12292016 business

THURSDAY, DECEMBER 29, 2016

business@tribunemedia.net

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Miller: Union in ‘la la land’ over water deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Leslie Miller yesterday slammed the Water & Sewerage Corporation’s management union for “living in la la land”, and pledged that the $8.9 million water supply deal with a BISX-listed company “will not be rescinded”.

The Corporation’s executive chairman, defending the 15year agreement over the Windsor reverse osmosis plant with Consolidated Water, said the 18 per cent price reduction it had obtained “cannot be matched anywhere in the world”.

Brushing aside criticism from Ednol Rolle, the Water & Sew-

BISX-listed firm’s $8.9m contract ‘can’t be matched’ Water Corp chair slams union’s outsource ‘first shot’ And admits ‘no need’ to invite rival bids via tender erage Management Union’s (WSMU) president, and Don Demeritte, principal of EPS Consultants, a rival bidder, Mr

Miller said the deal with Consolidated Water was “in the best interests of the Bahamian people”.

And, hitting back at the union in particular, he suggested it had no cause for complaint given that the Corporation’s staff were receiving $8 million per year in pension and medical insurance benefits without contributing a cent themselves.

Mr Miller, though, effectively admitted that the Water & Sewerage Management Union’s (WSMU) industrial agreement gave its members ‘first shot’ at any outsourcing tenders and contracts - as reported previously by Tribune Business.

He also conceded that the See pg b4

Realtors yesterday predicted the Bahamas’ downgrade to ‘junk’ status will not impact the foreign second home market, amid “one of the busiest starts to the winter season for a long time”.

Ryan Knowles, of HG Christie, told Tribune Business that the Bahamas appeared to be “really close to getting over the economic hump” despite Standard & Poor’s (S&P) action, provided Baha Mar and other investment projects came on stream in 2017.

While acknowledging that the downgrade to ‘junk’ status “isn’t great”, Mr Knowles said the “fundamentals” that attracted foreign real estate buyers to the Bahamas were still holding and unlikely to be impacted.

He was backed by Peter Dupuch, ERA Dupuch Real Estate’s president, who told Tribune Business that sales to the expatriate market were also “picking up and things seem to be good”.

Agreeing that the S&P downgrade would not impact second home purchasers, Mr Dupuch suggested it would have more effect on persons coming to the Ba-

See ‘one of busiest starts to winter for long time’ Foreign market likely to shrug off S&P impact Despite sales ‘pick up’, concern for locals, businesses hamas to invest in development projects.

He expressed concern, though, for the still-flagging Bahamian segment of the real estate market, and the ongoing uncertainty that has caused many locally-owned businesses to “lose faith”.

Mr Knowles, meanwhile, said he and his HG Christie colleagues had been “incredibly busy” dealing with potential high-end purchases of Bahamian real estate as 2016 came to a close.

“My gut feeling is that I don’t think it’s going to have any major negative effect,” Mr Knowles said of the fallout from S&P’s downgrade.

“For me, the fundamentals that make the Bahamas attractive for investor and leisure buyers alike are still See pg b5

SuperValue chief: Xmas rush ‘worse than for Matthew’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net SuperValue’s owner yesterday described Christmas sales as “‘satisfactory”, telling this newspaper that the consumer rush was “worse than Hurricane Matthew”.

“It was worse than Hurricane Matthew. We were very busy,” said Rupert Roberts. “Like hurricanes, when people decided to shop all at one time it creates a problem to handle.

“There was a lot of preparation, and I guess we held our own. We got the results.

So far, the Christmas period from Sunday to Sunday appears to have been good.

Mr Roberts, acknowledged, though, that he has yet to do an actual yearover-year comparison of the sales performance for his SuperValue and Quality Supermarkets stores.

“Christmas is a lot of stress like hurricanes,” he added. “You have so much preparation, and so much to do during and so much to do after that. The staff have to put in overtime and

Rupert Roberts double time and so on to cope, or to keep the level of customer service there,” Mr Roberts told Tribune Business.

Back in October, Mr Roberts estimated that Hurricane Matthew had resulted in an 80 per cent spike in business.

He said yesterday of Christmas: “All things considered, I’d say that things have been satisfactory. I’m sort of pleased with the sales we saw this period, and I’m talking about all across the board. Some [stores] performed better than others. The inner city stores performed, and the larger stores performed.”

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A former finance minister yesterday slammed Standard & Poor’s (S&P) ‘junk’ downgrade as unwarranted and premature because the Bahamas has “not reached the point of no return”.

James Smith, also a former Central Bank governor, told Tribune Business that the Bahamas was “nowhere near” ‘junk’ status because the Government was still able to service its direct $6.046 billion debt.

He explained that such a rating, which had cost the Bahamas’ its ‘investment grade’ status, indicated to global investors and the capital markets that a country was struggling to pay its debts - a position that this country is not in currently.

Pointing out that the country had not been forced into an International Monetary Fund (IMF) bail-out programme, as had happened to other ‘junk’ nations, such as Jamaica, Mr Smith said S&P had either “ignored or jumped” See pg b8

Number portability puts ‘big spending’ 20% in Aliv’s reach Keeping number ‘more important in Bahamas’ Ease of provider switch gives upstart ‘momentum’ Operator hopes ‘no spanner in works’ before Feb 14

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Leslie Miller

Realtors: Bahamas near Ex-minister: Bahamas is top of ‘economic hump’ ‘nowhere near’ junk

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.06

Smith: S&P move premature, unwarranted Govt not at ‘point of no return’ on debt servicing Predicts ‘investment grade’ reinstated by Q3 2017

James Smith

Aliv’s top executive yesterday said number portability’s imminent arrival would enable the new operator to penetrate the ‘big spending’ segment that accounts for up to 20 per cent of the Bahamian market.

Damian Blackburn told Tribune Business that number portability’s introduction was likely “more important in the Bahamas” than other nations, given the mobile market’s maturity and the Bahamas Telecommunications Company’s (BTC) entrenched 15year monopoly.

He added that its arrival would give Aliv “momentum” going into 2017, and allow it to target customers wanting to keep their existing numbers when they switch to it - particularly Damian Blackburn the corporate and small business market.

Estimating that this segment accounted for at least 10-20 per cent of the Bahamian mobile market, Mr Blackburn said corporate/business customers tended to be higher spenders, making them important targets for Aliv as it seeks to rapidly build a customer base and share.

Tribune Business disclosed yesterday that regulators are targeting February 14, 2017, for the launch of mobile number portability in the Bahamas, which will allow consumers to keep their existing numbers when switching provider (mostly from BTC to Aliv, at least initially).

Hoping that “no one throws a spanner in the works”, Mr Blackburn hailed the longSee pg b8

PAGE 2 , Thursday, December 29, 2016

THE TRIBUNE

Retailers report mixed Christmas

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Retailers yesterday reported a mixed Christmas sales performance, with some seeing strong demand and others suggesting that business was slightly down year-over-year.

Steve Hoffer, chief executive of Hoffer Sport, one of the largest sporting goods retailers in the Bahamas, told Tribune Business that sales activity appeared to be slightly down compared to 2015.

“It wasn’t quite as a busy as I thought it would be, but we’re OK. It was probably down a little bit from last year,” Mr Hoffer said.

“I haven’t had a chance to look at everything but it didn’t feel as busy. We didn’t have that big mad

rush that we usually have.

I’m pretty sure that it was down a bit.

“We’re always thankful for what we get. Anything helps at this point. As long as we’re making a few dollars and everyone is getting paid, we’re OK. We’re hoping for bigger and better things next year. We’re optimistic that the business will be alright.”

Mr Hoffer said that following the Boxing Day Junknoo parade, business on Bay Street effectively comes to a halt. “After Junkanoo there isn’t much happening downtown,” he added.

“Businesses are all fenced in with the bleachers. There’s limited parking and that sort of thing.

Bay Street becomes more of an entertainment centre than a shopping area.”

One local retailer, speak-

ing on condition of anonymity, told Tribune Business: “I haven’t really looked at the numbers as yet, maybe next week, but I think things were pretty good all things considered.

“With Christmas falling on a Sunday this year we saw a lot of traffic in the days leading up to it, and I think that translated into good sales for us. I can’t really say if we beat last year’s performance, but I wouldn’t be surprised.”

Charmaine Daley, manager at John’s Shoes and Accessories on Carmichael Road ,told Tribune Business: “The last three days down to the wire, we did excellent with business. It was very good despite the economy, VAT and all of that.

We had extremely great business. I hope business does well in the new year.”

Flash Friday in Freeport boost Freeport’s economy received a pre-Christmas boost through the introduction of the Grand Bahama Port Authority’s (GBPA) Invest Grand Bahama Small Business Bureau’s Flash Friday.

The Management and staff of J. S. Johnson & Co., Ltd., congratulate Cindy Tinker on being awarded the Professional of the Year at the recent Bahamas Financial Services Board 2016 Annual Excellence Awards Banquet.

The event which took place on Friday, December 16, sought to emulate ‘Black Friday’ in the US, with many GBPA licensees participating.

Shoppers were able to benefit from Flash sales, door busters, discounted prices and prizes throughout Freeport, with purchased items reduced by up to 75 per cent.

“The response from the business community was excellent. Licensees expressed their appreciation for GBPA pushing the BUY Local, SHOP at HOME Initiative, and we were especially pleased with how business operators went above and beyond to support the initiative with their sales by buying into Flash Friday,” said GBPA business services manager, LaShawn Dames.

“Freeport Flash Friday is about us as Bahamians supporting and building our local economy; it’s about encouraging residents to shop local, and to invest in our economy by supporting local businesses.”

For merchants taking part in the Flash Friday initiative, it was more than worth it. “I believe the introduction of this effort will reap huge rewards for businesses throughout Freeport in the years to come. The start ,which is taking place this year, could not have come at a better time. We look forward to taking part again next year,” said one merchant.

“The Flash Friday initiative is just magnificent,” said Monique Ewing, hu-

man resources and marketing assistant for Colombian Emeralds and Pandora in the Port Lucaya Marketplace. “We were so happy to take part. It certainly paid off.”

Stores participating in Flash Friday featured jewellery, household items, car parts and clothing. Paint Fair’s Leslie Baptista said: “We were happy to partner with the Grand Bahama Port Authority, and grateful to be in the position to offer Grand Bahamians extra special discounts, especially in light of what happened this year with Hurricane Matthew.

“I believe in doing so we are able to contribute to the growth of the Grand Bahama community, and ultimately keep it going.”

Another merchant added: “It’s all about meeting the needs of our customers, while stimulating the economy. Millions of our Bahamian dollars are spent annually in the United States, especially Florida, and if we can keep that money here at home, we’re all for it.”

While this year marked the first for Flash Friday, it will not be the last. “Each year our goal is to make it bigger and better,” said Ms Dames.

Flash Friday was the second of three events in the ‘December to Remember’ line-up, which the Invest Grand Bahama Small Business Bureau has sponsored.

The first was the ‘DriveIn Movie Night’ in conjunction with the Downtown Freeport Business Association, held on December 9.

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THE TRIBUNE

Thursday, December 29, 2016, PAGE 3

URCA moves to boost consumer protections

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Utilities Regulation and Competition Authority (URCA) has moved to strengthen consumer protection, finding that the existing regulations are not sufficient to protect Bahamians in a communications market dominated by two large players.

The regulator, in its ‘results statement’ on a consultation over ‘quality of service regulations’, said the

current framework “falls short” of ensuring consumers consistently received “optimal service”.

It said this was exacerbated by the “strong market positions” held by communications providers in the Bahamas, a reference to Cable Bahamas and the Bahamas Telecommunications Company (BTC), and the fact relatively few consumers switched providers.

As a result, URCA said it plans to introduce key performance indicators (KPIs), known as Minimum

Required Service Standards (MRSS), against it will measure network and service quality delivered by all its licensees.

However, the regulator said these new standards would not apply to pay-TV services - a move that will, in theory, benefit Cable Bahamas over BTC given the former’s dominance in that market. The MRSS will only be applied to Internet, mobile and fixed-line services.

URCA said its existing consumer protection

regulations (CPR) were introduced in December 30, 2013, following “increasing concerns from customers about the quality of service received from their service providers.”

“URCA is of the view that the CPR has resulted in some improvement in relations between service providers and customers, and provided some degree of protection to customers,” the regulator said.

“However, the information provided to URCA, complaints received from

customers, and international experience suggests to URCA that exclusive reliance on the CPR falls short of ensuring that customers receive optimal service quality on a consistent basis.

“This is especially in light of the strong market positions of providers in key communications markets in the Bahamas, customer inertia, and the information asymmetry between service providers and their customers and, indeed, URCA. See pg b9

Says existing service quality regime ‘falls short’ To introduce performance benchmarks But extra regulations will not apply to pay-TV

PAGE 4 , Thursday, December 29, 2016

Miller: Union in ‘la la land’ over water deal From pg B1 terms of Consolidated Water’s previous contract contained ‘poison pill’ provisions that made it extremely difficult to entertain rival bidders for the Windsor contract.

Mr Miller said there was “no need” to issue a public tender and solicit rival bids because Consolidated Water already owned Windsor and its equipment, adding that the Corporation never received any proposals from either the management union or EPS. “Both of them are wrong,” he said of Mr Rolle and Mr Demeritte. “They never submitted any proposal to the Board or myself as chairman. They’ve never seen a proposal made by them. None were submitted. Never did they call us to meet with any of them.”

Mr Miller, though, later appeared to contradict himself by referring to proposals that, unlike Consolidated Water’s, failed to include the cost of electricity in the per gallon purchase price for Windsor’s water.

“These guys never wanted to pay for electricity,” he added. “When you put the electricity cost in, their price was way above.”

Mr Miller directed most of his fire at Mr Rolle, who told Tribune Business on Tuesday that the union would likely initiate legal action to challenge Consolidated Water’s new contract on the basis that its award violated the industrial agreement with the Corporation.

The WSMU president argued that Article 29 of its agreement with the Corporation gave union members a ‘90-day exclusivity’ on all

outsourcing contracts, such as the Windsor plant, a position that was upheld in January 2016 by the Supreme Court.

Mr Miller, though, blasted that provision, questioning how it came to be included in the agreement, and suggesting it ran contrary to all labour and industrial relations norms.

“With regard to the president of the union, they were able to sneak in a portion of a clause into their contract that says every time the Corporation goes out for a contract, the union is supposed to get preferential treatment,” the Tall Pines MP said.

“How the hell can that be when they work for the Corporation? They’ve got to leave the Corporation. They can’t be at the Corporation and get the contract.”

Mr Miller pledged that the Corporation would stand firm over the Consolidated Water agreement despite the union’s threats

THE BAHAMAS

2014/PUB/jrv/00020

IN THE SUPREME COURT Public Law Divison IN THE MATTER of Articles 20, Paragraph 1 of the Constitution of the Commonwealth of The Bahamas AND IN THE MATTER of section 3 (2) (a) of the Magistrates Act, Chapter 54 AND

of legal action, adding that it would deal with the situation should it ever reach the courts.

“That decision has been made; it will not be rescinded,” he said, denying that a letter from Mr Rolle, inquiring about the status of negotiations with Consolidated Water, “came to my desk” or the Board.

“Rolle and them are out there by themselves in la la land,” Mr Miller told Tribune Business. “They’re really more of a nuisance than anything else. They don’t have the financial and technical capabilities to do the things these people [Consolidated Water] do.

“Every time we give them a proposal, they never come up with the money. All they do is come out with silly rhetoric. They need to stand down and do their job.”

Mr Miller, using tactics all too familiar to the BEC unions, then blasted the Water & Sewerage Corporation employees and unions for enjoying generous benefits at the Bahamian taxpayer’s expense.

Pointing out that the Government’s (taxpayer) subsidy to the Corporation was never less than $22 million per year, Mr Miller said the latter paid $3 million in health insurance, and $5 million in pension contributions, on behalf of its employees annually - without them contributing a single

cent.

“I don’t know what the hell he’s bitching about,” Mr Miller told Tribune Business of Mr Rolle. “I don’t know what the hell he’s complaining about.

“I dare him to go to a private sector company and get a job with those benefits. They should be happy they’re here, are tenured, have got these benefits and the Bahamian people are paying for it, as the Corporation has no money.”

Under the terms of their agreement, Consolidated Water now has a secure, long-term 15-year agreement to own and operate the Windsor plant, while the Corporation and its customers will be supplied with 14 million gallons per week at an 18 per cent discount to the current price.

The BISX-listed company also has to invest $8.9 million in upgrading Windsor, one of two reverse osmosis plants that supply the Corporation’s New Providence customers, to ensure it meets performance targets.

Mr Miller said the deal was “made in the best interests of the Bahamian people”. He added that the Corporation had initially looked at a five-year deal with Consolidated Water to avoid ‘tying the hands’ of the administration that will be elected to office next year.

But when it became apparent that a longer-term

IN THE MATTER of sections 117 and 118 of the Criminal Procedure Code Act, Chapter 91 AND IN THE MATTER of an Application by the Commissioner of Police for an order of mandamus under Order 53, Rule 1 (a) of the Rules of the Supreme Court, Chapter 53 which requires the learned magistrate to perform her duty in accordance with the Criminal Procedure Code Act, Chapter 91 BETWEEN Applicant

THE COMMISSIONER OF POLICE AND ELDEN MAYNE AND INDERA MCDONALD ____________________________________

Respondents

NOTICE OF ORIGINATING MOTION ____________________________________ TAKE NOTICE that the Supreme Court situated in Ansbacher House on Bank Lane, Nassau, New Providence will be moved before his Lordship Mr. Justice Winder at 2 o’clock in the afternoon on the 15th day of August, 2016 at the sitting of the Court or soon thereafter as counsel can be heard, by counsel on behalf of The Commissioner of Police for an Order for relief in the terms of and on the grounds set out in the Ex Parte Notice of Application for Leave to Apply for Judicial Review which was filed on the 27th day of August, 2015.

AND that the cost of and incidental to this Motion may be borne by the Respondents.

AND FURTHER TAKE NOTICE that on the hearing of this Motion the Applicant will rely on the Affidavit of Clifford Daxon sworn to on 26th day of August, 2014 and filed on 9th day of September, 2014.

Dated this 29th day of July, 2016 _____________________________ Office of the Attorney-General To:

Elden Dester Mayne Turtle Drive New Providence, The Bahamas Indeira Elaine McDonald The Bluff Eleuthera, The Bahamas

COMMONWEALTH OF THE BAHAMAS

2014/PUB/jrv/00020

IN THE SUPREME COURT Public Law Divison IN THE MATTER of Articles 20, Paragraph 1 of the Constitution of the Commonwealth of The Bahamas AND IN THE MATTER of section 3 (2) (a) of the Magistrates Act, Chapter 54 AND IN THE MATTER of sections 117 and 118 of the Criminal Procedure Code Act, Chapter 91 AND IN THE MATTER of an Application by the Commissioner of Police for an order of mandamus under Order 53, Rule 1 (a) of the Rules of the Supreme Court, Chapter 53 which requires the learned magistrate to perform her duty in accordance with the Criminal Procedure Code Act, Chapter 91 BETWEEN THE COMMISSIONER OF POLICE

Applicant

AND ELDEN MAYNE AND INDERA MCDONALD Respondents _________________________________________ NOTICE OF ADJOURNED HEARING _________________________________________ TAKE NOTICE that the Notice of Originating Motion herein, filed on 29th July, 2016 will now be heard on 31st January, 2017 at 2 o’clock in the afternoon before his Lordship Mr. Justice Winder, whose court is situated in Ansbacher House on Bank Lane in Nassau, New Providence.

REGISTRAR

PUBLIC NOTICE This is to inform the general public that the private roadways and parking areas situated in the Harbour Bay Shopping Centre between East Bay Street and Shirley Street will be closed on Sunday 1st, January, 2017 in order to preserve the right of ownership thereof.

The Owners

THE TRIBUNE deal would result in saving the Corporation and its customers “a substantial amount of money”, Mr Miller said it “made sense to give the Bahamian people more” via a 15-year agreement.

“These people [Consolidated Water] have done a decent job so far, have invested all their money into equipment, and never asked the Corporation for anything.

“The price was as good as we could have got anywhere else in the world. Why deviate from that by going with some unproven performer?

“You can’t take a chance and put Bahamian interests in new people’s hands.

Water is a vital commodity for life. You go with people with a proven track record.”

Mr Demeritte and his EPS Consultants group, though, had argued that the deal with Consolidated Water “flies in the face” of the Government’s stated ‘Bahamians first’ objective, and the empowerment of local entrepreneurs.

They also questioned why the Windsor contract had not been put out to public tender, and rival bids invited, amid concerns that Consolidated Water’s wholesale monopoly on New Providence’s water supply has been restored.

Mr Miller conceded that the terms associated with the end of Consolidated Water’s previous contract made it extremely difficult to accommodate rival bidders, and effectively rendered a tender unnecessary.

“There was no need to get any bids,” he told Tribune Business, “because they [Consolidated Water] own the site, and own the equipment.

“There was no need to go out to tender. We don’t have the luxury of having someone else coming in.

What benefit would we have gotten?”

Once Consolidated Water hit the Windsor water production target set by its last contract in July 2013, the Water & Sewerage Corporation could either agree a five-year extension or take one of two other options.

These were to either acquire the Windsor plant, and all associated materials and equipment, from Consolidated Water at an agreed price, or for the latter to effectively dismantle the facility and remove all assets.

Given the cash-strapped position that the Water & Sewerage Corporation and the Government find themselves in, these terms could be viewed as amounting to a ‘poison pill’ that favoured a new contract for Consolidated Water over any rival buyers.

to advertise today in the tribune call @ 502-2394

THE TRIBUNE

Thursday, December 29, 2016, PAGE 5

Realtors: Bahamas near top of ‘economic hump’ From pg B1 the same. The fundamentals are still in place; the downgrade isn’t great, but I don’t think those are going to change.”

He listed the Bahamas’ qualities as its US proximity and status as an Englishspeaking nation, together with amenities “that many of the other islands don’t have”, and a tradition of po-

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

litical and economic stability.

Implying that foreign demand for Bahamian real estate remained strong, Mr Knowles added: “We’ve been incredibly busy. It’s one of the busiest starts to the winter season for a long time.”

He disclosed that a $20 million property in Ocean

2016/CLE/qui/No. 971

IN THE MATTER of The Quieting Titles Act, 1959 AND IN THE MATTER OF ALL THOSE certain lots pieces or parcels of land being Lots Numbered Eleven (11) and Twelve (12) in Block Numbered One hundred and Sixtyfive (165) of a Subdivision known as “Nassau Village” in the Eastern District of the Island of New Providence ABUTTING and BOUNDING in the said Block towards the NORTH by Lots Numbered Nine (9) and Ten (10) and running thereon Sixty-three and Ninety hundredths (63.90) feet towards the EAST by Lot Numbered Thirteen (13) and running thereon One hundred and One and Eighteen hundredths (101.18) feet towards the SOUTH by a Public Road known as Joseph Avenue and running thereon Sixty-one and Eight hundredths (61.08) feet and towards the WEST by a portion of a Subdivision known as “Pinewood Gardens” and running thereon One hundred and Three and Eighty-five hundredths (103.85) feet or however else the same may ABUT and BOUND AND

IN THE MATTER of the Petition of NICOLA (a.k.a. NICOLE) MONIQUE JOHNSON

N O T I C E THE PETITION OF Nicola (a.k.a Nicole) Monique Johnson in respect of: ALL THOSE certain lots pieces or parcels of land being Lots Numbered Eleven (11) and Twelve (12) in Block Numbered One hundred and Sixty-five (165) of a Subdivision known as “Nassau Village” in the Eastern District of the Island of New Providence ABUTTING and BOUNDING in the said Block towards the NORTH

by Lots Numbered Nine (9) and Ten (10) and running thereon Sixty-three and Ninety hundredths (63.90) feet towards the EAST by Lot Numbered Thirteen (13) and running thereon One hundred and One and Eighteen hundredths (101.18) feet towards the SOUTH by a Public Road known as Joseph Avenue and running thereon Sixty-one and Eight hundredths (61.08) feet and towards the WEST by a portion of a Subdivision known as “Pinewood Gardens” and running thereon One hundred and Three and Eighty-five hundredths (103.85) feet or however else the same may ABUT and BOUND Nicola (a.k.a Nicole) Monique Johnson claims to be the owner in fee simple in possession of the aforementioned land and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959 to have her title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the Petition and Plan of the said land may be inspected during normal office hours in the following places: 1.

2.

The Registry of the Supreme Court, East Street in the City of Nassau, Bahamas; and The Chambers of Lockhart & Co., No. 35 Buen Retiro Road, Off Shirley Street, Nassau, Bahamas.

NOTICE is hereby given that any person having dower or right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days after the final publication of these presents, file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a Statement of his Claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of Thirty (30) days after the final publication of these presents shall operate as a bar to such claim.

LOCKHART & CO. CHAMBERS 35 BUEN RETIRO ROAD OFF SHIRLEY STREET NASSAU, BAHAMAS Attorneys for the Petitioner

Club Estates had just gone under contract, while he himself had been showing clients properties in the $5$10 million range, and closing several deals at around $3 million.

“It just shows that there’s a lot of activity,” Mr Knowles told Tribune Business. “It hasn’t slowed down at all, and I don’t see it slowing down.

“The instability in other parts of the world is good for us. Our buyers are not checking what Moody’s and Standard & Poor’s are saying before they make an investment.

“Some of these guys are very high net worth clients.

If they’re worth $200 million, spending $2-$5 million in Bahamas is not a ‘life and death’ type of investment.”

Mr Knowles added that he had just conducted a viewing for a client interested in taking space at The Pointe development, adjacent to the British Colonial Hilton.

Aided by this project, Baha Mar and other invest-

ment projects set to come on stream, he suggested that the Bahamian economy might finally shrug off its post 2008-2009 recession lethargy in 2017.

“If we get these things up and running, we’re going to be in good shape,” Mr Knowles said. “We’ve kind of been making our way up the hump, and now we’re really close to the getting to the top and over the other side.

“I don’t see any real fallout from S&P, and I’m hoping they will reinstate us and move us out of ‘junk’ status.”

Mr Dupuch adopted a similar position, saying second home buyer activity remained strong even though the S&P downgrade “can’t be good” for the Bahamas.

“It’s funny, because people are still buying,” he added. “We had a couple of good sales. They see the beautiful beachfront, and people buying second homes are not looking so much at S&P. I don’t think they take it as seriously.

“They come for a couple of weeks a year, and see their gated community and clubhouse. Someone coming here to invest, that might be a different story.”

Mr Dupuch said he and his firm were enjoying increased margins by selling higher-end properties to foreign buyers, but he expressed concern about the challenges facing Bahamians.

“Sales are picking up and things seem to be good,” he told Tribune Business.

“My business is good and I shouldn’t be complaining.

“But it hurts me when you have someone coming out of school; they have a long road ahead of them. Bahamians are still having trouble, and the banks are tight.

“Looking around, I also see other businesses that have been around for a long time, and who are worried and uncertain as to what’s going on. The Bahamian businesses don’t have any faith.”

PAGE 8 , Thursday, December 29, 2016

Number portability puts ‘big spending’ 20% in Aliv’s reach From pg B1 awaited determination by the Utilities Regulation and Competition Authority (URCA) on mobile portability’s launch, rules and how it will function.

“I’m happy with the fact it’s been published,” Aliv’s chief executive said of the URCA determination, adding that company executives had “been working closely” with BTC representatives and regulators on a working group to make number portability a reality.

“We’re hoping that the final step, URCA’s publica-

tion, will lead to the February 14 launch, and no one will throw a spanner in the works,” Mr Blackburn added.

“It’s very important if competition is to come in, and we’re very happy with the way URCA ran the process and the collaboration between our team and BTC’s to form the rules.

It was a three-way effort, and it’s not a completely straightforward process.

“It’s [number portability] not something we were reliant on, but it will help certain segments of customers

Ex-minister: Bahamas is ‘nowhere near’ junk From pg B1 over these developments in the Bahamas’ case and gone straight to a downgrade.

He predicted, though, that the Bahamas may regain its ‘investment grade’ rating from S&P as early as the 2017 third quarter, once the rating agency saw the promised benefits from the Baha Mar project and other investments start to materialise.

However, the now-CFAL chairman said the S&P downgrade could not be blamed solely on the fiscal damage caused by Hurricanes Matthew and Joaquin, describing their impact as

“the icing on the cake” for the rating agency.

This contradicts Prime Minister Perry Christie and his government, who have been trying to pin the downgrade on “acts of God” and the hurricanes in a bid to deflect attention from the fiscal economic policies followed by themselves and previous administrations FNM and PLP. Mr Smith also urged the Government to tackle the ‘ease of doing business’ as a way to kick-start the economy, warning that the bureaucracy and ‘red tape’ facing the private sector was getting worse - not better.

The former minister of

THE TRIBUNE

to switch to us, particularly the corporate market.”

Mr Blackburn said businessmen who had retained the same number for many years would likely want to keep it when they switched to Aliv, so customers and clients could still easily contact them and keep commerce flowing.

URCA’s determination acknowledged that number portability was key to facilitating competition and consumer choice, as its absence created a potential deterrent to Bahamians switching provider.

“If the Bahamas manages to implement it by then, it will have done well,” Mr Blackburn said of the February 14, 2017, launch date.

“We believe we’re the champions for consumer choice, and this is a big step

for certain segments of the market; corporate users and those small businesses.

“People have known their number for many years, and if they want to transfer to our services this will be big news for them. It means they can switch service providers more easily than if they had to change their number.”

Mr Blackburn said that in comparison to other Caribbean markets that had already introduced mobile competition, number portability’s introduction was likely to be more important in the Bahamas.

Pointing to the fact that this market was relatively mature, with total mobile subscriber numbers not moving out of the 300,00310,000 range, the Aliv chief executive said BTC

had been able to entrench its monopoly, building loyalty and brand recognition that would be tough to penetrate.

“Given that liberalisation has come so late in the Bahamas, it probably has higher importance than in other, less mature markets,” Mr Blackburn told Tribune Business of number portability.

“Without it, we, in large part, would not be able to add 10, 15, 20 per cent of the market not wanting to change their number. That’s the segment of the market that tends to be spending money.”

Mr Blackburn added that his 10-20 per cent estimate for the corporate, higher spending market segment could be an “underestimate”.

He said number portability’s arrival would both enable Aliv to target this market and keep its service roll-out on track, setting the new operator up for “a big year” in terms of its buildout.

“We’ve made our plans through the first quarter 2017 with that in mind,” Mr Blackburn said of number portability. “We were depending on it, but it wasn’t 100 per cent critical.

“Hopefully, it all happens. It will be great for us, and give us a good bit of momentum going into the first quarter. It can only be good for the consumer.”

Mr Blackburn said number portability would eventually work both ways, enabling Aliv customers to switch to BTC once the process settled down.

state for finance, who held office from 2002-2007, said he did not disagree with S&P’s economic analysis and outlook, only its assessment of the Bahamas’ ability to service its debts, which is the main determinant of its sovereign credit rating.

“My argument has never been with the economic outlook; that it’s sluggish, and the debt trajectory is not moving as it should,” Mr Smith said, also crediting S&P from splitting out this nation’s $1.3 billion in foreign held debt.

“I also say the Bahamas is nowhere near junk, because that means a country is having difficulty meeting payments to satisfy its debt obligations.”

He argued that the Bahamas had not reached this state, with the Government

still meeting all its obligations on time, despite increasing anecdotal evidence reaching Tribune Business that suggests it is encountering cash flow issues.

This is likely to be one reason why the Government is shortening the VAT filing/remittance window by one week to 21 days, but Mr Smith said its debt service ratio, as a percentage of revenues, was still relatively low.

Many observers are likely to question this comparison, but the former finance minister said the Bahamas’ debt service ratio was well below the ‘40-45 per cent of income’ limit applied to Bahamian households.

Tribune Business calculations, based on the 20162017 Budget figures, show that total debt servicing costs (principal and interest) of $569.12 million amount to more than 26 per cent of the Government’s projected $2.176 billion in revenues with the latter figure likely having been thrown off by Hurricane Matthew.

Mr Smith, meanwhile, said that because the Government’s Budget was presented on a cash basis, S&P never factored in its assets and ‘balance sheet’ into analysing the Bahamas’ sovereign creditworthiness.

Apart from its equity in-

terest in the Bahamas Telecommunications Company (BTC) and Arawak Port Development Company (APD), Mr Smith said the Government could also selloff or lease other incomegenerating assets if required, such as the Paradise Island Bridge Authority.

The former minister suggested that measures could be taken “to reduce salaries and the wage bill” in the public sector if the Government found itself in dire fiscal circumstances, while it also owned thousands of Crown Land acres that could be sold or leased.

“There are many layers of liquidity you can free up to meet public debt obligations,” Mr Smith told Tribune Business. “And we’ve never been in an IMF programme.

“All of these issues other countries have gone into, but they [S&P] have seemingly ignored or jumped over these things to go straight to a downgrade.”

With the Bahamas still meeting all its obligations on its $1.3 billion external debt, and tourism foreign currency earnings “still very positive”, the ex-minister said S&P should have factored this into its analysis.

Mr Smith added that the rating agency was effectively telling global investors that

the Bahamas “can’t meet its obligations”, thereby increasing the country’s debt costs “when you haven’t reached that point of no return, because you have not exercised any of the other options”.

Suggesting that S&P might soon revise its Bahamas credit rating, he said: “They cannot discount the impact of Baha Mar. “I suspect that in their case they did not take the project into account, because we’ve had too many false starts. They said: ‘Wait and see what happens’.

“If this comes off in the first half of next year, as I suspect it will, we’ll have investment grade back very soon; within a half year, probably in the third quarter, assuming Baha Mar comes on stream. That probability is much higher now we have a new owner with deep pockets.”

Baha Mar’s new owner, Chow Tai Fook Enterprises (CTFE), is expected to hire 1,500 Bahamians by the start of April 2017’s phased opening, with this number increasing to 3,000-plus by August and around 4,000 at year-end.

Mr Smith, though, urged the Government to focus on tackling long-standing structural weaknesses in the Bahamian economy.

“We need to step back and develop policies and programmes that reset the economy for sustainable, positive growth,” he told Tribune Business.

“Businesses are spending a lot of time shifting papers and going from agency to agency. It’s not getting any easier; it’s getting more complicated.”

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

2015 CLE/GEN/1356

IN THE MATTER of an Indenture of Mortgage made the 14th day of August, A.D. 2008 between Steve Phillip McKenzie and Finance Corporation of Bahamas Limited AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws of the Commonwealth of The Bahamas BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED Plaintiff AND STEVE PHILLIP MCKENZIE Defendant TO:Steve Phillip McKenzie TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 2nd day of September, A.D. 2015 seeking, inter alia, an order to direct you to deliver up possession of Mortgaged Property being ALL THAT piece parcel or lot of land situate in the Western District of the said Island of New Providence and being a part of the property known as “Harbour Mews” together with the dwelling house erected on part of the said parcel or lot of land and known as “Mews House Number Nineteen (19)”, New Providence, Bahamas, to Finance Corporation of Bahamas Limited within Twenty-Eight (28) days of the order and judgment for the sums outstanding under the Indenture of Mortgage dated the 14th day of August, A.D. 2008 AND THAT an Affidavit in support of the Originating Summons was filed herein on the 30th day of September, A.D. 2015 and Notice of Appointment to Hear the Originating Summons was filed herein on the 17th day of December, A.D. 2015 AND THAT it has been ordered that service of the said Originating Summons filed herein be effected on you by way of this advertisement.

The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton, Judge of the Supreme Court, at The Supreme Court, Swift Justice Building, East Street and Bank Lane, Nassau, Bahamas on Wednesday, the 18th day of January, A.D. 2017 at 9:30 o’ clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the court thinks just.

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

Dated the 29th day of December, A.D. 2016 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, The Bahamas Attorneys for the Plaintiff

THE TRIBUNE

Thursday, December 29, 2016, PAGE 9

US pending home sales fell in November WASHINGTON (AP) — Fewer Americans signed contracts to buy homes in November. The decrease likely reflects the drag caused by rising mortgage rates and the shallow inventory of properties on the market.

The National Association of Realtors said Wednesday that its seasonally adjusted pending home sales index fell 2.5 percent to 107.3, the lowest reading since the start of 2016.

Pending sales declined in the Midwest, South and West, while improving in the Northeast.

The slowdown marks a reversal for the housing market, as sales growth has been solid for the past year.

Completed sales of existing homes in November climbed their highest pace in nearly a decade, reaching a seasonally adjusted annual rate of 5.61 million, the Realtors said last week. But the pending sales contracts suggest that demand may be weakening now that the costs of purchasing a home have increased.

Pending sales contracts are a barometer of future purchases. A sale is typically completed a month or two after a contract is signed.

Mortgage rates began to

URCA, therefore, is of the view that it would be appropriate and proportionate to introduce additional regulations governing quality of service.”

URCA said the new MRSS standards were designed to improve customer service quality “at the network level”, and complement the present regulatory framework.

“The CPR was specifically designed to regulate the quality of service each customer receives from their service provider, and to ensure that customers are adequately compensated in the event of a breach

week low of 3.4 percent, according to mortgage buyer Freddie Mac. Rising rates could make existing homeowners less likely to put their property on the market, since

million homes were on the market in November, a 9 percent decrease from a year earlier. The shortage of listings has pushed up prices over the past year.

it would require them to finance the purchase of a new home at higher interest rates.

Inventories are already squeezed. Fewer than 1.9

PUBLIC NOTICE Notice is hereby given that the private roadways

Lucayos #1 on Elbow Cay will be closed on Sunday December 25, 2016 to protect its privacy, and

a house for sale in Coral Gables, Fla. Yesterday, the National Association of Realtors releases its November report on pending home sales, which are seen as a barometer of future purchases. (AP Photo)

URCA moves to boost consumer protections From pg B3

surge after Donald Trump's presidential win in November, making it more expensive to purchase a home.

Average 30-year fixed rate mortgages were 4.3 percent last week, up from a 52-

of the relevant standards by a service provider,” URCA added.

“The additional quality of service regulations now being introduced are intended to regulate service quality at the network level.

URCA considers that effective quality of service regulation at the network level requires service providers to operate networks that are better able to achieve the requisite quality of service standard specified in the CPR for each customer.”

URCA argued that the MRSS would combine with the existing consumer protection regulations to “create a robust framework for

the regulation of service quality” in the Bahamas, despite industry arguments that the two should be amalgamated into one set of rules.

However, the regulator declined to apply the new performance benchmarks to the pay-TV market, despite conceding it had information indicating there were “challenges” with service quality in this area.

“While URCA’s information suggests that there are existing challenges with the quality of service delivered by providers of pay-TV services in the Bahamas, URCA does not intend at this time for the additional quality of service regulations to apply to pay TV services,” the regulator said.

“URCA will continue to

Lucayos #2 on Elbow Cay will be closed on Sunday January 1, 2017 to protect its privacy.

monitor the services provided to determine whether it should broaden the scope of the quality of service regulations to include pay-TV services.”

Signed The Association

www.ub.edu.bs

NOTICE

FACULTY VACANCIES Suitably qualified candidates are invited to apply for the following positions at University of The Bahamas: Senior Management • Dean, Continuing Education and Lifelong Learning • Dean, Faculty of Liberal and Fine Arts • Dean, Faculty of Business, Hospitality and Tourism Studies • Dean, Faculty, Northern Bahamas Campus • Associate Vice President, Northern Bahamas Campus Management • Executive Director, Culinary Arts and Tourism Studies Middle Management • Grants Coordinator Staff • Grants Writer Faculty • Faculty of Business, Hospitality & Tourism Studies o Assistant Professor, Accounting (full-time) o Assistant Professor, Management/Marketing (full-time) • Faculty of Communication and Creative Arts o Assistant Professor, Spanish (full-time) o Assistant Professor, French (full-time) o Assistant Professor, French and Haitian Creole (full-time) o Associate Professor, Choral Conducting/Piano (full-time) o Media Lab Technician (full-time) o Part-Time Lecturer, Art (Ceramic Art) o Part-Time Art Studio Technician • Faculty of Pure and Applied Sciences o Associate Professor, Agriculture (full-time) o Assistant/Associate Professor Architecture (full-time) o Assistant/Associate Professor, Biology (full-time) o Assistant /Associate Professor Chemistry o Assistant/Associate Professor Electrical Engineering/Engineering Technology (full-time) o Assistant/Associate Professor, Physics o Assistant/Associate Professor Applied Mathematics (full-time) • Faculty of Social and Educational Studies o Assistant Professor, History (full-time) o Assistant Professor, Law (full-time) o Assistant Professor, Law and Criminal Justice (full-time) o Assistant Professor, Psychology (full-time) o Assistant Professor, Sociology (full-time) o Assistant/Associate Professor, Education (full-time) o Assistant/Associate Professor, Mathematics Education – Elementary (full-time) o Assistant/Associate Professor, Mathematics Education – Secondary (full-time) o Assistant/ Associate Professor, Special Education (full-time) • Faculty of Liberal and Fine Arts o Assistant Professor, Rhetoric and Composition (full-time) o Assistant Professor, Rhetoric and Composition and Caribbean Studies (full-time) o Assistant Coordinator, Language Resource Centre (full-time) • University Libraries o Law Librarian (full-time) o Campus Librarian, Librarian II – Northern Bahamas Campus (full-time) For more information visit http://www.ub.edu.bs/about-us/career-opportunities/ Materials should be submitted electronically, attention Office of Academic Affairs, University of The Bahamas via e-mail at facultyapply@ub.edu.bs by March 6, 2017. Send all documents together, including: 1) cover letter describing academic philosophy and vision, research and publications; 2) curriculum vitae; 3) sample course syllabus; 4) official copy of all academic records; 5) representative sample of research, publication or creative work; 6) at least one letter of recommendation; and 7) a UB application form.

Note the position in the subject field of the email. Hard copy submissions will not be accepted. Incomplete files will not be considered.

PAGE 10 , Thursday, December 29, 2016

THE TRIBUNE

US stock indexes fall as an afternoon slide accelerates AP Business Writer - Banks led a broad slide in U.S. stocks Wednesday that more than wiped out gains from the day before.

After an early upward turn, the stock market veered into the red by midmorning, the losses accelerating as the day wore on.

Basic materials companies, industrials, utilities and energy stocks were among the biggest decliners.

Trading was light ahead of the New Year’s Day holiday. Two stocks fell for every one that rose on the New York Stock Exchange.

“Volume is pretty weak, so there’s no aggressive selling taking place,” said Bob Doll, chief equity strategist at Nuveen Asset Management. “It’s more sellers locking in some better gains than they thought they were going to get this year. It’s been a really good year, so letting a little go is just fine.”

The Dow Jones industrial average fell 111.36 points,

or 0.6 percent, to 19,833.68.

The Standard & Poor’s 500 index lost 18.96 points, or 0.8 percent, to 2,249.92.

The Nasdaq composite, which set a record high close the day before, slid 48.89 points, or 0.9 percent, to 5,438.56.

The three major indexes are on pace for a solid gain this year. The Dow is up 13.8 percent. The S&P 500 is on track for a 10 percent gain, while the Nasdaq is headed for an 8.6 percent gain. Small-company stocks are up even more. The Russell 2000 is up 19.8 percent so far this year.

In a week featuring a dearth of major economic or company data, investors got some insight into the U.S. housing market.

A report from the National Association of Realtors found that fewer Americans signed contracts to buy homes in November.

The NAR said its seasonally adjusted pending home sales index fell 2.5 percent

Legal Notice

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

GEMS INCORPORATION LIMITED In Voluntary liquidation

to 107.3 percent, the lowest reading since the start of this year.

The slowdown marks a reversal for the housing market, as sales growth has been solid for the past year.

Homebuilder stocks closed mostly lower, with William Lyon Homes losing the most. It fell 64 cents, or 3.2 percent, to $19.33.

Nvidia was the biggest decliner in the S&P 500 index, sliding 6.9 percent after short seller Citron Research said it expects the chipmaker’s shares, which have tripled in value this year, to fall substantially.

The stock lost $8.07 to $109.25.

Shares in oil and natural gas drilling companies also declined.

Chesapeake Energy lost 36 cents, or 4.7 percent, to $7.23. Murphy Oil shed 78 cents, or 2.4 percent, to $32.03. Helmerich & Payne fell $1.57, or 2 percent, to $78.39.

Fred’s dropped 4.8 percent on a published report indicating that the regional drugstore chain has adopted a “poison pill” to discourage an activist investor from interfering with the company’s plan to buy 865 Rite Aid stores. Rite Aid has to sell the stores in order to appease anti-trust regulators and close its $9.4 billion buyout deal with Walgreens Boots Alliance.

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

The date of commencement of dissolution is the 22nd day of December, 2016.

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

the statue of George Washington on the steps of Federal Hall faces the facade of the New York Stock Exchange. Global stock markets were steady in quiet trading Wednesday, Dec. 28, 2016, after the Dow Jones industrial average inched closer to the 20,000 level and the Nasdaq Composite hit a record high. (AP Photo) Shares in Fred’s fell 95 cents to $18.68.

Qualcomm slipped 2.2 percent after antitrust regulators in South Korea fined the company $865 million, claiming the chipmaker engaged in unfair sales practices, including refusing to let competitors license patents that are essential for chipmaking. The stock lost $1.50 to $65.75.

Coach notched the biggest gain in the S&P 500 index, adding 70 cents, or 2 percent, to $35.14.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, RESHANDER LAROSE PATRICE KNOWLES of Rocky Pine Road, Rockwell Estates, P.O. Box SB-50739 intend to change my name to RESHANDER LAROSE PATRICE THOMPSON-KNOWLES. 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.

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

BISX ALL SHARE INDEX: CLOSE 1,937.80 | CHG 0.01 | %CHG 0.00 | YTD 113.85 | YTD% 6.24 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.12 8.22 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.30 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 7.70 11.91 2.18 1.31 5.60 6.70 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 1.46 1.67 1.56 1.10 6.94 8.65 5.92 9.94 11.15 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.49 13.23 2.18 1.60 5.82 9.30 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 100.00 100.00 100.00 109.02 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.49 13.23 2.19 1.60 5.82 9.30 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 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.73 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.29 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

7,500 364

VOLUME

NAV 2.01 3.90 1.93 169.70 140.34 1.46 1.66 1.56 1.07 6.94 8.65 5.92 9.59 11.15 9.57

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000

P/E 13.4 11.7 8.4 16.0 N/M N/M 30.3 15.4 11.5 19.4 25.1 23.3 9.6 11.4 15.2 11.4 13.4 9.6 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.55% 0.00% 0.00% 3.34% 3.06% 3.43% 3.43% 4.61% 2.74% 2.50% 4.12% 2.96% 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% 3.56% 3.91% 2.22% 2.79% 2.80% 3.18% 2.99% 2.26% 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-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-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

$54.06 a barrel in New York. It rose 88 cents on Tuesday. Brent crude, used to price international oils, climbed 13 cents to close at $56.22 a barrel in London.

It gained 93 cents the day before.

In other energy trading, wholesale gasoline added 2 cents to $1.67 a gallon and heating oil held steady at $1.70 a gallon. Natural gas futures rose 17 cents, or 4.5 percent, to $3.93 per 1,000 cubic feet.

Bond prices rose. The

World’s biggest cruise ship helps boost Puerto Rico tourism SAN JUAN, Puerto Rico (AP) — The world’s biggest cruise ship has docked in Puerto Rico for the first time as the U.S. territory reports a boost in tourism amid an economic crisis.

Royal Caribbean’s Harmony of the Seas arrived Wednesday in the historic

district of the capital of San Juan. The ship can carry up to 6,700 passengers and 2,300 crew members.

The arrival follows an $8 million port renovation.

Gov. Alejandro Garcia Padilla says Puerto Rico expects to welcome a record 1.7 million cruise ship passengers next year.

NOTICE

MARKET REPORT WEDNESDAY, 28 DECEMBER 2016

Markets overseas were mostly subdued.

In Europe, Germany’s DAX and France’s CAC 40 each ended essentially flat.

Britain’s FTSE 100 posted a record-high close of 7,106.08, a gain of 0.5 percent. In Asia, Japan’s Nikkei 225 was flat. Australia’s S&P ASX 200 gained 1 percent. Hong Kong’s Hang Seng index gained 0.8 percent. South Korea’s Kospi dropped 0.9 percent.

Benchmark U.S. crude rose 16 cents to close at

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

NOTICE is hereby given that NATHASHA JOSEPH, of Carmichael Road, P.O.Box GT-2126, 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 22nd day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Legal Notice

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

K & P INVESTMENTS LTD. In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000).K & P INVESTMENTS LTD., is in Dissolution.”

The date of commencement of dissolution is the 22nd day of December, 2016.

Mr. Sergei Kurashvili., of 2-aya Miusskaya Str. 3/5-23, Moscow, Russia Liquidator

Legal Notice

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

DAFTER ASSETS MANAGEMENT CORP. In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). DAFTER ASSETS MANAGEMENT CORP., is in Dissolution.”

The date of commencement of dissolution is the 22nd day of December, 2016.

Antonio F. Mastroianni, Ruta 25 num.2567, Escobar, Buenos Aires, Argentina Liquidator