business@tribunemedia.net
THURSDAY, MAY 18, 2017
$4.20 Activists tell Govt: ‘Do right by public’ on Blackbeard’s Cay By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Environmental activists yesterday demanded that the newly-elected government cancel the controversial Blackbeard’s Cay project’s latest bid to obtain planning approval, and urged it to “do right by the public” by shutting it down. Sam Duncombe, founder of reEarth, the group that won a near three year-old Supreme Court verdict that quashed the controversial $12 million development’s permits, urged the Minnis administration to cancel the May 25 meeting over its new Site Plan Application. Expressing hope that the new administration’s election would cause a change in attitude towards Blackbeard’s Cay, Mrs Duncombe said the Government’s failure to enforce the
Demand that May 25 Site Plan meeting cancelled Describe it as ‘farce’ that ‘shouldn’t see light of day’ Minnis administration urged to close $12m project rule of law cannot continue. “With the statement by the Prime Minister that they want to be accountable and do right by the public, I’m hoping this is one of those cases where the Government will be doing that,” she told Tribune Business. reEarth earlier this month vented its outrage that the Department of Physical See pg b10
A former Cabinet minister yesterday slammed the former Christie administration as “dishonest” for claiming it had been responsible for lowering Bahamian energy prices by 40 per cent. Phenton Neymour, who had ministerial responsibility for BEC between 20072012, told Tribune Business that the decline in energy prices had not resulted from government action, but had everything to do with lower fuel costs stemming from reduced global oil prices. Philip Davis, the Opposition’s leader, yesterday touted the 40 per cent price reduction in laying out the details of the ‘deal’ with New Fortress Energy that was left behind by the former government. “Over the past five years there has been a 40 per cent decrease in the cost of elec-
`By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Nassau Container Port’s operator yesterday said it plans to re-submit to the new government a request for 14 acres of extra land at Arawak Cay, in a bid to crackdown on fraud and boost the Public Treasury. Michael Maura, Arawak Port Development Company’s (APD) chief executive, told Tribune Business that the BISX-listed port operator had first submitted the proposal to the former Christie administration four years ago, but received no reply. Disclosing that APD now
$4.29
Plans to resubmit extra land request to new Govt Would aid Road Traffic, Customs to combat fraud Sent to Christie Govt 4 years ago, but no response Nassau Container Port
planned to approach the newly-elected Minnis government with the idea, Mr Maura said the 14 acres of land would be used to expand the Nassau Container Port and assist the Government. He revealed that APD’s
plans for the site included a Road Traffic Department (RTD) licensing and inspection facility specifically to deal with imported vehicles entering the Bahamas. Its thinking also involved a dedicated container examination facility
for Bahamas Customs, enabling it inspect twentyfoot equivalent (TEU) units and larger containers at the port rather than offsite, enabling it to better crackdown on fraud, smuggling and contraband. See pg b7
Christie energy deal’s cost savings challenged By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Ex-minister: It all came from global oil prices. Concerned over $600m rate reduction bond terms
$4.35
Port seeking 14 acres to aid ‘fiscal outturn’
Former Govt’s 40% lower energy costs claim ‘dishonest’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
$4.30
Philip Davis
The former Christie administration was yesterday urged to clarify the energy pricing of its ‘agreement’ with New Fortress Energy, an ex-Cabinet minister revealing he was “very concerned as to whether it brings any cost savings”. Phenton Neymour, who
held ministerial responsibility for BEC between 20072012, told Tribune Business he wanted to “read the full details of the proposal” after the Opposition’s leader tried to ‘make the case’ for the Minnis administration to approve the agreement. Philip Davis, the former deputy prime minister, said the proposal called for New Fortress to supply energy to Bahamas Power & Light See pg b6
Ex-minister, energy players seek cost breakdown Former DPM ‘makes case’ for New Fortress deal 3% price escalator clause branded ‘huge mark-up’
New Fortress eyes renewables, financing tricity to BPL consumers and the establishment of a new National Energy Policy,” the ex-deputy prime minister said. The ‘40 per cent reduction’ claim was also highly publicised in the PLP’s general election campaign manifesto, but Mr Neymour blasted: “Mr Davis keeps saying the PLP government lowered the See pg b10
Chamber chief ‘alarm’ at business gun crime By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas Chamber of Commerce’s chief executive yesterday said he was “alarmed” that this nation led the Caribbean when it came to gun crimes committed against businesses. Edison Sumner, speaking after Tribune Business revealed the findings of a recent Inter-American Development Bank (IDB) study, said: “I’ll say that the numbers were alarming to me, and I would say that it was to other members of the Chamber as well, because we had no idea that the rate of violent crime against the business community, with the use of firearms, was so high.
edison sumner “I think that the reason we do not know that it is as high as has been reported by the IDB is because businesses are generally a bit reserved about reporting crime against their businesses with the use of firearms, See pg b5
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PAGE 2, Thursday, May 18, 2017
THE TRIBUNE
How to benefit via designer thinking Most people do not really think about design and designers, let alone consider themselves as such. But can teachers, students and business persons of all types learn from designers and their way of thinking? Can medical doctors, scientists, researchers, engineers and specialists in technical fields benefit in any way by learning how a graphic designer interacts or thinks? Is there something designers, through training or experience, know what others do not? Well, let’s find out. Below are a few tips I have learned from designers over the years that might answer this question.
Adopt the beginner’s mind: As the old saying goes, “in the expert’s mind there are few possibilities, but for one with a beginner’s mind, the world is wide open”. Designers understand the need to take risks, especial-
ly during early investigations of a problem, meaning they are not afraid to break with convention. Good designers are open minded and comfortable with ambiguity early on in a process, as they recognise this is how discoveries are made.
Think communication, not decoration: Design, even graphic design, is not about beautification. Design is not only aesthetics, even though aesthetics are important. More than anything else, design solves problems or makes the situation a little better than before. It is not art, though there is art in design.
Embrace constraints: Constraints and limitations are wonderful allies, and lead to enhanced creativity and ingenious solutions. In the words of T.S. Elliot: “There’s no point complaining about constraints, such as time, money or tools, etc. Your problem is what it is. The real focus is how can you solve it given the resources and time you have?
Practice restraint: Anyone can be complicated and add more, but it takes discipline of mind, strength and the will to make hard choices about what to include or exclude. The genius is often in what you omit or leave on the editing floor.
Check your ego at the door: It is not about you, it is about them (your audience, customer, patient and student). Look at the problem from their point of view. It may not be easy, but check in with your empathetic side. Empathy, which is an undervalued ‘soft skill’, can be a great component towards understanding a problem.
Focus on the experience of the design: It is not the thing; it is the experience of the thing. How do people interact with your solution? Remember that much of design has an emotional element. Even though users are aware, never neglect the emotional aspect of your solutions.
Become a master storyteller: Often, it is not only an attractive design to a problem that is important. Pay attention to the story as well. What is the significance of the solution? Practice illustrating the implication or suggestion of solutions both verbally and visually. Start with the details, and remember the key concept, then illuminate more of the detail.
Obsess about ideas, not tools: No doubt tools are important and essential, but they are irrelevant as better tools evolve. Some of your greatest tools just might be a simple pencil and sketch
The Art of Graphix by deidre m bastian
pad. Yes, these are often the most useful, especially in the early stages of thinking because they are considered the most direct. Sharpen your vision and curiosity, and learn from the lessons around you. Good designers are skilled at noticing and observing. They are able to see both the big picture and the details of the world around them. However, humans are natural pattern seekers. Be mindful of this skill in yourself and in others. Design is a ‘whole brain’ process. Thus designers are creative, practical, rational, analytic, empathetic and passionate. Foster these aptitudes.
Clarified intentions: Design is about choices, process and intentions; it is not accidental. The end user will usually not notice “the design of it”. It may seem like “it just works”, but let us assume they think about it at all. The ease-ofuse (or ease-of-understanding) is not by accident; it is a result of careful choices and decisions. Learn all the “rules” and know when and why to break them. Over the centuries, those who came before have established useful and necessary guidelines, often called ‘rules or laws’, and it is important to know them. Yet, unlike other kinds of laws, it may be acceptable to break them at times but always know why. Be mindful that this is not an exhaustive list, as there are many other principles, but these tips may get the mind churning for the time being. Conventional is not the order of your day. Always step out of the box and let your mind run free. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game. • NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained graphic designer/marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.
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THE TRIBUNE
Thursday, May 18, 2017, PAGE 3
Governance reformer backs forensic audits By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
A governance reform campaigner yesterday lauded the Minnis administration’s planned forensic audits of several government entities as as a “good move”, stressing: “You need to get your house in order.” Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business: “I think it’s a good move. I think they have to root out the trouble spots. I think it’s smart, but I think they still need to enact the
Freedom of Information Act. They need to look at where the leakages are. There’s still a lot to do but it’s good that they seem to be starting strong.” The Government announced on Tuesday that forensic audits will be conducted on the Urban Renewal Department, Bank of the Bahamas and the Bahamas Agriculture and Marine Science Institute (BAMSI). In a statement released by Bahamas Information Services (BIS), the Government said there will also be forensic audits on other departments and pro-
grammes, adding that Cabinet decided that all ministers will conduct audits within their respective ministries (including departments and agencies funded by the public purse) of people hired on contract, their job titles/positions, salaries and periods of contract. Mr Myers told Tribune Business: “I don’t think that the Government needs to tax businesses more. I think they need to reduce the number of taxes and increase the speed in the ease of doing business and the speed of doing business. “When you continue to heavily tax people you are
only going to put a drag on GDP. What needs to happen is the Government must go back and figure out where its own inefficiencies and leakages are, and create accountability. They have to look at where money is being wasted. “They need to also go back and create efficiencies within the existing tax structure. You don’t need to tax any more - you need to get your house in order, internally and externally. Collect the taxes that are due and create some accountability within government.”
NHI cancellation claim ‘furthest thing from truth’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Minister of Health yesterday reiterated that the Dr Hubert Minnis-led administration is committed to moving forward with a workable National Health Insurance (NHI) platform, describing suggestions that
the scheme will be scrapped as “the furthest thing from the truth”. Dr Duane Sands said: “Most of us are just in the process of meeting the various team members and being briefed on the status of various programmes and initiatives. “It is going to take some time to get up to speed, and
while I would rather not speak to specifics at this time, I know that there is a lot of misinformation out there.” The enrollment phase of NHI launched in April, and earlier this month officials said that more than 9,000 persons and around 60 private doctors had signed-on to NHI, which was supposed
to be rolled-out in phases. “There has been a lot of misinformation put out there that this administration intends to cancel NHI,”
Robert Myers Dr Sands said. “That is the furthest thing from the truth. Our manifesto speaks to the moving forward with a workable NHI platform with a robust catastrophic healthcare component, and we are not going to separate
ourselves from that commitment.” He added: “Right now I’m trying to digest all of the information that’s being presented. I’m getting a lay of the land and then we’ll get down to business.”
Bahamas plays host to female entrepreneurs Fifty-six businesswomen from the US and the Caribbean sailed to Nassau to attend a forum on emerging practices for ema f le entrepreneurs. The forum, entitled ‘These Women Mean Business Trade Exploration’, was hosted by the Ministry of Tourism and gave Bahamian proessiona f sl the opportunity to network with and learn from international professionals. “Today we are proud to have these international delegates meeting with Bahamian entrepreneurs on the final leg of this tour,” said Dereka Moultrie, coordinator in the Ministry of Tourism’s product development department. “Our objective is for the women to network. They
will be discussing trends and patterns as it relates to social media and networking, entrepreneurial networking and business opportunities. So, this is going to be the surfboard that propels the female entrepreneurs into their various disciplines and businesses.” The delegates were on a cruise that visited several other countries in the Caribbean, including Jamaica, the Cayman Islands and Cozumel. The Bahamas was the final stop for the group. The women in attendance represented a cross-section of disciplines, including social media, marketing, jewellery making, the straw industry, business management and education. “One of the main con-
cerns local entrepreneurs selling authentically Bahamian products have is the high cost of marketing. This forum will propel them into social media marketing whereby they can promote their businesses and get their messages out at an economical cost,” Ms Moultrie said. Delegates discussed the power of social media marketing, networking and professional empowerment in the workplace during a panel discussion. The event is a spin-off of the International Women’s Empowerment Summit, which was scheduled to take place last year in the Bahamas. The event was postponed to this year due to the passage of Hurricane Matthew.
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PAGE 4, Thursday, May 18, 2017
THE TRIBUNE
Entrepreneurial decade pays off for local couple
A Bahamian couple is enjoying the fruits of their near 10 year-old decision to become entrperenurs, and leave their previous careers in information technology behind. With two small children and a home office that barely fitted two desks, one phone and a few shelves, Robert and Sabrina Knowles launched their own company, Armstrong Technology, a decade ago. Today, they operate Armstrong Technology and Consultants from a retail location on Madeira Street in Palmdale. Their offshoot online purchase and courier companies, Shop242.com and Ship242.com, are based in an online portal, OneandDone, and in a physical location on Shirley Street. That division has recently expanded, taking space in Armstrong’s Madeira location.
“It’s been a decade of hard work, a few bumps along the way, but overall, a decade of dreams coming true,” said Mrs Knowles. She has been at the forefront of the business, as her husband maintains a demanding consulting position with an international financial services agency, a contract he has held for more than 20 years. “We were nervous at first,” Mrs Knowles added. “We had talked about opening our own business because we could see services that people needed; not just big businesses and government offices that were being served by the big guys, but individuals who needed repairs to a desktop, memory or software added or upgraded, data security systems installed and maintained, data backed up at an independent physical or virtual site. “No one was really paying attention to the little guy,
and we knew there was a need and a market. Almost from the day we started in our little 100 square foot home office, we knew we were filling that gap in the market with technology repairs and service at a price the ordinary person could afford.” Identifying these needs paid off. Within six months, they had to move to larger space and, a few years later, an even larger office. “We outgrew our second location in no time and had to move again,” said Mrs Knowles. “That’s when we opened on Madeira Street.” Now they have 13 employees between the retail shop and offices in Nassau and Miami, and they are planning to move the online store to a larger location with more parking. “All of our businesses are aimed at a single end goal – to make life easier for the cli-
Sabrina Knowles says a decade of hard work has helped Armstrong Consultants enjoy steady growth and expand to encompass online purchase and courier companies, Shop 242.com and Ship242.com, now marketed under the new portal OneandDone. The company will celebrate its 10th anniversary this year.
ent,” said Mrs Knowles, who holds a degree in computer technology and worked in banking and data processing. “You don’t have to move from your desk or couch to pay BPL, Cable, Water & Sewerage online. So why should you have to move if you want to order technology equipment or pencils and paper cups for your office. That is how shop242.com got started, and then we ex-
panded to basic home goods. Since the portal, OneandDone, was refined, business has been good and it keeps growing, so we are very excited about that.” The two small children who ran around their legs in the original home office are now 16 and 11. “We hope that one of the lessons we have taught them is that you can make it on your own in a competitive
environment if you deliver what you promise and are willing to work hard and keep going, even when there are hurdles to overcome,” said Mrs. Knowles. “We compare it to the sports that both of our children play and say it’s all about team work in the end. They will be with us when we blow out the candles on the 10-year anniversary cake.”
Banca del Sempione (Overseas) Ltd.
Employment Opportunity For the position of Portfolio Manager Banca del Sempione (Overseas) Ltd. is looking for an experienced Portfolio Manager to join its select team of professionals. Responsibilities: Asset allocation for customer accounts Application of investment strategies Trading of securities Review of performances of portfolios Liaison with clients and external portfolio managers Minimum qualification: 5 years experience in a similar position Excellent knowledge of European/Asian/American financial markets English and Italian written and spoken fluently, additional knowledge of other foreign languages is an advantage, especially Spanish Bachelors degree or similar Salary and benefits will be commensurate with position and experience. Interested candidates should forward a copy of their resume to: Human Resources Banca del Sempione (Overseas) Ltd. P.O. Box N-8159 Nassau The Bahamas Only persons being interviewed for this position will be contacted.
THE TRIBUNE
Thursday, May 18, 2017, PAGE 5
Chamber chief ‘alarm’ at business gun crime From pg B1 and especially when there has been theft of cash from their premises, because businesses generally don’t want the public to know what kind of cash they have on hand or that there is any vulnerabilities in their business.” The IDB study revealed that more than 20 per cent of crime-hit local businesses have been victimised by gun-toting armed robbers. “The use of guns was highest in the Bahamas, Jamaica, and Trinidad and Tobago,” the IDB report, ‘Restoring Paradise in the Caribbean’, said, adding that the use of guns in those countries exceeded the average 16 per cent. The report also found that knives were used against 15 per cent of victimised Bahamian companies, with a similar percentage reporting that ‘other’ weapons were used. Added up, this means that 50 per cent of crime-hit firms in this nation were attacked by criminals wielding weapons. The IDB report found that around 23 per cent of Bahamian companies were impacted by crimes such as internal theft, vandalism, robbery or arson in the past year, placing this nation in line with the Caribbean average. Mr Sumner said that the Chamber was looking forward to working with the new government and its minister of national security, Marvin Dames, a former chairperson of the BCCEC’s Crime Prevention Committee.
“We believe that he has an acute understanding and awareness of the risks that are facing not only the country and citizens at large, but what are going to be some of the specific issues impacting the business community as well,” Mr Sumner added. “At the Chamber we take the issue of crime very seriously, which is why we have moved the issue of crime management directly under the executive branch of the Chamber so that it gets the attention that it needs at the highest level.” The IDB report revealed: “The country that emerges as having the highest amount of crime-related costs is the Bahamas, where our lower-bound estimate for 2013 indicates that those costs represent about 3.09 per cent of the country’s GDP. The upper-bound estimate is 4.8 per cent.” The study thus placed crime’s total cost for the Bahamian economy and society at between $268.31 million to $408.62 per annum, inclusive of government, private sector and social costs. The IDB report said the costs were shared equally between the Government and private sector, standing at between $98.9 million and $167.15 million for the former, and $84.39 million and $161.39 million for the business community. These figures represent funds that could have been invested by companies in job-creating investments and expansions, or used by the Government to improve health and education.
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Harbour Island hotel strikes 50-year peak Romora Bay Resort & Marina has reported the strongest season in its nearly 50-year history, with all revenue streams – marina, rooms and restaurant – at peak occupancy and spending records in April. “We could not be more pleased with the reception we have been getting, particularly among the captains and owners of increasingly larger vessels at the marina,” said Joe Dargavage, Romora Bay’s operations manager and the sole non-Bahamian. “What gives us the greatest satisfaction is that we are operating at our very best with all-Bahamian management and staff sharing that special touch of Bahamian hospitality.” Mr Dargavage, who has a 25-year history in the Bahamas, and has served as president of the Association of Bahamas Marinas, credits Romora Bay’s growing share of the Harbour Island visitor market to the desirability of the Bahamas. “These are turbulent times in many parts of the world, and the Bahamas is seen as a secure and highly desirable place to be. A lot of the traffic, and particu-
larly mega-yachts, which used to go elsewhere for part of the year, are spending more time in the Caribbean and the Bahamas,” Mr Dargavage said. He also credits what he calls the ‘Romora hospitality factor’ for attracting repeat visitors and marina guests. “There are larger marinas in the Bahamas, and even in Harbour Island, but we get an extraordinary number of repeat visitors who tell us when they are here, they feel like family,” Mr Dargavage said. “It’s friendly, the staff are friendly, the Sunsets Bar & Grille, which is the only place in Harbour Island that has live music three nights a week, is friendly. And then there are the amenities that marina guests, as well as those in our little resort on a lot of land, get to use - infinity edge pool, crew lounges, new gym, newly renovated and furnished guest suites. “Fishermen bring in their fresh catch daily, and if a boat comes back with a large catch and wants the chef to cook it up, we’ll prepare and share. Success is not built on the best bedspread or art on the wall;
NOTICE LYNDEN PINDLING INTERNATIONAL AIRPORT IMPOSTION/VARIATION OF FEES AND CHARGES
Aeronautical Fees
a) Landing Fees increase 3% b) Terminal Fees increase 3% c) Aircraft Loading Bridge Fees increase 3% d) Aircraft Parking Fees increase 3% It is further notified that the said imposition and or variation of Fees and Charges shall take effect at the Lynden Pindling International Airport on September 1, 2017.
Experience child care/pre-school tutor wanted for our 21 month old child. Applicant must have at least 5 years experience, be able to speak a foreign language and teach music. Basic first aid training and child care development certification is required. Applicant must be willing to live in Central Eleuthera and should apply via email to: royalacademyeleuthera@gmail.com Applications must include a letter of application and a Curriculum Vitae. The closing date for applications is the 30th day of May, 2017.
outlook for the US and local financial sectors and, most importantly, safety and security, all help to drive yachts to our beautiful turquoise waters, and we do not see anything that would alter those basic factors in any dramatic way in the next several years, so the outlook is encouraging and bright for businesses related to the yachting industry in the Bahamas.” Romora Bay Resort & Marina has also enjoyed growth as a venue for photo shoots. Victoria’s Secret, Cover Girl, La Perla, Elle, Marie-Claire, Sony, J. Jill, Gilette, LLBean, Photo Magazine and Ocean Drive are among the companies or products who have shot print or video at the waterfront resort.
THE BAHAMAS SOCIETY OF ENGINEERS
MONTHLY LUNCHEON SEMINAR WEDNESDAY, MAY 24th, 2017 AT LUCIANO’S OF CHICAGO, EAST BAY STREET 12:00 PM - 1:00 PM
It is hereby notified pursuant to regulation 4(10)(b) of the Airport Authority (Amendment) Regulations, 2009 that the Nassau Airport Development Company imposed and or varied fees and charges at the Lynden Pindling International Airport as follows:
WANTED
it’s in the art of hospitality.” Among the Bahamians serving in key roles at Romora Bay are assistant general manager, Marc Tonis; front end manager, Altonette Ferguson; guest relations manager, Laurieann Albury, and marina manager, Lorria Whitfield. Romora Bay has 14 guest suites and a 40-slip marina, and Mr Dargavage said the Bahamas’ boating and yachting business has been steadily increasing since 2013. He added: “Every year, we see more and larger vessels coming from Europe that only a few years ago did not spend time in the Bahamas. We project that this trend will continue over the next five years. “Key industry factors like fuel prices, a bright
Topic: Energy Efficiency and Electro-Technical Standards Review “The Role of Stakeholders in the Development of National Standards” Presenter: Bahamas Bureau of Standards and Quality Please RSVP your attendance by Tuesday, May 23rd, 2017 to: E-mail: admin@bahamasengineers.org Phone: (242) 552-7312 Note: This seminar is FREE and open to members and the public. However, seating is limited. Your RSVP is advised. Lunch is optional and available from Luciano’s at attendee cost. N.B. Lunch prices will be inclusive of VAT and gratuity costs. For more information contact: P.O. Box N-7380, Nassau, Bahamas Telephone Contact: (242) 552-7312 Email Address: admin@bahamasengineers.org Website: www.bahamasengineers.org
PAGE 6, Thursday, May 18, 2017
Christie energy deal’s cost savings challenged From pg B1 (BPL) via a 25-year power purchase agreement (PPA). In a statement outlining the terms left behind by the former administration, Mr Davis quoted two prices at which New Fortress would provide electricity. He said it had offered to supply energy at 13.5 cents per kilowatt hour (kwh) from 120 Mega Watts (MW) of “supplemental”, or additional, generation units that would be installed at BPL’s existing Blue Hills power plant. And, looking longerterm, Mr Davis said the price of energy supplied from a new 260 MW power plant, also fuelled by liquefied natural gas (LNG) and constructed at Blue Hills, would be 10.35 cents per kwh. But Mr Neymour, having read Mr Davis’s statement, said the former deputy prime minister “has not indicated any cost savings to the public”. He explained that Mr Davis had given no figures, or
percentages, on the likely savings that Bahamian households and businesses would enjoy compared to current electricity bills. “This pricing strategy will accrue significant savings on electricity to the customers of BPL,” Mr Davis had asserted, but produced no comparison between BPL’s current prices and those involved in the New Fortress Energy deal. But Mr Neymour, and energy industry players, particularly questioned whether the prices quoted by Mr Davis were ‘all-in’ prices, meaning they included both generation and fuel costs, or just represented on of these elements. Suggesting that the quoted figures were potentially “very deceptive”, Mr Neymour said BPL’s current base rate was around 11 cents per kwh. “The question is if he’s referring to these rates being the total cost, including the cost of fuel,” he told Tribune Business of Mr Davis’s statement.
“The rates he gave; he needs to indicate whether that’s the cost of generation, which is less than that today, or is he talking the full cost to the consumer, which includes the base rate and the fuel. If he’s talking 13 cents plus the base rate, that is a rate increase compared to what we currently have.” BEC’s last-known fuel charge was around 12.67 cents per kwh in September 2016, the last official data produced, and other energy sector contacts also queried the potential cost savings from the New Fortress deal to Tribune Business. “One thing that really does concern me is that they say they will be pricing at 13.5 cents per kwh initially,” one energy industry contact, speaking on condition of anonymity, told this newspaper. They said that New Fortress, which has a contract to supply the Jamaica Public Service Company (JPS), is understood to be pricing its LNG at $16 per 1,000 BTUs (British Thermal Units). Also assuming that BPL achieved a heat rate of 7,500, the source said this would result in a fuel price
GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS BAHAMAS DEVELOPMENT BANK
alone of 10.5-11 cents per kwh. “It’s impossible for them to do it at 13.5 cents if that’s an all-in cost (including fuel and generation costs),” the source said, “and it’s further impossible for them to do it at 10.35 cents per kwh. “It must be determined what is in the quoted/indicated cost – are they all-inclusive of fuel, equipment, shipping costs, operations and maintenance costs? “If not, then what other charges are in place? This fuel cost is very expensive and impacts the final cost to the consumer. Is there a breakdown of what is contained in this price.” Another energy industry contact, also speaking on condition of anonymity, expressed similar scepticism over the prices quoted by Mr Davis. “It doesn’t look like everything’s in those numbers,” they said. “I would be totally sceptical that’s the price paid at the end of the day. I don’t see how it is. The devil’s in the details. I’m almost wondering if those prices you are seeing are fuel prices.” Tribune Business understands that rival energy suppliers were offering to provide BPL with electricity priced at an ‘all-in’ cost of 13.5 cents per kwh, with fuel accounting for 5.9 cents of that.
THE TRIBUNE The New Fortress terms, meanwhile, include an ‘escalator’ clause that allows it to increase prices by 3 per cent per annum, beginning in 2022. “The 3 per cent escalation clause is a huge annual mark-up,” one energy source told Tribune Business, with another agreeing that it was “pretty big”. This newspaper understands that New Fortress’s rivals had also included such escalator clauses in the proposals to cover operations and maintenance costs, which rise because of inflation - but as low as 0.5 per cent. Mr Davis, though, sought to put the pressure on the newly-elected government to approve the New Fortress deal left behind by the Christie administration, while also revealing it is not fully approved - and therefore not binding. “If Prime Minister Minnis truly believes he heads the people’s government and that it is the people’s time, I strongly urge him and his Cabinet colleagues to move ahead with this new energy deal recommended to the Bahamas government by the energy sub-committee, and presently before the cabinet for review,” Mr Davis said. He described the draft Heads of Terms with New Fortress Energy as “ a major government interven-
tion that will transform the energy sector in line with the country’s National Energy Policy, and will accrue enormous benefits to the Bahamas”. “The vexingly high cost of electricity, coupled with an unreliable electrical grid and equally unreliable power generation plants, continue to negatively impact the quality of life of our people and the competitiveness of our national economy,” Mr Davis said. “Therefore, a paradigm shift is evident. “The Heads of Terms to be negotiated between the Government of the Bahamas and New Fortress Energy is consistent with the Government’s commitment to the national development tool called publicprivate sector partnership (PPP), where the private sector plays critical fiscal and technical roles in facilitating public infrastructure development, relieving much of the financial burden that past and successive governments have had to singularly shoulder in these endeavours.” Neither Mr Davis, nor Kenred Dorsett, minister of the environment and housing, could be reached yesterday for additional comment on the many unanswered questions surrounding the New Fortress deal. E-mails and phone messages were not returned.
CONSULTANCY SERVICES TO CONDUCT A DIAGNOSTIC REVIEW AND PREPARE A STRATEGIC PLAN OF THE OPERATIONS OF THE BAHAMAS DEVELOPMENT BANK REQUEST FOR EXPRESSIONS OF INTEREST The Government of the Commonwealth of the Bahamas (GOCB) has applied for financing from the Caribbean Development Bank (CDB) to assist the Bahamas Development Bank (BDB) in financing the cost of conducting a study in the form of a Diagnostic Review of the operations of BDB along with the preparation of a strategic plan. GOCB intends to apply the proceeds of this financing to eligible payments under a contract for which this invitation is issued. Payments by CDB will be made only at the request of GOCB and upon approval by CDB, and will be subject in all respects to the terms and conditions of the Financing Agreement. The Financing Agreement prohibits withdrawal from the financing account for the purpose of any payment to persons or entities, or for any import of goods, if such payment or import, to the knowledge of CDB, is prohibited by a decision of the United Nations Security Council taken under Chapter VII of the Charter of the United Nations. No party other than GOCB shall derive any rights from the Financing Agreement or have any claim to the proceeds of the Financing. BDB, the Executing Agency, now wishes to procure consultancy services to undertake a diagnostic study of the Bahamas Development Bank and to inform its long-term sustainability. The objective of the consultancy is to assess Operations, Strategic Issues such as Corporate Governance, Human Resources and Financial Performance and necessary Strategic Direction and Objectives and make recommendations with a view to improving the long-term sustainability of the BDB. The duration of the assignment is expected to be for a period of (6) months. The Bahamas Development Bank now invites interested, eligible, consulting firms to submit Expressions of Interest for the provision of these consultancy services.
CAREER OPPORTUNITY
Consultants shall be eligible to participate if: (a) in the case of a body corporate, it is legally incorporated or otherwise organised in an eligible country, has its principal place of business in an eligible country and is more than 50 per cent beneficially-owned by citizen(s) and/or bona fide resident(s) of eligible country(ies) or by a body(ies) corporate meeting these requirements; (b) in the case of unincorporated firms, the persons are citizens or bona fide residents of an eligible country; and (c) in all cases, the consultant has no arrangement and undertakes not to make any arrangements, whereby any substantial part of the net profits or other tangible benefits of the contract will accrue or be paid to a person not a citizen or bona fide resident of an eligible country. Eligible countries are member countries of CDB. In the assessment of submissions, consideration will be given to technical competence, qualifications and experience, local and regional experience on similar assignments, financial capability and existing commitments. All information must be submitted in English. Further information may be obtained from the first address below between 9:00 a.m. and 4:00 p.m. hours Monday to Friday. Two (2) hard copies of the Expressions of Interest must be received at the first address below no later than May 31, 2017 by 4p.m. (Bahamas Time) and one (1) hard copy must be sent simultaneously to CDB at the second address below. The sealed envelope containing each submission should include the name and address of the applicant and shall be clearly marked “Expression of Interest – Consultancy Services to Conduct a Diagnostic Review and Strategic Plan of the Operations of the Bahamas Development Bank.” Following the assessment of submissions, a shortlist of not less than three and not more than six applicants will be provided with full terms of reference, and invited to submit technical and financial proposals to undertake the assignment. GOCB reserves the right to accept or reject late applications or to cancel the present invitation partially or in its entirety. It will not be bound to assign any reason for not short-listing any applicant and will not defray any costs incurred by any applicant in the preparation and submission of Expressions of Interest. 1st Address: Project Coordinator Bahamas Development Bank Cable Beach, West Bay Street Nassau, Bahamas Tel: 242-702-5700 Email: projectcoordinator@bdb.gov.bs 2nd Address: The Procurement Officer Caribbean Development Bank P.O. Box 408 Wildey, St. Michael Barbados, W. I. BB11000 Tel: (246) 431-1600/ Direct: (246) 431-1790 Email: procurement@caribank.org
Manager, Collections & Recoveries The Manager of Collections & Recoveries will provide support to Managing Director and will be responsible for managing and overseeing the firm’s portfolio of debt recovery clients. Duties and responsibilities will include, but not be limited to: •
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THE TRIBUNE
Thursday, May 18, 2017, PAGE 7
Port seeking 14 acres to aid ‘fiscal outturn’ From pg B1
“We had submitted a request for additional land, and this goes back four years ago,” Mr Maura revealed to Tribune Business. “We submitted the same request a few times, the last one going in three-and-ahalf months ago. “We had hoped to expand the port, improve services to customers, and assist the Ministry of Finance in improving collections and controls.” He added: “We will be sending this request to this government, and hope to get a favourable response. “If the Government replies to us and gives us additional land, we will be making additional investments in properties and facilities, which will assist in improving the fiscal performance.” The Government holds a 40 per cent equity stake
in BISX-listed APD, which is almost a public-private partnership (PPP), and it is likely to welcome any efforts to enhance tax collection with the Public Treasury desperate for every possible cent of revenue. Mr Maura said the targeted land was adjacent to the Nassau Container Port’s southern boundary, running from just west of its existing entrance all the way along the perimeter to its western boundary in the shape of “a skinny rectangle”. “What we have contemplated [for that land] is that we’re having conversations with the Road Traffic Department about actually putting an inspection and licensing facility at the Container Port,” Mr Maura told Tribune Business. “As you import your vehicle from abroad, and pay VAT and Customs duties, you would be able to get
your vehicle licensed.” Mr Maura said APD’s plan was to construct offices for RTD and Customs personnel on the sought land to facilitate vehicle inspection, registration and associated revenue collection, along with other amenities to aid the latter’s revenue collection efforts. “We were looking at a container examination facility to support Bahamas Customs’ efforts to stop fraud,” he told Tribune Business. “They have their risk analysis, and if they determine someone is importing from a questionable shipper, or an importer was previously guilty of making a false declaration, they will have a facility to go to when they pull a container off the ship. “It will allow Customs to conduct examinations on property, rather than let it [the container] leave the site. That begins to create a culture of compliance that helps the Public Treasury, which is so desperate to collect the taxes.”
Mr Maura said APD also planned to construct further commercial offices and facilities on the 14 acres, which it will rent out to generate further income streams for itself and its shareholders. Mr Maura’s comments came as APD revealed it has blown past its 2017 fullyear profit projections in just nine months, with total comprehensive income at end-March standing at $8.074 million - 60 per cent ahead of the $5.044 million forecast for the 12 months. Year-to-date, APD’s bottom line is 141 per cent up on 2016’s comparative of $3.349 million, which Mr Maura attributed to the boost in TEU and import volume produced by Baha Mar and Hurricane Matthew rebuilding. He acknowledged that APD had budgeted “con-
servatively” for the 12 months to end-June 2017, but said the resumption of Baha Mar construction, together with the increase in building material imports as a result of Matthewrelated insurance payouts, had driven TEU volumes “about 8.5 per cent” higher. APD set TEU volume records for five of the six months that immediately followed Matthew’s passage in early October 2016, and Mr Maura said the port operator also benefited from the collection of rental payments from Baha Mar that had been outstanding for more than a year following the Chapter 11 bankruptcy filing. Storage income from containers was also up, as a result of Tropical Shipping and Mediterranean Shipping Company (MSC) leaving shipping containers
on APD’s premises for an extended period of time. Mr Maura said Baha Mar’s phased opening, which will take place over the next six to nine months, would ensure an anticipated “improvement in [TEU] volumes” lasts into APD’s next financial year. “We would expect, through the fiscal year-end of June 30, to get the benefits of the impact of Baha Mar, and expect some of that to continue through till the next fiscal year,” he told Tribune Business. But, with Matthew-related imports set to soon taper off, Mr Maura warned that APD was unlikely to enjoy the growth seen this year during its 2018 financial year. “We would not anticipate that kind of growth next year,” he explained.
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PAGE 10, Thursday, May 18, 2017
Activists tell Govt: ‘Do right by public’ on Blackbeard’s Cay Fro m pg B1 Planning had announced a May 25, 2017, public meeting at its offices to review the Site Plan Application (SPA) submitted by Blackbeard’s Cay developer, Blue Illusions Ltd. It argued that the Government, rather than obey the July 31, 2014, verdict by Justice Stephen Isaacs, was now staging a process to give Blackbeard’s Cay all the permits it needed through “the retroactive backdoor”. “I’m a little bit more than irritated that the public is being asked to look at something that should not see the light of day,” Mrs Duncombe told Tribune Business yesterday in relation to the May 25 meeting. “It’s a farce and moot point. Why are we having a meeting about a development that shouldn’t even be. I’m discussing with our legal team to see what we
want to do, and we call on the Minister of Works to just cancel the meeting.” With Desmond Bannister yet to be officially sworn into that post, it was announced yesterday that the Prime Minister, Dr Hubert Minnis, will act as minister of works until that happens next week. The Blackbeard’s Cay situation will likely be a tricky one for Mr Bannister, and one he may have to recuse himself from, given that he acted as the attorney for Blue Illusions and its principal, Samir Andrawos, at one point during the challenge to its permits. This was not lost on Mrs Duncombe, who said: “He [Mr Bannister] should know the problems with this facility, since he was one of their legal representatives. He knows what the situation is. “We want the May 25 meeting cancelled and the Attorney General [Carl
Former Govt’s 40% lower energy costs claim ‘dishonest’ Fro m pg B1 cost of electricity. That is dishonest. “The Government did nothing. The fuel price produced that saving, and he needs to discontinue misleading the public in that regard.” Mr Davis, in indicating that a draft ‘Heads of Terms’ had been left for the Hubert Minnis-led government’s consideration, confirmed Tribune Business’s revelation last week that the former administration
had selected New Fortress Energy as its ‘preferred partner’ to reform energy generation in the Bahamas. The Opposition leader’s statement likely revealed the headline terms most favourable to the former government, and not all details were disclosed, with Dr Minnis’s administration likely yet to review it. However, apart from power generation, the deal appears to give New Fortress significant influence and control over both renewable energy and the
COMMONWEALTH OF THE BAHAMAS 2015 IN THE SUPREME COURT CLE/GEN/ 01324
Common Law and Equity Division
IN THE MATTER of an Indenture of Mortgage made the 27th day of August, A.D. 1999 between Marlowe W. Sherman and Finance Corporation of Bahamas Limited AND IN THE MATTER of The Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND MARLOWE W. SHERMAN
Bethel] to uphold the Supreme Court judgment.” Mrs Duncombe accused the former Christie administration of announcing the May 25 meeting just prior to the general election “in the hopes that with elections at a fever pitch it would have gone unnoticed and unchallenged” She added: “It is truly unconscionable that this development has been allowed to continue to operate as though the Supreme Court judgement was some sort of suggestion, and not an Order to close the facility and remove the dolphins. “We appreciate that the new government has their hands full, but, this judgment has not been enforced for almost three years, while the foreign developer and his Bahamian partners continue to spit at the rule of law and continue to expand. “How can the acting director of physical planning, Charles B. Zonicle be giving an illegal development the nod to proceed with a public meeting given the Supreme Court ruling?” Justice Isaacs’ ruling quashed all Blackbeard’s Cay’s approvals because the
Government had failed to follow its own statutory permitting processes. Among the permits quashed were Blackbeard’s Cay’s dolphin import licences and preliminary Site Plan Approval, on the grounds they had not been properly obtained in accordance with procedures laid down in Bahamian law. Justice Isaacs also found that the Government and developer had failed to hold proper public consultation, which is again required by law, and ordered them to return the development site - located on Balmoral Island opposite Sandals Royal Bahamian, off New Providence’s north coast to its original condition. But the Site Plan Application drawing, published in the newspapers, appears to show that, rather than fearing its imminent closure, Blackbeard’s Cay - which employs 100 Bahamians - is actually aiming to expand. The drawing had ‘Proposed new development and renovations’ plastered on it in large text, with the Department of Physical Planning stating: “The development by Blue Illusions
includes ocean pens for a dolphin/stingray encounter, a restaurant, swimming and beach facilities, a nature trail, swimming pools and support buildings and utilities.” Mrs Duncombe described Justice Isaacs’ ruling as “about as plain as you can get”, and added of the Government: “They can’t keep acting as if the ruling means nothing. “The judgment is still the judgment. It does matter. They can’t ignore it. That needs to stop. I’m hoping that with a new government in, and with their desire to be accountable to the Bahamian people, that this will finally be resolved and the facility will be closed.” Mrs Duncombe also expressed hope that the more open, transparent approach promised by the Hubert Minnis-led government would result in environmental activists not having to take the Government to court every time they sought information on investment projects. The Blackbeard’s Cay Site Plan Application was also published a month after the Court of Appeal
gave Blue Illusions leave to appeal to the Privy Council over the ownership of the project’s dolphins. Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, accused Blue Illusions of “perverse conduct”, and exploiting the Bahamian legal system to prevent enforcement of both the reEarth verdict and the rulings requiring the project’s dolphins to be returned to his client. Mr Moree, who represents the dolphins’ supplier, Instituto De Ciencias Marinas (IMS), argued that the Privy Council appeal, together with four other Supreme Court actions launched by Blue Illusions following the initial dolphin verdict, were “obfuscation” attempts designed to prevent Blackbeard’s Cay’s closure. However, the Court of Appeal ruled against Mr Moree and granted Blue Illusions leave to appeal the dolphins’ ownership to the Privy Council, finding he had not shown that the developer’s conduct was completely “oppressive, perverse, or frivolous and vexatious”.
refinancing of BEC’s successor, Bahamas Power & Light (BPL). Mr Davis said the terms required New Fortress to construct new liquefied natural gas (LNG) storage and regasification terminals at Arawak Cay and in Freeport. It will also, if approved, “design, develop and construct an LNG bunkering and transshipment hub” near Freeport. Under an associated bunkering license, Mr Davis said New Fortress will pay “incremental licensing fees of up to $7.5 million annually”. Other requirements were said to involve New Fortress converting BPL’s existing oil-fuelled power generation facilities on Bimini, Abaco, Eleuthera and the Exumas to burn LNG. Seemingly taking advantage of New Fortress’s parent, a $72 billion New Yorkbased asset manager called Fortress Investment Group, the Christie administration also agreed that it could “lead and arrange” a $600 million rate reduction bond (RRB) to refinance BPL’s legacy debts and liabilities. Mr Davis said the refinancing would “improve the Government’s debt-toGDP ratio”, likely referring
to the fact the RRB would replace some $240 million in loans guaranteed on BEC/BPL’s behalf. However, Mr Neymour warned that BPL’s customers would receive an extra charge on their bills, which would represent monies required to pay debt servicing costs incurred by the RRB. “The Bahamian people will be charged a bond fee to cover that $600 million,” he told Tribune Business. “In other words, the Bahamian people will be paying for that $600 million. That will be coming out of people’s bills. “The Bahamian people, on their bill, will be paying VAT and a bond fee, and the bond fee is to cover the $600 million. The Bahamian must recognise they will pay for it at the end of the day.” Should reform prove successful, the resulting reduction in energy costs should more than offset an extra charge to service the RRB, but Mr Neymour suggested it was disingenuous of Mr Davis to suggest that New Fortress will invest $10 million in a “smart grid power management system for the Bahamas”. For in the next breath the ex-deputy prime minister said this $10 million would
be “repaid with proceeds from the Rate Reduction Bond issuance” - meaning it will ultimately be financed by BPL’s customers. The ‘deal’ with New Fortress also brought the company into renewable energy, where it is to partner with the Government to “establish a programme whereby it will sponsor qualified renewable energy projects of up to 25MW installed capacity in the Bahamas”. “The Government will facilitate all necessary project development activities to support the company’s renewables sponsorship programme, including facilitating such projects and/ or providing financeable offtake arrangements,” Mr Davis said of the proposed agreement’s contents. “New Fortress Energy will work with the Government to develop a workforce optimisation plan (including by conducting an economic impact study) to maximise the employment opportunities of Bahamian citizens in the operation of the projects described herein. “I am of the view that this proposed agreement is in the public interest and will prove to substantially move all Bahamians forward together.” The new government’s approach is unclear, although an administration source said: “I’m sure there are benefits to it, although whether there’s a better deal is unclear.” They added that the fixed LNG price and switch to a cleaner fuel were beneficial, along with the potential construction and full-time jobs that will be created by the LNG facilities, together with the possibility of new tax sources and reduced port costs. However, energy industry sources again questioned whether the Govern-
ment could have obtained a better off had it put the bid out to tender via a Request for Proposal (RFP), rather than invite selected offers in a late rush. AES, the multi-billion dollar corporation and LNG supplier, last week hit out at the “last minute” nature of the process, this newspaper having been told that it was “a very weird” RFP. Tribune Business also heard suggestions that bidders were invited to submit proposals on different terms and criteria, with some asked to detail how they would get fuel from Arawak Cay to Clifton Pier. The new power plants in the New Fortress deal are supposed to be located at Blue Hills, where they are to reduce BPL’s own generation burden to 60 Mega Watts (MW) - valuable with Baha Mar coming on stream. Tribune Business understands that PowerSecure was only given a five-year management contract so that the Government could keep its options open with regard to sourcing new generation capacity via independent power producers (IPPs) such as New Fortress. However, New Fortress’s expertise does not like in the construction, operation and ownership of power plants, and questions have been raised over whether its Jamaica LNG deal has delivered the promised benefits. New Fortress, which also has LNG assets in Florida, was founded by American billionaire, Wes Edens, a co-owner of the Milwaukee Bucks, a National Basketball Association (NBA) team. Its parent, Fortress Investment Group, was earlier this year acquired by the Japanese group, Softbank, in a $3.3 billion deal.
Plaintiff
Defendant
To: Marlowe W. Sherman 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, Palmdale Branch, Rosetta and Patton Streets, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 25th day of August, A.D., 2015 renewed by an Order of the Court dated the 16th day of February, A.D. 2017 seeking inter alia an Order to direct you to deliver up possession of the Mortgaged Property situate at Sub-Lot Number One (1) of the Oakes Airport Station of Lot Number Forty-two (42) in Block Number One (1) New Providence, Bahamas to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 27th day of August, A.D., 1999 and that it has been ordered that the publication of a notice of the entry of the Originating Summons filed on the 25th day of August, A.D., 2015, and the delivery of all further process issued herein once in The Nassau Guardian and once in the Tribune newspaper at one (1) week interval shall be deemed to be good and sufficient service of the said document upon you. A copy of the said Originating Summons may be obtained from the Supreme Court Registry, Judicial Complex, Bank Lane, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. Dated the 8th day of May, A.D., 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
THE TRIBUNE
NOTICE
NOTICE is hereby given that DENIE JOSEPH of Dundas Town, Abaco, The Bahamas is applying to the Minister responsible for Nationality 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 sent a written and signed statement of the facts within twenty eight days from the 18th, day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas. NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) CRH LTD. IBC No.147807 B (In Voluntary Liquidation) NOTICE is hereby given that as follows: (a) That CRH LTD. is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 16th day of May, 2017 when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the Company is Sterling (Bahamas) Limited of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas. (d) Any person having a Claim against the above name Company are required on or before the 16th day of June, 2017 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved. Sterling (Bahamas) Limited Liquidator
THE TRIBUNE
Thursday, May 18, 2017, PAGE 15
Specialist Peter Mazza, left, works with traders on the floor of the New York Stock Exchange, yesterday. Stocks are opening lower on Wall Street as banks and industrial companies fall. (AP Photo/Richard Drew)
Stocks, bond yields drop as Washington turmoil roils Street By ALEX VEIGA AP Business Writer
The brewing political crisis in Washington rattled Wall Street Wednesday, knocking the Dow Jones industrial average down more than 370 points and giving the stock market its biggest single-day slump in eight months. Investors worried that the possible fallout from a report alleging President Donald Trump asked nowfired FBI Director James Comey to drop the bureau’s investigation into former National Security Adviser Michael Flynn may stymie the White House’s plans to cut taxes, roll back government regulations and other aspects of Trump’s pro-business agenda. The steep drop ended an unusually long period of calm for the markets, which had been hovering near alltime highs. Financial stocks, which had soared in the months since the election, declined the most as bond yields fell sharply. Bonds, utilities and gold rose as traders shunned riskier assets. The dollar fell. “When you are at these valuations, the market has to reassess whether or not
the agenda is actually going to be implemented,” said Quincy Krosby, market strategist at Prudential Financial. “What you’re seeing is a classic run toward safety.” The Standard & Poor’s 500 index had its biggest drop since September, sliding 43.64 points, or 1.8 percent, to 2,357.03. The Dow lost 372.82 points, or 1.8 percent, to 20,606.93. The Nasdaq composite index, coming off setting two consecutive record highs, gave up 158.63 points, or 2.6 percent, to 6,011.24. Small-company stocks fell more than the rest of the market. The Russell 2000 index sank 38.79 points, or 2.8 percent, to 1,355.89. Those companies would stand to benefit even more
than large ones from corporate tax cuts Trump is proposing. They also had risen sharply in the months following the election. The sell-off snapped an unusually long period of calm after hitting a series of record highs. On Tuesday the S&P 500, the benchmark favored by professional investors, marked its 15th straight day of moving up or down by less than 0.5 percent. It closed at its latest record high on Monday. All told, the S&P 500 is still up 10.2 percent since the election last November, while the Dow is up 12.4 percent. Bond prices rose sharply. The 10-year Treasury yield fell to 2.21 percent from 2.33 percent late Tuesday, a large move.
NOTICE
NOTICE is hereby given that LOUIS-MARIE SERVEUS of #11 Minnie St. 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 18th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
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ALL THE PLAY OF ATLANTIS
• Free access to all pool and beach activities at neighboring Atlantis • Complimentary full American buffet breakfast • Kids 11 and under stay free in room with parent** • Free Wi-Fi
• Free parking • Air conditioned Jr. suites with king size or two double beds • Pool with swim up bar • 32 inch flat screen televisions • Complimentary In-Room Safe
GREAT FOOD! GREAT PRICES!
Taste Perfection
Join us for lunch & dinner at Comfort Suites Paradise Island Ext: 6376 or 6404 Maximum 4 persons per room, additional fees apply for mandatory taxes, mandatory housekeeping gratuities and utility service fees. Quoted rates are based on standard room category and subject to availability. Full American buffet a $58 value per room per day based on double occupancy. Free Wi-Fi a $22 value per room per day. Free parking a $16 value per day. Cancellations must be received 72 hours prior to arrival or a 1-night penalty will apply. **Kids under 11 years of age stay and eat free in room with parent - breakfast, lunch & dinner.
ComfortSuitesPI.com | (242) 363-3680
/ComfortsuitesPI