

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 76° F/24° C

High: 79° F/26° C Low: 76° F/24° C

N

High: 80° F/27° C Low: 75° F/24° C

E

W S

LONG ISLAND

insurance management tracking map H

uV inDex toDay

CAT ISLAND

E

W

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

a demand and decide on measures to be implemented, if needed, after three years,” he said.

EU Parliament President Martin Schulz, another socialist, came to Tsipras’ defense, although he acknowledged that strictly speaking, the Greek government’s decisions have not complied with what was agreed to.

“I can understand very well what the Greek government has done, because it is trying to protect the most vulnerable a little bit in the time before Christmas,” Schulz said. “So I think that the eurogroup, when it meets again in January, will perhaps find a way to reconcile the two things — compliance with the agreements with the necessary flexibility that a government needs to preserve social stability in the country.”

In Greece, lawmakers approved the controversial Christmas bonus payment.

The article on the bonus, which Athens wants to distribute next week, was ap-

High: 80° F/27° C Low: 77° F/25° C

8-16 knots

MAYAGUANA High: 81° F/27° C Low: 76° F/24° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 78° F/26° C

High: 81° F/27° C Low: 77° F/25° C

GREAT INAGUA High: 83° F/28° C Low: 77° F/25° C

N

E

W

E

W

N

S

S

8-16 knots

8-16 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS NE at 10-20 Knots ESE at 10-20 Knots NE at 8-16 Knots ESE at 8-16 Knots ENE at 10-20 Knots E at 10-20 Knots ENE at 8-16 Knots E at 10-20 Knots ENE at 8-16 Knots E at 10-20 Knots E at 8-16 Knots SE at 10-20 Knots NE at 8-16 Knots E at 10-20 Knots NE at 8-16 Knots E at 10-20 Knots ENE at 8-16 Knots E at 10-20 Knots NE at 10-20 Knots E at 15-25 Knots ENE at 12-25 Knots ESE at 15-25 Knots NE at 8-16 Knots E at 10-20 Knots NE at 8-16 Knots E at 10-20 Knots

WAVES 5-9 Feet 6-10 Feet 1-3 Feet 2-4 Feet 4-7 Feet 6-10 Feet 2-4 Feet 5-9 Feet 4-8 Feet 6-10 Feet 3-6 Feet 3-6 Feet 1-3 Feet 2-4 Feet 2-4 Feet 5-9 Feet 1-3 Feet 3-6 Feet 3-6 Feet 8-12 Feet 2-4 Feet 3-5 Feet 2-4 Feet 3-6 Feet 3-5 Feet 4-8 Feet

VISIBILITY 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles

WATER TEMPS. 80° F 80° F 81° F 81° F 82° F 82° F 80° F 80° F 84° F 84° F 81° F 81° F 82° F 82° F 81° F 81° F 84° F 83° F 80° F 80° F 81° F 81° F 83° F 82° F 84° F 84° F

PAGE 20, Friday, December 16, 2016

THE TRIBUNE

White House suggests Putin was involved in US hacking WASHINGTON (AP) — The Obama administration suggested Thursday that Russian President Vladimir Putin personally authorized the hacking of Democratic officials’ email

accounts in the run-up to the presidential election and said it was “fact” that such actions helped Donald Trump’s campaign. The White House also assailed Trump himself, saying he

must have known of Russia’s interference.

No proof was offered for any of the accusations, the latest to unsettle America’s uneasy transition from eight years under Demo-

cratic President Barack Obama to a new Republican administration led by Trump. The claims of Russian meddling in the election also have heightened already debilitating tensions between Washington and Moscow over Syria, Ukraine and a host of other disagreements.

“Only Russia’s seniormost officials could have authorized these activities,” White House spokesman Josh Earnest said, repeating the words from an October U.S. intelligence assessment.

Obama’s deputy national security adviser, Ben Rhodes, connected the dots

further, saying it was Putin who was responsible for the Russian government’s actions.

“I don’t think things happen in the Russian government of this consequence without Vladimir Putin knowing about it,” Rhodes said on MSNBC. The explosive accusation paints Putin, the leader of perhaps the nation’s greatest geopolitical foe, as having directly undermined U.S. democracy. U.S. officials have not contended, however, that Trump would have been defeated by Hillary Clinton on Nov. 8 if not for Russia’s assistance.

Nor has there has been any

indication of tampering with the vote-counting.

The Kremlin flatly rejected the claim of Putin’s involvement, with Putin spokesman Dmitry Peskov dismissing it Thursday as “laughable nonsense.”

The dispute over Russia’s role is fueling an increasingly public spat between Obama’s White House and Trump’s team that is threatening to spoil the delicate truce that Obama and Trump have forged since Election Day. Although the president and president-elect have avoided criticizing each other publicly since Trump’s win, their aides have been more openly antagonistic. Kellyanne Conway, Trump’s senior transition adviser, said it was “breathtaking” and irresponsible that the White House had suggested Trump knew Russia was interfering to help his campaign.

That led Obama spokesman Josh Earnest on Thursday to unload, arguing that Trump, who has dismissed the CIA’s assessment of Russian interference, should spend less time attacking the intelligence community and more time supporting the investigation that Obama has ordered.

Earnest said it was “obvious” Trump knew what Russia was doing during the campaign, pointing out that Trump had encouraged Moscow during a news conference to find Clinton’s missing emails. Trump has said he was joking.

“I don’t think anybody at the White House thinks it’s funny that an adversary of the United States engaged in malicious cyber activity to destabilize our democracy,” Earnest said. “That’s not a joke.”

U.S. intelligence officials have linked the hacking to Russia’s intelligence agency and its military intelligence division. Moscow has denied all accusations that it orchestrated the hacking of email accounts of Democratic Party officials and Clinton’s campaign chief, John Podesta, and then leaked them to the antisecrecy website WikiLeaks.

Obama said Thursday that anytime a foreign government tries to interfere in U.S. elections, the nation must take action — “and we will.”

“Some of it may be explicit and publicized, some of it may not be,” Obama told NPR News. “But Mr. Putin is well aware of my feelings about this, because I spoke to him directly about it.”

Trump and his supporters insist the Democrats’ outrage about Russia is really an attempt to undermine the validity of his election victory. Rep. Peter King, a Trump ally and New York Republican, called it “disgraceful” as he spoke to reporters amassed in Trump Tower after meeting with the president-elect.

“Right now, certain elements of the media, certain elements of the intelligence community and certain politicians are really doing the work of the Russians,” King said.

Still, Democrats pounced on the latest suggestions of Putin being connected to the daily drip of emails during the presidential race from some of Clinton’s closest advisers.

Putin was “clearly involved,” said outgoing Senate Minority Leader Harry Reid.

“Having been the former head of the KGB, does that surprise you?” Reid said.

“And does it surprise anybody today when he denied it?”

Reid’s comments echoed those of Sen. Dianne Feinstein of California, the top Democrat on the Senate intelligence committee, who said Wednesday it’s hard to think that Putin didn’t know about the operation.

She called suggestions that he was aware of the hacking “very credible.”

There has been no specific, persuasive evidence shared publicly about the extent of Putin’s role or knowledge of the hackings.

That lack of proof undercuts Democrats’ strategy to portray Putin’s involvement as irrefutable evidence of a directed Russian government plot to undermine America’s democratic system.