06132017 business

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TUESDAY, JUNE 13, 2017

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BAHA MAR EXPAT STAFF SUFFER CLAIMS REVERSE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHA Mar’s former expatriate staff are now at the China Export-Import Bank’s mercy, after the Supreme Court ruled their compensation claims rank below those of the project’s $2.45 billion secured creditor. Justice Ian Winder, in a June 6 verdict, ruled in favour of the Chinese bank by finding that its debenture charge over Baha Mar’s assets was superior to the severance pay/benefit claims of Baha Mar’s foreign staff. With no preferential creditors deemed to exist, expatriate Baha Mar staff who were terminated in October 2015 are unable to claim against the $3 million

Court rules not ‘preferential creditors’

Chinese bank now only payment option ‘Discrimination’ concern for Bahamas that was set aside for their compensation if the Supreme Court ruled in their favour. As a result, their only remaining option lies in the China Export-Import Bank’s goodwill, and willingness to use whatever remains from the $101 million fund set aside for Bahamian creditors to pay

Govt urged to ‘stay out’ of deal-making By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday urged to “stay out of the business of dealmaking” by a well-known QC, and adopt a “free market approach” to the economy. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that the Minnis administration needed to focus on regulation rather than becoming involved in “the minutiae” of investment negotiations and business transactions. Acknowledging the Government’s desire to eliminate bureaucracy and ‘red tape’ for Freeport-based investments by creating an approvals unit in the city, Mr Smith argued that rather than “repeat the same old bad habits” it should simply revert to the city’s original governance model. Reiterating that its primary role should be to hold the Grand Bahama Port Authority (GBPA) and Hutchison Whampoa to account for their obligations, he added that the Bahamian economy would “continue to stagnate” if the Government continues to involve itself in investment “wheeling and dealing”. “The Government should get out of the business of being in everybody’s

QC calls for ‘free market’ investment approach Says state should focus solely on regulation Freeport approvals unit an ‘old bad habit’

FRED SMITH QC business and govern,” Mr Smith told Tribune Business. “Whilst I am pleased that this administration is looking at ways to speed up the review of investment proposals, I don’t encourage repeating the same old bad habits by having an investment unit in Freeport. “I urge the Government See PG B6

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them some compensation. While many Bahamians are unlikely to be too concerned by the expatriate staff’s plight, legal sources yesterday warned that the situation threatened to undermine the Bahamas’

reputation as a ‘safe’ jurisdiction for foreign direct investment (FDI) and workers to conduct business in. They explained that the concerns stemmed from the discriminatory nature See PG B4

Minister wants Contractors Act that ‘makes sense’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Works wants a Construction Contractors Act that “makes sense and is enforceable”, pledging that he will not be rushed into giving the legislation full effect. Desmond Bannister told Tribune Business he wanted to make sure there were no outstanding issues or problems with the Act before the Government gave it full force. He said this would involve a full assessment of the Parliamentary debate on the legislation, indicating that as the minority Opposition party at the time, not all concerns raised by the Free National Movement (FNM) may have

Govt won’t rush legislation into effect Wants to ensure Act is ‘enforceable’ Will meet with sector on any issues been taken into account. Mr Bannister added that the Minnis administration also wanted to meet with contractors to ensure their concerns were addressed, explaining that it was better to make changes now rather than after the Act had become law. Acknowledging that the legislation had been passed by the former Parliament, See PG B5

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$377M INVESTMENT FOR BPL’S LNG CONVERSION By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TOTAL $377.4 million investment is required to convert Bahamas Power & Light’s (BPL) generation plants to liquefied natural gas (LNG), an IMF ‘working paper’ revealed yesterday. The paper, which drew on Inter-American Development Bank (IDB) data, forecast that a $189.3 million spend is necessary to convert both BPL’s existing plants and 120 Mega Watts (MW) in new generation capacity by 2023. The figures, and the timing of their release, are es-

IMF paper figures similar to New Fortress offer Bahamas’ capital needs only behind Jamaica pecially interesting given that 120 MW of LNGfuelled, short-term additional generation capacity is exactly what is proposed in the former Christie administration’s arrangement with New Fortress Energy. The IMF paper, ‘Public Investment scaling-up and See PG B4

Electric auto dealer eyes ‘game changer’ By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A BAHAMIAN electric car dealer yesterday said the total elimination of import duties on such vehicles would be “a big game changer”. Pia Farmer, a director at Easy ECO Car Sales, told Tribune Business: “I have officially requested and lobbied the Ministry of Finance for the elimination of duty on electric cars, which is now set at 25 per cent, the same as Hybrids. Also, replacement EV batteries and chargers, which are now levied at a whopping 45 per cent, bearing in mind solar batteries are duty free. “If the Minister has indicated an intention to reduce or eliminate duties on these, it will be a big game changer for the adoption of 100 per cent electric vehicles in the Bahamas, in

alignment with worldwide trends towards clean and cheaper transportation. Sales of EVs grew by 77 per cent worldwide last year.” Romauld Ferriera, the environment and Housing minister, during his Budget contribution last week, said: “There is currently a 25 per cent tariff on the import of electric vehicles. Consequently, electric vehicles were introduced to the Bahamian market at a low level. “Despite this proposed improvement, it appears to be cheaper to purchase a conventional vehicle. My Ministry proposes to eliminate the tariff on electric and hybrid vehicles in the Bahamian market.” Mr Ferriera said using hybrid and plug-in electric vehicles, instead of conventional ones, can help reduce the Bahamas’ reliance on imported petroleum. Ms Farmer said: “If our See PG B4

PAGE 2, Tuesday, June 13, 2017

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PI project’s $40m ‘Cinderella story’ THE developer of Paradise Island’s One Ocean condominium project believes it has achieved “the closest thing to a Cinderella story”, having generated $40 million in sales in under a year. The 10-storey property at the eastern end of Paradise Island has been revived following its purchase by Replay Resorts, the Canadian-based developer and master planner of resorts and communities such as Half Moon Bay in Antigua, and The Lift Lodge in Park City, Utah. The former Ocean Place project has been renamed One Ocean, with more than 120 construction workers now working on-site to finish residential units ranging in price from $1 million to $4.5 million. A statement issued on behalf of Replay Resorts yesterday said more than two-thirds of the 79 condominium units are either sold or under contract, including four of the eight penthouses. Ninety-one per cent of the sales have been through Bahamian brokers and agents. “The Bahamian real estate community has re-

One Ocean revives, generating 120 jobs and $4m in taxes sponded positively to the One Ocean product,” said Christine Wallace-Whitfield, newly-elected Bahamas Real Estate Association (BREA) president. “The units are beautifully finished, and the sales team understands the value of participating with local brokers and agents rather than going it alone. It’s a win-win for all -for them because they reach a broader market, and for us because it adds a sophisticated upscale product to inventory.” Replay Resorts has had to overcome a troubled past that included outrage from One Ocean’s Paradise Island neighbours, who questioned how the previous developer was able to gain permission for a 10-storey building that and dwarfs everything around it. The project, and developer Al Ballard, hit financial troubles and CIBC First Caribbean (Bahamas) foreclosed with only 25 per cent of the units sold - some

ONE OCEAN PI - HARBOUR VIEW via deep discounts - and much of the building unfinished. In November 2012, following a court battle, the bank placed the property in the hands of receivers. Replay Resorts acquired the unfinished 52 units in the distressed property in July 2015, and launched what sales director, Myles Newell, called “the closest thing to a Cinderella story that I have ever seen in the real estate world”. “The kitchens are from Italy, doors from Germany, designs by PXDI, Canada,” Mr Newell said. “The

incredible views are the prize, the undeniable selling point, and they are all Bahamian; sweeping views of Paradise Island, Nassau harbour, the city lights across the way. “People who tour the property and go to the top floor, where we are redoing the penthouses, are awestruck looking out over the greens and fairways of the Ocean Club golf course, the blue-green waters of the ocean and Montagu Bay across the way, Nassau harbour. I’ve seen people who talk incessantly; just turn

speechless.” Of the 52 units purchased by Replay Resorts, some 40 were unfinished shells. Some 28 of these have now been sold, with 20 homes and four penthouses remaining available. Of the remaining available penthouses, square footage ranges from just over 4,600 to nearly 6,300, with prices from $3.2 million to $4.5 million. Cavalier Construction is the general contractor on the penthouse project, and several other Bahamian firms and craftsmen work

Farmer becomes first qualifier for micro loan THE owner of Premium Farm Bahamas has become the first successful applicant to receive a micro-loan facility offered by the Bahamas Development Bank (BDB). Licensed farmer, Dave Munroe, is the first to access the fund, which is operated in conjunction with the Bahamas Agriculture and Marine Science Institute (BAMSI). It allows Bahamian farmers access to $10,000 for farm upgrades and agricultural improvements. Launched in 2016 in an effort to bolster the agriculture industry, the facility supports smaller farmers

who need capital to expand and upgrade their business. Membership in BAMSI’s Associated Farmers’ Programme (AFP) is required for BDB micro loan applicants. The programme provides technical support, advice and training by bringing in agricultural experts from across the Caribbean for short courses and tutorials. Through the AFP, farmers receive information on technologies and best practices. They also receive assistance as they move through the loan application process. A banker by profession, Mr Munroe said: “My aim

DAVE MUNROE is to bring a business mindset and management skills to the forefront to develop a number one farm, where I will be able to supply produce to the various grocery chains throughout the Ba-

hamas and, [in future], I’d like to supply outside the country.” Premium Farm Bahamas, located in north Andros, produces crops such as cucumbers, red bell peppers, squash and zucchini. However, it requires upgrades to maximise its potential. While Mr Munroe wants to build housing staff, the loan funds will bring electricity to the property and purchase equipment and supplies in connection with preparing the fields for planting. “My philosophy in regards to this farm reflects that of BAMSI’s ; reducing food dependency and en-

hancing agricultural capacity throughout the country,” he said. Mr Munroe praised BAMSI’s agricultural officer, Zakita Bethel, who has oversight of the AFP in Andros, with making the process – both becoming an AFP member and completing the loan application process - a smooth one. “As a member, BAMSI assists with giving various seedlings and technical assistance. They also assist with marketing and selling of the items,” Mr Munroe said. “This [loan] process will add value to the whole system. If [BAMSI] is able

on the site daily. One Ocean has generated 120 construction jobs, 99 per cent of which are Bahamian, and it will have paid $4 million in Stamp Tax and Value-Added Tax (VAT) by the time additional residences under contract close. “We are attracting buyers from as far away as Monaco, but we are also appealing to people who live in the Bahamas and have a real connection to community,” Mr Newell said. “Our buyers plan to spend considerable time here and want to become part of the community. “In addition, it’s important to note that the money they will spend on an ongoing basis will provide continuing economic activity. I think in the end we will have delivered not just another pretty building, but another reason to realise that there is nowhere in the world quite like Paradise Island, where you have all the amenities of world-class resorts like Atlantis and the One & Only Ocean Club with all the dining, entertainment, shopping, recreation options, or the peace and tranquility of your own private oasis.” to market, sell and provide technical assistance, it will give me time to focus specifically on the farm itself from the production side.” Describing the microloan facility as an opportunity for persons who need start-up capital, Mr Munroe added: “With BAMSI bringing on technical assistance, marketing and selling the produce, and providing the farmer with guidance – all of this is a great help to persons who don’t have the finances to move their farm forward.” Apart from a business plan, loan applicants need to meet three other requirements: Be a licensed farmer, hold a VAT registration number, and be a member of the AFP.

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GOVT EYES $2M SPEND TO COMPLETE 300 HOMES By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

A CABINET Minister yesterday said the Department of Housing plans to spend $2 million on completing 300 homes in the Carmichael Village Subdivision this fiscal year. Romauld Ferriera, minister of the environment and housing, said during his 2017-2018 Budget communication: “For the past 10 years, the Department of Housing renovated and/ or repaired more than those that were newly built. In the last five years, the Department of Housing renovated and/or repaired over 300 homes and rental units while only building 235 new homes.” He added: “During this Budget cycle, the Department of Housing will complete 300 homes in the Carmichael Village subdivision, and $2 million will be expended to cover the cost of the development. This will be done under the Government’s private venture initiative. Under the same initiative, 72 homes will be completed in the new Carmichael West subdivision.” Mr Ferriera said the Department will also develop a “meaningful” rent -to-own programme for persons who cannot afford to purchase a house. That programme, he revealed, will syart on a tract of land off the Sir Milo Butler Highway. “The Department of Housing also proposes to develop 10 low to middle income family residences in the Fox Hill district. Plans are already in place to develop the 5.6 acre tract of land off of Faith Avenue into low and middle income family residential subdivisions,” he added. Turning to the Bahamas Mortgage Corporation (BMC) Mr Ferriera said: “Over the first 11 months of the past fiscal year, July 1 2016 to May 31, 2017 the corporation has been able to place 117 loans to the tune of $15.8 million in its portfolio. He noted that 50 government initiated mortgages were issued to the tune of $6.9 million, and 67 private initiated mortgages to the tune of $8.9 million. Mr Ferriera said that in total 117 loans in the amount of $15.8 million in loans were issued by the BMC during the aforementioned period.

CHAMBER UNVEILS PLANS FOR NATIONAL CONCLAVE

THE Bahamas Chamber of Commerce and Employers Confederation (BCCEC) will host the fourth annual National Conclave of the Chambers of Commerce on June 14-15, in a bid to boost entrepreneurship and improve the ‘ease of doing business’. Hosted at the Grand Hyatt Baha Mar, the national conclave will bring together senior policymakers, entrepreneurs, business leaders, academics and representatives from Chambers of Commerce across the Bahamas. The National Conclave will focus on the ‘ease of doing business’, touching on topics of taxation; labour and employment; energy; archipelago development and infrastructure; and dtarting a business. The Chamber also wants to improve communication between the Chambers of Commerce to strengthen their constituencies.

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Tuesday, June 13, 2017, PAGE 3

Striping Group’s phones ‘ring off hook’ over $1m financing By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net EXECUTIVES at the Bahamas Striping Group of Companies (BSGC) yesterday said their phones were “ringing off the hook” despite their $1 million facility to assist local entrepreneurs not having launched yet. The company, which recently celebrated its seventh anniversary, has pledged the sum to help Bahamian start-ups via its Investment Group arm. “We have created an investment company called the Investment Group, and we are pledging $1 million to assist persons in business to advance and grow their business, as well as entrepreneurs who want to get started,” said Allen Albury, BSGC’s managing director. “We’re not just giving capital funding but also a bank of expertise. That will range from sales and marketing to all aspects of the business. We will provide a pool of experts to help assist businesses, much like an incubator.”

SCENES from the the Bahamas Striping Group of Companies (BSGC) seventh anniversary which included guests as Prime Minister Dr Hubert Minnis (centre) and DPM K Peter Turnquest (centre left).

“What will happen is we will take an equity position, which would allow us to recover the return on the investment. It’s going to work like an equity loan similar to the Bahamas Entrepreneurial Venture Fund,” he added. Mr Albury said BSGC was born from a $5,000 Self-Starter grant to its original company, Bahamas Striping, and was now looking to give back after grow-

ing into a multi-million dollar company. “The phones have been ringing off the hook. It really speaks to the need for funding for small and medium-sized businesses. We will officially launch in 60 days, and so it will be some time in August,” said Mr Albury. He added that the funding will not be directed to any specific industries. “We will entertain opportunities

in any sector of the economy. We want to help persons who have a business and may need some capital to grow it, or have a dream and don’t know how to make it a reality,” Mr Albury said. BSGC’s president, Atario Mitchell, told Tribune Business: “Access to capital is a major challenge for many small businesses. We have dealt with the self-starter programme and the Venture Fund.

“What we are offering is more than just funding. We want to help businesses with things like marketing and sales and legal advice. That’s is extremely important. One of the things we agitated for with the self-starter programme was for support. It’s easy to give money but, as a young man who was 23-years-old at the time, I needed more than just money; I needed support.”

GOV’T REVIEWING ROAD TRAFFIC SYSTEM ROLL-OUT By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Minister of Transport yesterday said the Government has concerns over how the Road Traffic Department’s $9 million automated system was rolled-out, and is conducting a review of the matter. Addressing Parliament during the 2017-2018 Budget communication, Frankie Campbell said: “This government has concerns about the process and the manner in which this new system was rolled-out. I am

presently conducting a review of all that took place. The findings will be made public.” Mr Campbell added that the new vehicle licensing system, which was introduced in late October 2016, resulted in long lines and numerous complaints from motorists. The FNM had criticised the doubling in cost of the new Data Torque system, which was initially estimated at $4.5 million but then introduced at a cost of $9 million. The automated system eliminates handwritten

vehicle information discs, in a bid to streamline the licensing and registration processes. It is expected to make it easier for persons to license their vehicles and put an end to having to register the same vehicle every year. Mr Campbell added that $124,800 has been earmarked to pay 20 inmates at the Bahamas Department of Corrections to manufacture vehicle license plates. John R Wald Company Inc, a US industry leader in license plate manufacturing and distribution systems, has been selected to provide the software

and equipment at a cost of $750,000, with a $75,000 annual maintenance cost. On the unification of the busing system, Mr Campbell said three companies have expressed interest in managing the day-to-day operations of the pilot programme. The Government is aiming to kick-start a decade-long effort to unify New Providence’s jitney system with a $530,000 pilot project to demonstrate how the scheme will work, in an effort to boost the island’s “economic efficiency and sustainability”. The proposed unification

of the public bus system is part of the New Providence Road Improvement Programme (NPRIP), funded by the Inter­A merican Development Bank (IDB), which also involved the upgrading of New Providence’s road network. Mr Campbell also revealed that the Road Traffic Act will be amended. “The Act, in its present form, is a cumbersome document and lacking clarity. The new legislation will provide a modern framework for ground transportation, both public and private, to promote better and more safe transportation,” he said.

BAHAMAS TO HOST MAJOR AQUACULTURE CONFERENCE

THE Government has partnered with the African, Caribbean and Pacific (ACP) group of nations to host the fifth meeting of ACP ministers in charge of fisheries and aquaculture in Nassau this September. Some 40 international delegates will meet for talks on policy and strategic options for marine resources, leading to the development of a five-year action plan for member states. Representing the ACP group was Angela Mitchell, head of conference services, from the ACP Secretariat in Brussels. She met with the Ministry of Agriculture

and Marina Resources’ permanent secretary, Rena Glinton, on Tuesday, June 6. The planned meeting dates are September 18-22, 2017, at the Melia Nassau Beach resort. Delegates will focus on building resilient and productive marine ecosystems; ensuring effective fisheries management; ensuring sustainable use and trade of fisheries products; and promoting investments and innovations in the fisheries sector to improve socio-economic development. The conference will also discuss best practices to accommodate the realities of climate change.

PICTURED from left at the Ministry of Agriculture and Marine Resources are: Greg Burrows, senior economist; Rena Glinton, permanent secretary; Angela Mitchell, ACP Secretariat conference head; Edison Deleveaux, acting director, marine resources; and Angela Albury, deputy permanent secretary. (BIS Photo/GENA GIBBS)

$20M SPENT ON WESTERN WATER SUPPLY UPGRADES NEW Providence Water Development Company (NPWDCo) has spent almost $20 million over the past year upgrading its water supply infrastructure, with its reverse osmosis plant set to be completed later this summer. The upgrades include a move from the Mount Pleasant area to new office facilities in the Old Fort Bay Town Centre, next to Custom Computers, which officially opened last week. “Since the development of the Town Centre, the company has wanted its offices there,” explained NPWDCo president, Andrew Symonette. “Many of our customers pay their bills in person so they can now stop by on their way to do their shopping or on their way to work”. NPWDCo currently accepts payments by mail or bank transfer, but is working to establish an online payment service this year via a new website. It has launched a Facebook page to assist the growing company with its communi-

cations needs, providing updates in real time and online assistance for minor inquiries. “We live in a very tech driven world,” said Mr Symonette, “People want to be able to find information at any time, as well as view and pay their bills online. We encourage all our customers to visit our Facebook page, and like and follow us at https://www. facebook.com/NPWDCo/. There, we will advise of work upgrades, payment options and new projects.” NPWDCo has been the water and wastewater services provider for western New Providence since 1967. Through its service agreement with the Water & Sewerage Corporation, it continues to service residents in Lyford Cay, Old Fort Bay, Mount Pleasant, Serenity and the surrounding areas. The company’s upgrades are designed to not only improve the product quality and services, but also the ‘ease use of doing business’ and paying bills. “We have spent the

CONSTRUCTION has begun on a reverse osmosis plant in western New Providence. The project is being completed along with upgrades to older pipelines that currently service the Lyford Cay community. (Photo/MARK DACUNHA for Barefoot Marketing) last year investing almost $20 million in upgrades for the whole distribution network,” Mr Symonette said, “removing cast iron and galvanised pipework, and installing new pipework in areas prone to

leaks. In addition to this, we are nearing completion of a reverse osmosis desalination plant, greatly improving the quality of product for our customers.” Final work on the re-

verse osmosis plant is expected to be completed later this summer, at which point NPWDCo will produce and distribute potable water in line with World Health Organisation (WHO) standards.

PAGE 4, Tuesday, June 13, 2017

Baha Mar expat staff suffer claims reverse From pg B1 of the Baha Mar creditor payouts, which favoured former Bahamian staff, contractors and vendors over their foreign creditors. While Bahamian staff, and many companies, received 100 per cent of what was due to them, many foreign contractors, suppliers and vendors were offered ‘cents on the dollar’. This was made possible because the payouts took place outside the formal Baha Mar provisional liquidation and receivership processes, and outside the purview of the Supreme Court. China Export-Import Bank provided a $101 million fund to compensate Bahamian creditors, which was billed as an ‘ex-gratia’ payment - something it had no obligation to do, as the debts were liabilities of Baha Mar, not the secured creditor. Legal sources reiterated yesterday, though, that such discrimination in favour of Bahamian creditors would not have been possible had the payments been conducted under the supervision of Supreme Court-appointed liquidators/receivers. “I would imagine that the Government would wish to have the China Export-

Import Bank review it, because of the negative implications for the jurisdiction,” one contact explained of the expatriate staff’s fate. “It’s the whole issue of discrimination, and the implications for the jurisdiction. A liquidator has a duty to treat all creditors equally. If he can only afford to give people 10 cents on the dollar, that has to be given across the board. “You can’t carve out the Bahamian creditors and not pay the others.” They warned that the situation could undermine FDI and investor confidence that Bahamas-based investments will be secure, especially if Baha Mar’s former expatriate staff were to start ‘bad mouthing’ the jurisdiction via social media and other avenues. Ed Rahming, the Intelisys (Bahamas) partner and accountant, who is one of Baha Mar’s three liquidators, told Tribune Business yesterday they did not plan to appeal Justice Winder’s verdict. “We don’t plan to appeal it, and plan to move on with the liquidation,” he confirmed. This further confirms that Baha Mar’s former expatriate staff have little choice but to look

THE TRIBUNE towards China Export-Import Bank for payment of what is due to them, especially given that the former Baha Mar companies are insolvent and have no assets. Ex-employees contacted Tribune Business earlier this month to discover the fate of their demands, saying they had received “little to no information on our outstanding claims”. James Smith, the former Cabinet minister who headed the Baha Mar creditor payout committee, yesterday told Tribune Business it had set aside monies to pay the expatriate staff that were awaiting the Supreme Court’s decision. Hinting that this sum was not enough to make the former employees ‘whole’, Mr Smith said it would be up to the China Export-Import Bank to decide who to compensate, and by how much. “There were still some funds being held in escrow pending the outcome of this [court] decision,” he explained. “Bear in mind that what the committee did was reserve funds if the courts got involved. “We were not given a mandate to deal with the expatriates one way or the other. If the Export-Import Bank decided something can be paid to them, that can happen. It was an amount that was felt could still give something to the expatriates.” Mr Smith said the pay-

out committee, which had included representatives from the China Export-Import Bank, its Deloitte & Touche receivers and Baha Mar’s contractors, had effectively served to carry out the secured creditor’s instructions since it was providing the funding. Explaining that the committee had told to only focus on Bahamian creditors, Mr Smith added that its work was complete, and it had submitted a report on its activities to the Government and China ExportImport Bank. “I wish them luck,” he said of Baha Mar’s expatriate staff. Justice Winder’s verdict centred on the October 29, 2015, ‘crystallisation notice’ issued by Citibank’s Bahamas branch, acting as China Export-Import Bank’s agent. This converted the latter’s $2.45 billion loan debenture into a fixed charge security over Baha Mar’s assets, namely its properties and real estate. The liquidators, Mr Rahming and his UK counterparts, Nicholas Cropper and Alastair Beveridge, argued that because Baha Mar’s winding-up started in summer 2015 prior to the ‘crystallisation’ of the bank’s security, the expatriate staff held “preferential debts” that ranked ahead of the China Export-Import Bank in the creditors’ queue. These debts included

Electric auto dealer eyes ‘game changer’

$377m investment for BPL’s LNG conversion

From pg B1

From pg B1

government does eliminate duties on EVs, chargers and replacement batteries, it means that electric cars will be affordable for Bahamians. The cost savings will be reflected in the purchase price, but also allow Bahamians to dramatically reduce the daily cost of their transportation needs, which is a big deal for people on a budget. “Running an EV costs about 5 cents per mile in electricity here - almost a quarter of the cost of gasoline - and EVs can be charged from alternative renewable sources like solar. Now that BPL and URCA have agreed on a policy for implementation of home production of electricity from solar, we are fast approaching the day when people will produce their own power at home, and charge their EV in the garage using their own source of electricity. “The cost of maintaining and servicing a combustion engine completely disap-

pears with an EV, which has 1,000 fewer parts than a conventional car. There is no oil change or spark plugs, no radiator or transmission to deal with, so it is not only cleaner, but also cheaper, and EVs are so much simpler and easier to run.” Ms Farmer added: “The Government of the Bahamas currently has eight Nissan Leafs, as they have recognised the benefits not only for the environment, but especially to their budget. No gas expenses, very little maintenance and virtually no time off the road with service problems. “When the Government saves on their transportation expenses, and we reduce our need for expensive foreign oil, it benefits all of us who pay taxes. BPL has two Leafs, and has ordered two more, and they are committed to replacing all their fleet with EVs. They are also offering free charging at their Blue Hill Road headquarters for EV drivers.”

debt sustainability: The case of energy sector investments in the Caribbean’, noted that besides $39.3 million to convert BPL’s existing power plants to LNG, further investments of $60 million and $90 million are required to add an additional 40 MW by next year, and another 80 MW by 2023. That is just for generation conversion and expansion. The IDB data cited by the paper estimated that a $188.1 million investment will be needed to construct LNG regasification terminals and associated infrastructure in the Bahamas, which are another component of the New Fortress proposal that the Minnis administration is now considering. The figures cited by the IMF paper give an insight into the scale of the investment necessary to overhaul the Bahamian energy sector, with its authors describing LNG as a “viable” fuel source for the Bahamas and

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

2016/CLE/gen/01172

IN THE MATTER OF property comprised in an Indenture of Mortgage dated the 26th day of November A.D. 2008 between Sandra Dorsett of the one part and Commonwealth Bank Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 10757 at pages 519 to 540 BETWEEN

COMMONWEALTH BANK LIMITED AND SANDRA IRENE DORSETT

TO: Sandra Irene Dorsett

Plaintiff Defendant

TAKE NOTICE that: 1. An Originating Summons and Affidavit filed herein on the 24th November 2016 have been issued in the Supreme Court of The Bahamas by Commonwealth Bank Limited, the Plaintiff herein. 2.

AND THAT by an Order made in the Supreme Court by Deputy Registrar Camille Darville-Gomez in Supreme Court Action No. 2016/Cle/gen/01172 Common Law and Equity Division, it was ordered that service of the said Originating Summons and Affidavit and all other pleadings against the Defendant, Sandra Irene Dorsett be effected by way of this Advertisement.

3.

That the Court further Ordered that the existence of further proceedings be deemed to be served on you by way of similar advertisements

4.

You must within 14 days from the publication of this advertisement inclusive of the day of such publication, acknowledge service of the Originating Summons and Affidavit by filing a Memorandum of Appearance on the Attorneys, Messr. GrahamThompson whose name and address appear below, otherwise judgment may be entered against you. Dated the 25th May A.D. 2017 GRAHAMTHOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, Bahamas. Attorneys for the Plaintiff

five other Caribbean countries. The paper assessed whether public investment (capital spending) by the Government was justified to deal with major infrastructure weaknesses, especially if they were self-financing and led to GDP growth in the medium to long-term. With the Bahamian GDP stuck in ‘low growth’ mode despite Baha Mar’s impending opening, and the Government’s latest borrowing binge set to potentially add $722 million to the $7 billion-plus national debt, energy sector reform is becoming increasingly vital to turning this nation’s economic and fiscal prospects around. Reduced energy costs, and a more reliable supply, would improve the competitiveness and profitability of all Bahamian businesses and the wider economy, as well as stimulating increased consumer demand from greater disposable income. The IMF paper, released yesterday, estimated that the Bahamas’ energy requires $471 million in total investment, breaking this down into $150 million for upgrading existing power plants/building new ones;

“preferential employee claims for salaries, wages and gratuities” that were payable for the four months immediately prior to the start of Baha Mar’s winding-up. This, though, was challenged by the Deloitte & Touche receivers on the bank’s behalf. They argued that the ‘crystallisation’ occurred before the windingup and, as a result, “there is no entitlement for preferential debts to be paid.... in priority” to the China Export-Import Bank via the Companies Winding-Up (Amendment) Act 2011. Justice Winder found that the Baha Mar winding-up petitions were presented on August 7, 2015, prior to the ‘crystallisation’ notice. The liquidators argued that the winding-up started when the petitions were served, not when the Order was given, which was almost a year after the China Export-Import Bank’s security became ‘fixed’ on Baha Mar’s assets. The Supreme Court, though, ruled that it was the timing of the windingup Order, not the petition, that was critical in this case. Justice Winder ruled that a company was not being ‘wound up’ until a court Order was made, meaning that the law upon which the liquidators relied had “no effect”. “I am... not prepared to find that section 237 [of the Companies Winding-

Up (Amendment) Act 2011] operates to negate the proper crystallisation of a floating charge under the terms of a debenture in the event this takes place prior to the company being placed in liquidation,” Justice Winder found.

$251 million to introduce LNG facilities; and $70 million for renewable energy. The Bahamas’ capital needs were second only to Jamaica’s $740 million in the Caribbean, and were equivalent to 5.3 per cent of GDP against a backdrop of just 0.4 per cent annual economic growth from 2006 to 2015. Pegging annual debt servicing costs at $39 million should the Bahamas execute such reforms, the IMF paper said the investment would pay for itself if it delivered between a 7.1-8.3 percentage point reduction in BPL’s annual operating expenses over a 15-25 year period. “Energy investments in the Caribbean are an example where public investment projects could generate tangible cost savings to both cover financing costs and support long-run growth,” the IMF paper added. “A sustained reduction in the energy bill would deliver measurable long-run competitiveness and growth benefits, with favourable impact on public debt sustainability across most Caribbean economies. The estimated impact on long-run GDP following the passthrough of cost savings, net of debt service, yields a more favourable debt trajectory than the baseline in all Caribbean countries.” The paper’s authors

agreed that finding private sector investment remained a “first-best solution” for the Bahamas and other Caribbean nations, but warned that this nation’s small market size and limited economies of scale inevitably meant “substantial” government involvement. They found that the Bahamas’ relatively low debt-to-GDP ratio, in comparison to other Caribbean countries, meant it would be “safe” for the Government to finance the investment required - although this nation’s 2017-2018 Budget data may soon lead to a reappraisal of this position. Such investment, the IMF paper projected, would likely reduce the Bahamas’ debt ratio by a modest 4 per cent of GDP between 20192030, due to a combination of improved energy efficiency and growth triggered by the expenditure. “For public financing of energy investments to be feasible, the baseline debt trajectory needs to be sustainable,” the authors reiterated. “Even if the debt trajectory is not explosive, relying entirely on public investment financing in such highly indebted states would increase vulnerability to large macro shocks, including natural disasters, by reducing available fiscal space and capacity to borrow. “Hence, securing private sector financing of energy investments, where possible, would significantly improve the public debt path over the long run through reducing the initial rise in public debt load while retaining the long-run, growth-enhancing impact, provided that a significant share of the cost savings is reinjected into the economy—for instance, passed on to consumers in the form of lower electricity tariffs.”

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“Accordingly, if the floating charge has crystallised by the time that a company is in a winding-up, as occurred in this case, there is no scope for the preferential debts to be paid out of the secured assets, notwithstanding the making of the winding-up Order.” Justice Winder also rejected the liquidators’ argument that the ‘clock started running’ when they were appointed as provisional liquidators in September 2015, as this meant they were “merely caretakers preserving the assets in the event the company is actually placed into liquidation”. “In all the circumstances, therefore, I am unable to find that preferential debts may be paid out of the assets in priority to the nowcrystallised charge of China Export-Import Bank,” he added. The receivers were represented by Brian Simms QC and Sophia Rolle-Kapousouzoglou of Lennox Paton, while the liquidators were represented by Alfred Sears QC and V Moreno Hamilton.

THE TRIBUNE

Tuesday, June 13, 2017, PAGE 5

Minister wants Contractors Act that ‘makes sense’ From pg B1 the Minister told Tribune Business: “We have to determine whether there are any aspects of the Act that have to be reviewed. “it would be remiss of me to simply have the legislation come into effect without looking at the full content of the [Parliamentary] debate, and if there’s any issue of importance to professionals in the industry that was not considered. “One of my colleagues told me he raised an issue of importance to the profession.... At the time, we were the minority party, and if there were issues raised by our side that were important, it’s important for us to sit with the professionals and discuss it with them.” Mr Bannister was responding after Leonard Sands, the Bahamian Contractors Association’s (BCA) president, told Tribune Business on Friday that the industry was “waiting with bated breath” to see when the Act would be given effect. He said the appointment of the Board that will oversee the Construction Contractors Act is the last remaining obstacle to

YOUR

its implementation, and that the wait had left the sector “kind of in limbo” due to the uncertainty surrounding whether the new regulatory regime was in effect. Mr Bannister emphasised that he respected the views of Mr Sands and others, but said: “If there are amendments that have to be made, it’s sensible to make them rather than rush something into effect that could be corrected easily. “I certainly intend to respect industry professionals, do things in a certain way, and I will sit down with them, hear their views, look them in the eyes and see what they want from a regulatory perspective. “I’m not going to try and impose something on the profession,” he added, “but I want to know they’re going to the things that have to be done to ensure the legislation makes sense and is enforceable, and is something everyone is comfortable with before we bring it into effect.” The Construction Contractors Act promises to yield significant benefits for the industry, consumers and the wider Bahamian

economy if it functions as intended. For the Act, when implemented, will introduce a system of licensing and selfregulation, where Bahamian contractors are certified according to their qualifications and scale/scope of work they are capable of undertaking. This would place them on a ‘level playing field’ with foreign contractors, enabling them to better compete for multi-million dollar contracts on foreign direct investment (FDI) projects that come to the Bahamas because their capabilities are certified. The Act also includes provisions giving Bahamian consumers means of redress, and protection, against shoddy workmanship by so-called ‘cowboy contractors’ - something that has been a frequent complaint among residents. The construction industry is the last professional trade in the Bahamas to be regulated by statute law, and efforts to finally achieve this are now into their fourth administration. The Act is similar to those regulating the engineering and architect professions, in that it will self-regulate contractors via a Board comprised of members from both the private and public sectors.

CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019

PAGE 6, Tuesday, June 13, 2017

Govt urged to ‘stay out’ of deal-making From pg B1 to be far more visionary in its approach to economic and investment construction in the Bahamas. I encourage it to adopt a far more free market, free enterprise approach to the economy, in which the Government does not get involved in business deals involving foreigners or Bahamians. I think the Government should allow free market forces to initiate and motivate commercial transactions.” Mr Smith was responding after Kwasi Thompson, minister of state for Grand Bahama, pledged that the Minnis administration would eliminate the practice of Freeport/Grand Bahama investments having

to be approved in Nassau, as well as by the GBPA, in a bid to reduce bureaucracy and ‘red tape’. “It makes no sense to me… to file documents within the Office of the Prime Minister in Nassau, and have someone in Nassau do the processing, and do the follow-up in Nassau when we are quite capable of doing that here in Grand Bahama,” he said recently. “It is our hope that business deals will become increasingly easier to facilitate if an investor does not have to go through Nassau, at least at the processing level.” He promised that a unit of the Bahamas Investment Authority (BIA), which operates out of the Prime

THE TRIBUNE Minister’s Office, would be established in Freeport to process and approve projects specific to Grand Bahama. Mr Smith, though, argued that this was unnecessary, and that the Minnis administration merely needed to revert to the GBPA’s ‘onestop shop’ approval model as laid out by the Hawksbill Creek Agreement. He added that the Government frequently became bogged down in approving deals such as the acquisition of one acre of land, or the creation of a business employing five persons, and as a result lost sight of “the bigger picture” regarding the economy. The Freeport-based QC said the Government should instead focus on regulating commerce for the benefit of consumers and Bahamian citizens via existing statutory agencies, although some will argue

that regulation of Immigration and foreign investor projects will have to remain under its purview. “I think the Government should provide the funds, the human resources and the technical skills to the many statutory bodies that exist under legislation,” Mr Smith told Tribune Business, “and which deal with the quality of services, which deal with standards, which deal with the environment and health, and competition issues. “The citizens of the Bahamas have not elected MPs in Parliament for their business acumen or their expertise in an investment capacity. The challenge the Bahamas has faced for many decades is the involvement of politicians, who may be well-meaning and well-intentioned, but don’t have a financial stake in or understanding of the business.”

Effectively calling on the Government to ‘leave the deals to the dealmakers’, Mr Smith said that its continued participation “in wheeling and dealing guarantees the Bahamas will continue to struggle economically, especially in Freeport, where we have central government oversight of every single deal, GBPA oversight of every single deal, and the involvement of local government licensing authorities. “No matter what we do in Grand Bahama, unless the Government allows the GBPA and Grand Bahama Development Company (DevCo) to be the one-stop shop development and promotional authority, there will never again be a boom in Freeport, the likes of which occurred in the 1950s,1960s and 1970s. “I urge the Government to get out of the deal-making part of investing. Stay

out of the business deals, oh government, and let the business people who would have the profit impetus run the show while you regulate.” Mr Smith added that by staying outside commercial transactions, the Government was telling the private sector to “make it happen”, and freeing itself up to hold the likes of the GBPA and DevCo to account. “In dealing with the GBPA and DevCo, the Government has entered into an agreement with them to be the developer, be the promoter, be the one-stop shop authority, and go out and make the change,” he told Tribune Business. “There’s nothing better to make the deals than to have people who are firmly invested in the success of the business transaction, creating it and giving birth to it.”

US stocks fall further as technology tumble continues By MARLEY JAY Associated Press

NEW YORK (AP) — U.S. stock indexes are declining Monday as technology companies continue to sink. However energy companies are climbing with the price of oil. General Electric is jumping after the conglomerate said CEO Jeffrey Immelt will step down. Investors are selling some of the bestperforming stocks of the year and buying companies that have struggled by comparison. KEEPING SCORE: The Standard & Poor’s 500 index sagged 8 points, or 0.3 percent, to 2,423 as of 12:15 p.m. Eastern time. The Dow Jones industrial average, which closed at a record high Friday, lost 69 points, or 0.3 percent, to 21,202. The Nasdaq composite dropped 46 points, or 0.8 percent, to 6,161. The Russell 2000 index of small-company stocks edged down 2 points, or 0.2 percent, to 1,419. TECH SELL-OFF: Big-

name technology companies continued to fall. The stocks gave up a month of gains Friday, and on Monday, Apple shed $4.03, or 2.7 percent, to $144.95 while Google parent Alphabet lost $13.16, or 1.4 percent, to $956.96. Facebook fell $1.79, or 1.2 percent, to $147.81 while Microsoft sank $1.15, or 1.6 percent, to $69.17. Technology stocks have done far better than the rest of the market this year and were trading close to all-time highs before Friday’s drop. The S&P 500 technology index shed 2.7 percent Friday, one of its worst drops of the year. IMMELT DOWN: GE said Immelt would step down after 16 years running the company. John Flannery, the head of GE’s health care division, will take over the post in August. Immelt will remain GE’s chairman until the end of this year. In recent years GE has sold or split off numerous businesses, including its financial services division, and focused on new technologies as it

returned to its roots as an industrial company. GE stock gained $1.08, or 3.9 percent, to $29.03. ENERGY: Benchmark U.S. crude added 54 cents, or 1.2 percent, to $46.37 a barrel in New York. Brent crude, used to price international oils, added 46 cents, or 1 percent, to $48.61 a barrel in London. Among energy companies, Exxon Mobil rose 80 cents, or 1 percent, to $82.93 and Chevron picked up $1.35, or 1.3 percent, to $107.75. IT’S GETTING BETTER: Investors took a new look at some groups of companies that haven’t done that well in 2017. That included phone companies, as AT&T picked up 22 cents to $39.01 and Verizon gained 43 cents to $47.15. The S&P 500’s telecom index is down about 9 percent this year and energy companies are down 11 percent. Real estate companies have lagged the market as well, and they, too, climbed on Monday. Some of the best-performing stock groups trad-

TRADERS TOMMY KALIKAS, left, and Patrick Casey work on the floor of the New York Stock Exchange yesterday. (AP Photo/Richard Drew)

ed lower. That included health care, consumer-focused companies and basic materials makers. FED ON DECK: The Federal Reserve will meet Tuesday and Wednesday, and investors expect the central bank to raise interest rates for the third time since December. BONDS: Bond prices turned higher. The yield on the 10-year Treasury note fell to 2.19 percent

from 2.20 percent late Friday.

position in its exit talks with the European Union.

CURRENCIES: The dollar fell to 109.70 yen from 110.20 yen. The euro rose to $1.1202 from $1.1195. The British pound continued to fall. It slid to $1.2655 from $1.12724 following the U.K.’s general election, which left the Conservative party with a weaker hold on the government that could affect the country’s bargaining

OVERSEAS: European stocks also stumbled. France’s CAC 40 dropped 1.1 percent while Germany’s DAX shed 1 percent. Britain’s FTSE 100 lost 0.2 percent. The benchmark Nikkei 225 in Japan slipped 0.5 percent and South Korea’s Kospi declined 1 percent. The Hang Seng of Hong Kong lost 1.3 percent.

OPEL CEO STEPS DOWN AHEAD OF SALE TO FRENCH RIVAL By DAVID McHUGH Associated Press FRANKFURT, Germany (AP) — The head of France’s PSA Group, the maker of Peugeot and Citroen cars, says his goal is to see Opel make money by 2020 — but he’ll be doing it without Opel’s CEO KarlThomas Neumann. Neumann is stepping down ahead of the completion of the unit’s sale by General Motors to PSA. Opel said in a statement Monday that Neumann was leaving his post as CEO immediately but would remain a member of top Opel management until the sale goes through. Neumann was replaced by the chief financial officer, Michael Lohscheller. The company said Lohscheller’s appointment would “ensure continuity” and a “seamless managerial transition” as Opel builds a new strategic plan for its future under PSA Group ownership. PSA Group CEO Carlos Tavares was quoted as saying by the Frankfurter Allgemeine Zeitung daily that Opel had to become profitable by 2020 in order to generate the cash needed to invest in new models, markets and ideas. The goal is to have Opel reach PSA’s levels of profitability — 6 percent operating profit margins — by 2026. Tavares stressed that Opel needed to remain a German brand, and likewise with its

right-hand-drive Vauxhall models sold in Britain. “The more German Opel is, and perceived to be, and the more British the sister company Vauxhall is, the more they complement our brands Peugeot, Citroen and DS,” he was quoted as saying. Formally called Adam Opel GmbH, the German company has scored successes like its Mokka small SUV but has tended to lack models that bring high pervehicle profits. As a massmarket carmaker, mainstay offerings in the lower price categories such as its small Adam city car and Astra compact face a tough European market with lots of competitors. The company has also struggled against strict worker protections that have slowed efforts to reduce costs and lessen underused factory capacity. General Motors announced in March it would unload Opel and its Vauxhall brand for $2.3 billion after losing money in Europe for years. The deal will make PSA the No. 2 European automaker after Volkswagen. “It was a difficult personal decision not to continue with the Opel/Vauxhall team when it transitions to Groupe PSA,” Neumann said in the company statement. “I am committed to completing this transaction and will then take some time to decide what is next for me.”

NOTICE

NOTICE is hereby given that FELIX ORVIL of #23 Wilson Tract, 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 6th day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Tuesday, June 13, 2017, PAGE 7

China auto sales fall 2.6 pct in May; SUVs up 13.5 pct BEIJING (AP) — China’s auto sales shrank for a second month in May amid weak demand following a rise in the sales tax, an industry group reported Monday. Sales in the world’s biggest auto market by number of vehicles sold contracted 2.6 percent from a year earlier to 1.75 million vehicles, according to the China Association of Automobile Manufacturers. Purchases of SUVs rose 13.5 percent 715,000, helping to offset a 9.3 percent plunge in

sedan sales to 839,000. Sales last year rose 15 percent from 2015 after a 10 percent sales tax on small-engine vehicles was cut by half. Demand weakened after part of that tax was restored in January, raising it from 5 percent to 7.5 percent. Total sales for the first five months of this year rose just 1.5 percent from a year earlier, according to CAAM. Sales of plug-in and hybrid electric vehicles in May rose 28.4 percent to 45,000.

A WORKER carries glass panels as he works along a truck assembly line at an automotive plant in Fuyang in central China’s Anhui province. China’s auto sales shrank for a second month in May amid weak demand following a rise in sales tax, an industry group reported Monday. (Chinatopix via AP)

— General Motors Co. said sales of GM-brand vehicles by the company and its Chinese manufacturing partners rose 9.5 percent from a year earlier to 294,425. It said Cadillac sales rose 65 percent to 14,154. — Ford Motor Co. said its sales declined 3 percent to 87,733. Sales for the first five months of the year were 436,961. — Nissan Motor Co. said its sales rose 5.7 percent to 112,085. Year-to-date sales were 531,756.

QUARTER ENDED APRIL 30, 2017

Dear Shareholder, On behalf of the Board of Directors of Doctors Hospital Health System, I report on your company’s financial results for the three months ended April 30, 2017. Consolidated net profit for the three months was $1,633,560 compared to a profit of $675,526 for the comparable period in fiscal 2017. Doctors Hospital (Bahamas) Limited’s profit was $ 1,918,693 compared with $951,351, and Bahamas Medical Center’s loss was $(285,133) compared with $(275,825). Consolidated net patient revenue increased $1,297,920 or 9.9% over the 1st quarter last year. Total inpatient days are up 17.9%. Consolidated expenses increased $324,442 or 2.5%, over the comparable period last year. The Board joins me in thanking our valued shareholders, for your continued support and loyalty to the Hospital. We extend an invitation for you to join us at our Company’s Annual General Meeting on June 27, 2017 at Doctors Hospital’s Conference Center on Dowdeswell Street. JOSEPH KRUKOWSKI CHAIRMAN May 19, 2017

PAGE 8, Tuesday, June 13, 2017

THE TRIBUNE

TREASURY: TRUMP HAS PLAN IF DEBT LIMIT NOT RAISED BY AUGUST By ANDREW TAYLOR Associated Press WASHINGTON (AP) — The Trump administration has a backup plan to keep the government from defaulting on its financial obligations even if Congress misses an August deadline to raise the debt limit, Treasury Secretary Steven Mnuchin told a congressional panel Monday. Mnuchin had previously set an August deadline for the federal government to avoid a catastrophic default. Mnuchin said he still prefers that Congress increase the government’s authority to borrow before lawmakers leave on a five-week break in August. However, he said he is “comfortable” that the Treasury Department can meet the government’s financial obligations through the start of September. Private analysts say Mnuchin probably has even greater leeway. “If for whatever reason Congress does not act before August we do have back up plans that we can fund the government,” Mnuchin said without elaborating. “So I want to make it clear that that is not the timeframe that would create a serious problem.” The federal government technically hit the debt limit in March, but Treasury has been using accounting steps known as “extraordinary measures” to avoid a default. Shortly before Mnuchin testified, a Washington think tank projected that despite the slowdown in revenues, the government will have enough cash to pay its bills until October or November. The Bipartisan Policy

Center says that revenue results from this month’s quarterly tax payments could clarify the deadline, but for now it forecasts that Mnuchin has sufficient maneuvering room to keep the government solvent into the fall. The policy center says a big Oct. 2 payment into the military retirement trust fund could trigger default. As of Friday, the Treasury had a cash balance of $148 billion, down from $204 billion a month ago. The national debt is nearly $20 trillion, including money owed to several federal programs. Raising the debt limit has become a politicallycharged vote in Congress, even though economists believe that an unprecedented default would catastrophic for the economy. Republicans, who control Congress and the White House, are struggling to come up with a strategy to raise the debt limit, with some GOP members demanding spending cuts in exchange for their vote. But since Republicans have many members who simply refuse to vote for a debt increase, GOP leaders such as Speaker Paul Ryan of Wisconsin may have no choice but to seek help from Democrats, who are demanding that any debt limit hike be “clean” of GOP add-ons. Lawmakers are trying to deal with the debt limit while at the same time a House panel is beginning work on spending bills to fund the government. Republicans controlling the House are taking the first steps to approve President Donald Trump’s big budget increase for veterans’ health care and the Pentagon.

TREASURY Secretary Steve Mnuchin takes his seat to testify at a House Appropriations subcommittee hearing on the budget, on Capitol Hill on Monday. (AP Photo/Alex Brandon)

Fed is set to raise rates this week despite political tumult By MARTIN CRUTSINGER Associated Press WASHINGTON (AP) — The Washington political world is in disarray. Britain’s election tumult has scrambled the outlook for Europe. And economies in the United States and abroad are plodding along at a pace that hardly suggests robust health. Yet when the Federal Reserve meets Wednesday, it’s all but sure to raise its benchmark interest rate for the third time in six months — a pace the Fed would normally adopt when it’s trying to slow an economy at risk of overheating. So why the rush to keep raising rates? Even with the economy growing sluggishly, the barometers the Fed studies most closely have given it the confidence to keep gradually lifting still-low borrowing rates toward their historic norms. Though the Fed monitors the overall economy, its mandates are to maximize employment and stabilize

prices. And hiring in the United States remains solid if slowing, with employment at a 16-year-low of 4.3 percent — even below the level the Fed associates with full employment. Inflation has been more problematic, having long stayed below the central bank’s 2 percent target rate. But Fed officials have said they think inflation, which has recently slowed further, will soon pick up along with the economy. That said, no one expects the Fed to turn aggressive. If nothing else, the political fights and uncertainty in Washington — over investigations into Russia’s ties to President Donald Trump’s campaign, health care legislation, tax cut proposals and about whether Congress will raise the nation’s borrowing limit and pass a new budget — could lead the Fed to raise rates more slowly than it otherwise would. “We are looking at a very messy summer in terms of policy in general, and that may cause the Fed to retreat to the sidelines for a while,” said Diane Swonk, chief

MARKET REPORT MONDAY, 12 JUNE 2017

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

BISX ALL SHARE INDEX: CLOSE 1,867.65 | CHG -6.61 | %CHG -0.35 | YTD -70.56 | YTD% -3.64 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.56 8.60 6.10 10.60 14.49 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.40 17.43 8.19 3.50 1.64 0.12 3.80 8.35 5.70 10.05 10.02 2.18 1.31 5.80 7.55 8.56 7.30 6.35 11.92 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

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.49 1.67 1.58 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.22 15.85 9.09 3.60 1.64 0.12 4.05 8.60 6.00 10.52 10.50 2.52 1.55 6.00 9.75 9.00 9.75 6.90 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.05 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.64 0.12 4.05 8.60 6.00 10.51 10.02 2.60 1.56 6.00 9.75 9.00 9.75 6.90 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 -0.48 0.08 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.17 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.12 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

16,242 60,815 3,000 3,045

VOLUME

NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.444 0.932 -0.510 0.383 -1.117 0.000 -0.406 0.587 0.550 0.540 0.570 0.102 0.197 0.753 0.762 0.330 0.820 0.600 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.400 0.000 0.330 0.140 0.620 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 0.000

P/E 9.5 17.0 N/M 9.4 N/M N/M -10.0 14.7 10.9 19.5 17.6 25.5 7.9 8.0 12.8 27.3 11.9 11.5 17.9 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 0.0

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% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

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

YIELD 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 5.69% 2.31% 3.85% 4.83% 4.10% 0.00% 3.38% 2.03% 4.96% 0.00%

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

FEDERAL Reserve Chair Janet Yellen looks at documents while waiting to speak at the Federal Reserve System Community Development Research Conference in Washington. When the Federal Reserve meets Wednesday, June 14, 2017, it’s all but sure to raise its benchmark short-term interest rate for the third time in six months. (AP Photo/Cliff Owen, File) economist at DS Economics of Chicago. Uncertainty also surrounds the Fed’s policy committee’s membership. Trump is expected soon to fill three vacancies on the Fed’s influential board, and those new members, depending on who they are, could alter its rate-setting policy. Given all that isn’t known, some analysts say an additional rate hike that they had expected in September, to follow the increase they foresee this week, might not happen until December. “I don’t think there will be any retreat from the Fed’s desire to stay on course for gradual increases in interest rates, but the frequency of the increases may be spaced out over a longer period,” said Sung Won Sohn, an economics professor at the Martin Smith School of Business at California State University. The CME Group’s tracking gauge shows that market traders see a 96 percent probability that the Fed this week will raise its target for the federal funds rate — the interest that banks charge each other — from a range of 0.75 percent to 1 percent to a range of 1 percent to 1.25 percent. The Fed had kept its benchmark rate at a record low near zero starting in late 2008 to try to boost consumer and business borrowing and lift the country out of the worst downturn since the 1930s. It raised the rate modestly in December 2015, then waited a year do so again. It acted again in March and has projected a total of three rate increases this year. Fed officials have said they think the economy, now entering its ninth year

of expansion, no longer needs the ultra-low borrowing rates they has been supplying. Besides stepping up its pace of rate increases, the Fed has also signaled that it’s pondering a plan to begin reducing its enormous portfolio of bonds. At the depths of the recession, the Fed began buying Treasury and mortgage bonds to try to depress long-term loan rates. That effort resulted in a five-fold increase in its portfolio to $4.5 trillion. In a statement the Fed will release Wednesday — and in a news conference by Chair Janet Yellen to follow — officials may begin to disclose details of how they will begin to pare the bond portfolio, likely by slowing the reinvestment of maturing bonds. The Fed has been buying bonds to replace those that are maturing and to keep its balance sheet from shrinking. Some analysts have suggested that the Fed will eventually allow a small amount of bonds to mature without being replaced — an amount that would gradually rise as markets adjusted to the process. Some news reports have mentioned leading candidates to fill the three vacancies on the Fed’s seven-member board. They include Randal Quarles, a top Treasury official in two past Republican administrations, for the vice chairman’s job of overseeing bank regulation. Marvin Goodfriend, an economist at Carnegie Mellon University, has been mentioned for another board spot, and Robert Jones, chief executive of Old National Bancorp in Indiana, reportedly is a candidate for a board seat designated for a community banker.

ADMINISTRATION LOOKS TO CURB CFPB POWERS, CHANGE BANK RULES WASHINGTON (AP) — The Trump administration is proposing to curb the authority of the consumer finance watchdog created following the economic crisis as it drives toward easing restrictions on banks and financial institutions. The Treasury Department issued Monday the first part of a review that was ordered by President Donald Trump in one of his earliest acts as president. The report reviewing the Dodd-Frank financial over-

sight law also urges changes to rules for banks that were put in place under the 2010 law. The law was enacted by President Barack Obama and Democrats in Congress to tighten regulation after the 2008-09 financial crisis that sparked the Great Recession that cost millions of Americans their jobs and homes. Treasury Secretary Steven Mnuchin said regulations have to be improved to promote economic growth.

THE TRIBUNE

Tuesday, June 13, 2017, PAGE 9

B O DY A N D M I N D

Celebrating Layla Fun run/walk raises funds to support nine-year-old’s bone marrow transplant By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net “CELEBRATE Life” was the theme for a special fun run/walk held last Saturday in honour of a little girl, Layla Riley, who has been battling sickle cell disease. The emotional fundraiser, which saw a satisfactory turnout, sought to raise money to support a bone marrow transplant for nine-year-old Layla as well as increase awareness of the red blood cell disorder. Her mother, the widowed Tamara Riley, describes Layla as “an ordinary girl” who loves to ride her bike, watch TV and who enjoys a good laugh. She is also the little darling at her church. Her biggest challenge in life comes from living with sickle cell disease, a severe hereditary form of anaemia. In 2016, Layla received a lifesaving bone marrow transplant in the United States. Around her 140th day post-transplant, in December 2016, she received great news – she was clear to travel home to the Bahamas. It was a perfect Christmas reunion with family and friends. Then, in January of this year, with her doctor’s permission, Layla was allowed to return to school for half days. Unfortunately, her almost carefree days did not last long. In February, Layla began to complain about tummy aches and her appetite started to diminish. Her mother immediately alerted her doctors in Miami. They quickly advised her to bring Layla for a visit. With their luggage packed once again, unsure of their return, Layla and her mother were on the flight the following day. Layla was admitted for a twentyfour hour surveillance as doctors suspected Layla may be experiencing Graft Versus Host Disease (GVHD). Those apprehensive twenty-four hours eventually became eight weeks. In April, she was finally discharged with strict instructions to remain in the US in close proximity to Nicklaus Children’s Hospital for a year, for weekly visits and in the case any emergency care is required. “On a daily basis she is administered medication through her PICC (a peripherally inserted central catheter) line, pricked on her finger

“It has been a long road leading to this point, but there is light at the end of the tunnel and I am hopeful that the worst is behind us.”

to test her sugar level, and wears a mask to cover her nose and mouth when she is in public. Layla is out of hospital and hopes to enrol in school in the Fall in Miami under certain conditions. In addition, she will undergo physical, occupational and speech therapy,” Ms Riley told Tribune Health. Layla is resilient and is determined to get well and live a normal life. As for her mother, it is simply amazing for her to see her young daughter cope with all the medical procedures and never complain or make demands. “I long for the day that she is given a clean bill of health. This would mean that her immune system is strong. I look forward to being back in the Bahamas, in my own home with a 9 to 5. Simply put, I long for a normal day for Layla and I. Being unemployed and really unable to work, my financial demands is great as a widow, having to meet rent and living expenses in Florida as well as ongoing expenses in Nassau. It has been a long road leading to this point, but there is light at the end of the tunnel and I am hopeful that the worst is behind us,” she said. Regarding the turnout for last weekend’s fun run/walk, Ms Riley said she felt like people truly cared. This was the second year the event was held and it drew close to 350 participants. “I felt like they understood the struggle. There was a participant with Stevens-Johnson syndrome and another disabled, and these persons said. ‘I am here to walk for Layla.’ Persons wanted to know more about Layla and her condition. They wanted to know what is next for her and what else she needs. That really moved me and I am truly pleased that persons came out and wanted to do it for the cause,” she said. Ms Riley said Layla longs to be back in the Bahamas to spend time with her grandparents and do ordinary things most kids her age take for granted, like going go the beach. “As for me, my motivation is seeing my baby get well. My love for her motivates me to do whatever it takes to ensure that her health is improving daily. It’s nothing short of a miracle of how we each draw great strength from the other. Once I am there, Layla is fine, even during her most difficult time. Knowing fully the status of Layla’s condition and immediate and effective actions being taken keeps hope alive. The progress Layla continues to make is enough to keep me motivated,” she said. For more information or to pledge support, visit Layla’s Go Fund Me page at https://www.gofundme.com/ laylariley or call 424-4699, 376-1350.

Social jet lag and how to beat it STAYING up and waking up an extra hour or two later on the weekend can wreak havoc on your sleep and mood. It’s known as ‘social jet lag’ and researchers now believe it can impact your health. The results of the research show that for each hour of social jet lag, there is an 11 per cent increase in the likelihood of heart disease. The findings are independent of sleep duration and insomnia, which are related to both social jet lag and health. Dr Michael A Grandner, director of the Sleep and Health Research Programme, led the research team. They researched data from the community-based Sleep and Healthy Activity, Diet, Environment, and Socialisation (SHADES) study. Survey responses came from 984 adults between 22 and 60 years old. “These results indicate that sleep regularity, beyond sleep duration alone, plays a significant role in our health,” said lead author Sierra B Forbush, an undergraduate research assistant in the Sleep and Health Research Programme at the University of Arizona in Tucson. “This suggests that a regular sleep schedule may be an effective, relatively simple, and inexpensive preventative treatment for heart disease as well as many other health problems.” According to Shelby Freedman Harris, director of Behavioural Sleep Medicine at Montefiore Medical Centre in New York City, social jet lag is becoming more widespread. “It isn’t necessarily a sleep disorder that we would

“Light helps to keep your circadian rhythm in check and it helps diminish melatonin levels — a hormone that makes you sleepy and comes out in darkness,” explains Ms Harris.

Study points to health risks

• Limit drink nights

Bettyjoe Cooper actually diagnose someone with clinically, but it is a trend where we notice that people aren’t sticking with the same sleep-wake schedule every day,” Ms Harris explains. Those late Friday and Saturday nights and long weekend sleep-ins can disrupt our body clocks. It can explain why we often feel grumpy on Monday mornings since our bodies have trouble adjusting to our ‘regular’ sleep time. “All of this happens because we’re messing with our circadian rhythm — that internal body clock that governs our sleep/ wake times, as well as our appetite. Think of staying up past your usual bedtime as having a similar effect on your body as jet lag after travelling. You’re putting your

SLEEPING in late after a late night out disrupts your circadian rhythm and can affect your health in the long run. body into a different time zone when you sleep late on Saturday and Sunday,” she said. Come Sunday night, your internal clock has a tougher time readjusting to your normal weekday schedule. Then along comes that Sunday night insomnia. “You eat on a different schedule on the weekends, exercise differently and get light exposure later — all of this delays the circadian rhythm,” said Ms Harris. Here are some tips to overcome social jet lag so you don’t have the Monday morning blues:

• Sleep well

Try to avoid having a sleep debt to make up by the weekend. Get a solid night’s sleep during each of the weeknights.

• Nap

If you are planning a late night, take naps of no longer than 20

minutes before 2pm, the day before and after. This will ensure that your sleep routine is not messed with.

• Don’t sleep in on the weekends

Yes, this will be hard. According to Ms Harris, sleeping late on both Saturday and Sunday after both late nights is a no-no. Doing so can make adjusting to your regular sleep schedule more difficult come Sunday evening.

• Move

Force yourself to do some exercise, at the gym or even a walk shortly after waking up. You’ll be less tempted to jump back in bed after breakfast.

• Get some daylight

Open the curtains and get some sun first thing. Enjoy breakfast by a window and then go outside.

According to Ms Harris, you’re better off drinking alcohol one night over the weekend, rather than both. Excessive booze can worsen the quality of sleep, worsening the social jet lag effect of sleeping in.

• No coffee after 2pm

We know coffee contains caffeine which can kick-start our day. And it’s good for you. But avoid it after 2pm otherwise you risk it interfering with your sleep that night. In conclusion: Catching an extra hour or two of rest on the weekends isn’t the worst thing ever. And nobody is suggesting you don’t have a social life. “But if you are someone who has sleep problems on Sunday nights or during the workweek, keeping a more consistent wake time is really key,” advises Ms Harris. “The bedtime is important, but waking up at the same time is even more important.” • Bettyjoe Cooper is an author and founder of Brand New Mattress Company in Nassau. For more useful information and sleep tips, check out her blog at www.brandnewmattress.com.

PAGE 10, Tuesday, June 13, 2017

THE TRIBUNE

WALKING TO VICTORY: First place walker David Prabhu poses with REACH Directors.

RUNNERS TAKE YOUR MARK: Hundreds assemble at the starting line of the second REACH Fun, Run, Walk held May 27.

HUNDREDS RAISE THOUSANDS FOR AUTISM AT REACH FUN RUN/WALK

HUNDREDS participated in the second REACH Bahamas fun run/walk held at 6am on Saturday, May 27. The race raised more than $3,000 for the non-profit, which serves as the Bahamas’ resource and educational source for autism spectrum disorders (ASD) and other related challenges. Proceeds from the event will be used to fund REACH initiatives, including ongoing therapy and a summer camp for children affected by ASD. “The fun run/walk supports our initiatives, which are to provide children with ASD access to both early intervention and ongoing resources,” said Marcia Newball, REACH executive director. “This includes advocating on behalf of the autism community and providing support and resources to parents of children with ASD and educating caregivers, teachers, health-care personnel and the public about autism.” The four-mile route started at Montagu Beach and continued West to the Sir Sidney Poitier Bridge, over the bridge to Paradise Island and back to Montagu Beach. A total of 30 winners were announced in various categories. Trophies were awarded to the first, second and third place winners in the male and female walkers and runners categories, further broken down into five age groups. The oldest and youngest participants were also given special prizes. “It was truly an amazing event as we painted the street blue in support of REACH Autism Bahamas,” said David Prabhu, the first place walker. “Eve-

Non-profit to provide free therapy and summer camp for children with autism rything was well planned and executed. We are already making plans for 2018.” In addition to the race, participants enjoyed free samples at booths sponsored by Asa H Pritchard, AML Foods, Thompson Trading and Coca Cola. Rubis, the title sponsor of the event, provided REACH branded backpacks that contained a REACH T-shirt, water bottle and other paraphernalia. “We understand the challenges that parents face with limited resources and that outcomes can improve with early intervention. We support REACH in creating a national awareness and acceptance of Autism,” said Latia Duncombe, sales and marketing manager for Rubis Bahamas Limited. “Rubis is committed to supporting social and educational development in the Bahamas.” Rubis has provided substantial support to REACH for several years. Their financial support was instrumental in completing renovations to the Resource Room at REACH’s headquarters on the Queen’s College campus, Village Road. Now completed, the Resource Room – outfitted with tools and equipment to help children affected by ASD with their developmental needs – serves as a functional space for much needed therapy. REACH’s first raffle was held immediately following the fun run/walk. Fifteen prizes were raffled off, in-

cluding island getaways, dinners for two and the grand prize of one year’s free gas donated by Rubis. Raffle winners will be published in the daily newspapers and winners will have until June 30 to collect their prizes from the REACH office, located on the Queen’s College Campus. There is no medical treatment for ASD, however, research has shown that early intervention and appropriate education and vocation training provide children with ASD the best chance at meeting their full potential. Access to screening and therapy is critical and, unfortunately, many parents with special needs children simply do not have the financial means to undertake. “Funding and access to trained therapists are the greatest challenges for REACH because it hampers our efforts to assist children with ASD,” said Ms Newball. The public can assist by donating resources – both monetary and in-kind – as well as by volunteering their time to REACH programmes. REACH holds periodic training sessions for volunteers who would like to help. Interested persons can call the REACH office at 3284123 or e-mail reachautismbahamas@yahoo.com. Financial donations can be made at any branch of Scotiabank to account number 591054546160 or physically dropped off at the REACH office.

It’s a plastic world PLASTIC – we all use it every day. It is lightweight, practical, readily available and cheap. There are many different types and it can come in just about any shape, colour and size. It is so convenient that not many of us cannot imagine life without it. But what is plastic? How is it made? Does it affect our health and environment? And what happens to it when we no longer want it? The term ‘‘plastic’’ is derived from the Greek word ‘‘plastikos’’, meaning fit for moulding, and ‘‘plastos’’, meaning moulded. Throughout history, many attempts were made to produce something like plastic. But the big breakthrough came in 1907 with the invention of Bakelite by the Belgian-born American Leo Baekeland. However, plastic, as we know it today, didn’t really take hold until the 1950s, when it started to become a popular, indispensable household item. The majority of our modern day plastics are made from petrochemicals, more specifically oil. In fact, around 10 per cent of the annual global oil production is used to produce plastic goods. All plastics are man-made and it is a toxic process which requires combining different chemicals, colourants, flame-retardants, plasticizers and many other ingredients, most of which are carcinogenic. Every year, around 300 million tonnes of plastics are manufactured globally, and the number is rising as more people embrace the consumer lifestyle. Unfortunately, most of these plastics produced are single use and are discarded soon after purchase. According to the Worldwatch Institute, the average person living in Western Europe or North America consumes 220 pounds of plastic each year, mostly in the form of packaging. Worldwide, a trillion single-use

As New Providence continues to feel the effects of the recurring fires at the landfill, and a general increase in litter throughout the island, The Tribune’s newest columnists Laura Paine and Julia Tomlinson will take turns in hopefully inspiring readers to do their part in reducing the country’s waste. This week, Julia takes a closer look at worldwide plastic pollution.

Good to know

Julia Tomlinson plastic bags are used each year, nearly two million each minute and 90 per cent of all litter floating on the ocean’s surface is plastic. Approximately 10 to 20 million tonnes of plastic end up in the oceans each year. A recent study conservatively estimated that 5.25 trillion plastic particles weighing a total of 268,940 tonnes are currently floating in the world’s oceans. And most of plastic now in the oceans was originally dumped on land. Animals such as seabirds, turtles, whales and dolphins become entangled in plastic matter and floating plastic items. It takes many years, or even centuries, for plastic debris to break down. When plastic does break down it doesn’t biodegrade, it simply becomes smaller pieces called mi-

cro plastics. These micro plastics, as they become smaller, are consumed by marine life and cause toxic chemicals to enter the food chain. It is estimated that by 2050 the world’s oceans could contain more plastic than fish. Unfortunately, plastic pollution affects all corners of the world, even the most remote and untouched by people. Recently, BBC News published an article about Henderson Island, a tiny landmass in the eastern South Pacific that has been found by marine scientists to have the highest density of garbage recorded anywhere in the world, with 99.8 per cent of it being pollution plastic. The nearly 18 tonnes of plastic piling up on this uninhabited island is evidence of the catastrophic extent of marine plastic pollution. And the Bahamas is no exception. Almost every one of us has come across some form of plastic, either floating in the ocean or washed up on the beach, or laying by the roadside. More recently, fires at the New Providence landfill have brought to light concerns about potential health effects, and raised questions about what exactly is being dumped and burnt in our landfill. The New Providence landfill has been an unrestricted dumping site for over 40 years. Currently, there is no estab-

PLASTIC bag floating underwater at Pulau Bunaken lished programme or legislation for recycling in the Bahamas and most plastic and other waste ends up in the landfill. A few days ago, a preliminary assessment of the New Providence landfill by Pan American Health Organisation was released to public, evaluating devastating effects of the fires in March on people’s health and environment. This report should serve as a wake-up call to all residents of Nassau. The health of our environment is directly connected to our own health. It’s time to realise that there is no such thing as “throwing away”.

sumption, finding more environmentally friendly alternatives and improving product and packaging design that could be addressed by improving management of the material across its life cycle. It will not be possible without the support of our government and a solid legislation in place. It must regulate the plastic supply chain, ban or restrict disposable plastics and single use grocery bags, encourage and monitor recycling, introduce educational programmes at schools, and most importantly, make environmentally friendly alternatives freely

“It is estimated that by 2050 the world’s oceans could contain more plastic than fish.” Every product we purchase or use has its life cycle and we need to think about where it ends up when we no longer want it. Plastic litter, gyres of plastics in the oceans, and toxic additives in plastic products are raising awareness of and strengthening consumer demand for more sustainable materials worldwide. There are many challenges associated with plastics like reducing unnecessary plastic con-

available and affordable. In this ‘Good To Know’ series of articles, we will look in detail how to identify types of plastic; explore whether some plastic types are better than others; also look into latest research on health concerns associated with the use of plastic and what alternatives are available worldwide and in the Bahamas, that will not put a strain on your wallet, and much more. Stay tuned!

THE TRIBUNE

Tuesday, June 13, 2017, PAGE 11

Dr Desiree Cox

D

r Desiree Cox, MD, PhD, will be among six Oxford University alumni whose photographic portraits will hang in the great hall at Pembroke College, Oxford University. These select alumni are persons whom the governing body and art committee of Pembroke College have determined are distinguishing themselves in their respective professional fields, are thought leaders, have achieved prominence in the public eye, and especially through focusing their expertise on social impact. These six photographic portraits will be unveiled in September. Notable alumni of Pembroke College from the past include Samuel Johnson (1728), writer and inventor of the dictionary; Sir William Blackstone (1738), judge and politician; John Moore (1745), Archbishop of Canterbury; James Smithson (1782), founding donor of the Smithsonian Institution; Senator J William Fulbright (1925), founder of the Fulbright Scholarship; Patrick Pichette (1987), former senior vice president and CFO of Google Inc, and Viktor Orbán (1989), Prime Minister of Hungary. Other notable Pembrokians include Sir Roger Bannister former master (head) of Pembroke College, physician and academic who was the first person to run the mile in under four minutes; the famous author of ‘The Lord of the Rings’ trilogy, JRR Tolkien, who was a professor of Anglo-Saxon and fellow of Pembroke College (1925-45), and the philosopher and archaeologist RG Collingwood (1912), who was a fellow of Pembroke College between 1912 and1935. As part of this honour, Dr Cox was invited to deliver a public lecture at Oxford University on June 3. The lecture, which was delivered to a packed hall at the Pichette Auditorium at Pembroke College, was extremely well received. “It’s one of the best and most interesting and inspiring lectures of this erudite story-telling style that I have ever heard,” said Dr Andrew Seton, fellow and director of Strategic Development at Pembroke College. “Dr Cox is a true Renaissance woman whose achievements does Pembroke proud,” remarked Dame Lynne Brindley, master of Pembroke College. “You managed to integrate interesting and thought-provoking information content with masterful

First Bahamian Rhodes Scholar Dr Desiree Cox to be honoured by Oxford University as a thought leader in global health and education. story-telling,” commented a former British Broadcasting Corporation reporter also present at the lecture. “I learned so much,’ one medical student told Dr Cox. ‘There’s so much I want to do in the world and your thought-provoking talk gave me insights on how to achieve my goals.” Born in Nassau, Dr Cox is the daughter of James and Ena-Mae Cox, and the eldest of two daughters. She graduated from Queen’s College in 1982. After receiving her BSc Hons from McGill University, Montreal, Canada, she went on to become the first Bahamian and the first female from the British Caribbean to be named a Rhodes Scholar. She studied medicine at Oxford University. After training to become a medical doctor at Oxford, she went on to obtain a Masters of Philosophy and PhD from Cambridge University. Throughout her career, she has introduced creativity in all aspects of her work. “Creativity and curiosity are fundamental to health and well-being,” said Dr Cox.

O

ver the past two decades of her academic career, she has been a champion for people of all walks of life living up to their full potential. “As the world becomes increasingly complex and technology causes disruption globally in industries such as health, transportation, labour and education, it will be crucial for people of all ages and walks of life to learn to tap into their natural talents and use their unique gifts and critical thinking skills to navigate their way in the job market,” she said. Critical thinking, science, research, music and art have played equal roles in her contributions to health and education both in the United Kingdom and the Bahamas. Dr Cox said she has developed a unique ability to understand people, to intuit their needs and areas of giftedness, and has turned this into a working methodology that allows her to help people discover and develop their special abilities and talents. Dr Cox is a published author and singer as well as the recipient of numerous awards and grants. She has

been a university professor, an honorary professor of Creativity and Health at University of Exeter, and a consultant to the government of the Bahamas. In 2013, she was memorialised on a commemorative stamp, and this January she was inducted into the Queens’ College Hall of Fame on the merit of her outstanding achievement as an alumnus and on her historical national achievement as the first Rhodes Scholar in the Bahamas. Dr Cox has lived and worked in the UK and the Bahamas, and was one of the architects of the original Urban Renewal initiative in 2002. For the past three years, Dr Cox has been spearheading the development of the stem cell industry in the Bahamas. In addition to being director of the Stem Cell Secretariat and acting chair of the National Stem Cell Ethics Committee (NSCEC), Dr Cox has also been piloting research in the implementation of telemedicine and tele-health and modernising the healthcare system in the Bahamas. “ “The stem cell and regenerative medicine industry has extraordinary potential for job creation in health and medical tourism and for diversification of the Bahamian economy,” said Dr Cox. “However, to realise this potential it is important to create a regulatory system and governance structure that ensures that stem cell research and therapy delivered to patients in the Bahamas is safe, ethical and efficacious.” Her focus since the establishment of laws governing the stem cell industry in the Bahamas (2013 Stem Cell Act and 2014 Stem Cell Regulations) has been to develop a regulatory system that is adaptive and inclusive. The Stem Cell Secretariat and National Stem Cell Ethics Committee Policies and Procedures (2017) allow for equitable participation of a wide range of stakeholders in the formal and societal governance of the industry. With the mentorship of Chief Medical Officer Dr Glen Beneby and the support of the administrator of the Stem Cell Secretariat, Michelle Meronard, Dr Cox said: “We need to ensure that Bahamians have a

Dr Desiree Cox’s Oxford portrait

fair chance to participate in shaping this industry. That is why we have a multidisciplinary group of Bahamians – biomedical scientists, physicians, nurses, representatives from education, healthcare, pharmacy, theologians, ethicists, people with medico-legal expertise – as well as international experts involved in ensuring that with principles of justice and individual rights are enforced, and that we are vigilant in monitoring and evaluation and quality and standards of the industry.” “Smart is the new sexy,” Dr Cox told high school girls from all over the Bahamas at the URCA ‘Girls in Technology’ day held at the Meliá Nassau Beach Resort in April this year. “There is no point telling young people to do well in school and get a good education without creating the

intellectual, cultural and economic environment and job opportunities for them to thrive in the Bahamas,” she said. “That is why I am so passionate about creating a system for advancements in new paradigm or ‘next-generation’ medicine in the Bahamas and platforms that reduce health and social inequities. We need to change the conversation about health, globally and locally. Health is a complex field that requires diverse communities taking action on many fronts.” When asked what she wants to be known for, Dr Cox said: “I want to help to change the conversation about health. Health is not something to be found doctors’ offices, healthcare centres or hospitals. Approximately 80 per cent of individual and community health and well-being is shaped by where we live,

our employment, race/ethnicity, gender, religious and spiritual beliefs, educational level, socio-economical class and social mobility. “With the rapid advancement of technology, I believe, that creativity, curiosity and critical thinking skills will increasingly be fundamental to health and well-being of our people. I also believe that education equals empowerment. By education, I do not just mean facts learned in the classroom, but the outcomes of education, namely knowledge, skills, opportunity, gender equity, social inclusion and ability to shape the course of your life, and flourish in life. I have always tried to live my truth, and most importantly, to create systems and platforms that empower people to use their unique gifts and achieve their full potential.”

What are you aiming for? You, too, must agree that hitting a target is more likely if you are aiming to hit that target. In other words, you can better get what you want out of life by identifying what you want and setting an achievement plan in motion. This is where it becomes challenging for many navigating this adventure called life. They don’t know what they want and end up settling for whatever they get. While settling may be OK for some, there are those who seek to live a more empowered life. Such a life demands that you take the archer’s position. Every archer recognises the need to identify their target long before sending forth their arrow. It’s the same concept as to why no airplane leaves the runway without a flight plan of its destination. Having an aim, therefore, is the most potent ingredient in living an empowered life. In which lane do you find yourself in answering today’s question? Knowing exactly what you are aiming for or settling for whatever you get?

Michelle Miller Motivationals

Michelle M Miller Everything that you do or fail to do depends on what you are aiming for. Without an aim, life becomes like piece driftwood, drifting across the open seas of life. This means that you are going nowhere in particular. It was the philosophical writer James Allen who said, “Aimlessness is a vice, and such drifting must not contin-

ue for him who would steer clear of catastrophe and destruction.” There is no question that life, if it is to be lived fully, must be directed with a meaningful sense of purpose. At the same time, if don’t choose where you want your life to go, you will end up somewhere. Ending up somewhere they didn’t plan for their life to be is where many undirected folks find themselves. To live an empowered life requires that you have an aim. Nobody just ends up in an empowered life. Such empowerment is the result of asking the questions, doing the work and following through. This sense of empowerment is merely the dividend that pays off in the end. How do you get there? You start by taking time to know yourself, developing your vision, devising a plan of action, and setting goals to make it a happen. Nothing in your life will change for the better if you stay stuck just going with the flow; doing the same old same old. It is up to you to give your life direction by in-

vesting your attention. You must make your life about moving and improving. Your life moves when you move. If you choose to give your attention to disempowering activities, that will be the kind of life you live. By investing your attention in more empowering activities you move towards a position of power. Essentially, your life is the result of all the people, places and things in which you invest your time and attention. Hence, it is imperative to identify what you are aiming for so you can best to direct your attention`. Ultimately, you are the archer. You set the target, you take the aim and you release the arrows of your attention. You will live the result of whatever your arrows hit. Pay attention to what you are paying attention to. Get into the habit of aiming for things that empowers your life. Empowerment is about having confidence in who you are and the purpose you embody. When you better know who you are, you move with a stronger sense of self.

You can drift aimlessly or drive confidently. The choice is all ways yours. One of the things I notice when driving on major interstates like I-95 in the US is this heightened sense of confidence. With so many lanes and hundreds of vehicles moving at warp speed, this is no place to drift aimlessly. In fact, such drifting could be fatal. Leader to leader, you are the chief archer in your life. Take the time to clarify what you are aiming for and set plans in motion for your life. Setting a higher aim enables you to move with more confidence and thus live an empowered life. Yes, you definitely can do it! What do you think? Please send your comments to coaching242@ yahoo.com or 429-6770. • Michelle M Miller is a certified life coach, communication and leadership expert. Visit www. talktomichellemiller.com or call 1-888-620-7894; mail can be sent to PO Box CB-13060.

SECTION B

TUESDAY, JUNE 13, 2017.

AUTHOR SEEKS TO CHANGE WOMEN’S ATTITUDES WITH NEW ‘KINGDOM DIVAS’ BOOK A S an advocate for the development and advancement of women, Dr Judy McIntosh-Smith became disheartened by the “lower standard mindset” she saw many women exhibit. And with the launch of her newest book, ‘Kingdom DIVAS’, she hopes to change this damaging attitude women have towards themselves by helping them recognise the power they possess to chart their own success. To officially release the book, Dr McIntosh-Smith is inviting women from all walks of life to join her during a signing and party on June 23 at Southside Christian Church International beginning 7.15pm. Dr McIntosh-Smith is the founder and director of The Esther Gathering, a ministry that ministers spiritually to women. She is also the founder and CEO of the Winning in Life for Women programme, which provides training, coaching, counselling and mentoring for women. Through this programme, she seeks to inspire, motivate and empower women to excel and succeed in every area of their life. She also founded and directs Majestic Young Ladies (MYL), an initiative that mentors teenage girls. Dr McIntosh-Smith currently serves full-time as executive pastor at Southside Christian Church International. She is married to Dr C Clifford Smith III, senior pastor of the South-

A SPECIAL signing and release party for ‘Kingdom DIVAS’ will be held on June 23 at Southside Christian Church International.

side Christian Church. She is the mother of two teenage children. She has also authored several books, including “Born to Win: Awakening the Champion Within”, “Exceptional You: Refusing a Life of Average”, “Revealing the Princess Within: Affirming the Value of Teenage Girls”, “Winning in Life for Women: Nuggets for Success”, and “Winning in Life for Women: Prayers for Success”. Her latest book, “Kingdom DIVAS: Winning Through Intentional and Purposeful Living”, is also accompanied by a work book that seeks to train and mentor women and girls. “Kingdom DIVAS is a book born out of a deep desire to help women win in life. It is written to help women search deep within to unleash their full potential and soar to success. It shows them that they have the power and ability to become who they are supposed to. It encourages them to put strategies in motion today, so that their tomorrow is so much brighter,” the author told Tribune Woman. Dr McIntosh-Smith said the book offers simple, but profound and powerful keys to help women learn how to fuel and release their potential, reprogramme their thinking, recognise why a positive attitude is vital to winning in life, and more. “My inspiration for writing ‘Kingdom DIVAS’ is that I kept noticing what I call ‘a lower standard mindset’ among our

women, which I knew was causing them to settle for so much less in life, and in many cases live in defeat. Being an advocate for the development and advancement of women, I wanted to help women to have a deeper understanding of their true value and worth. ‘Kingdom DIVAS’ was written to assist them in seeing those qualities and so much more. Each key is designed to help them break free of the lack of confidence and flawed mindset, and get them to a place of greatness,” she said. Over the years, Dr McIntoshSmith has devoted herself to inspiring women and letting them know they can be successful at whatever they set their minds to. “I felt it important to share this information with readers to create in them a thirst for wanting to be the best they can be in life. Through reading ‘Kingdom DIVAS’ it is my hope that they will be inspired, motivated, empowered and encouraged to get up from where they are, ‘flap their wings’ and begin to soar. I know that once they adopt this mindset and begin moving, they will become unstoppable and will certainly move into success and greatness. Also, the 30-day journey work book has been carefully designed through its activities to get women to that place of high achievement,” she told Tribune Woman. Dr McIntosh-Smith holds a doctor of Philosophy Degree in Counselling, a Master of Arts in Christian Education. and a Bachelor of Science in Biology. She is also a trained marriage, family, youth and children’s counsellor and instructor. Additionally, her concern for the overall physical health and well-being of people led her to pursue and complete training as a certified nutrition and wellness consultant.

BAHAMIAN students take part in the FIRST LEGO League tournaments.

Local teacher brings unique STEM tournament to the Bahamas By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net FOR LAURENA Finlayson, working with children is a very special and fulfilling experience. In fact, she is so passionate about kids that she pursued graduate studies in education, with a focus on elementary education, and can now boast a 15-year career in the field. Adding her entrepreneurial skills into the mix, Laurena established the Bahamas’ FIRST LEGO League (FLL) Challenge – a local chapter of the FIRST LEGO League which was founded by Dean Kamen in 1998 to encourage chil-

dren to design, construct, and programme their own intelligent inventions. This allows them not only to understand technology, but to become masters of it. “For the most part, children are like sponges, they are ready to absorb all you have to give them. They rarely come with pre-conceived notions,” Ms Finlayson told Tribune Woman. “It’s a wonderful feeling to be able to see the light bulbs go off in children when they grasp a concept and sometimes even help you as the teacher develop it further. Helping children find themselves and bring out their individual gifts is also a positive feeling. I believe this is one of the greatest feelings that a teacher

can experience.” As the director of the Bahamas FLL Challenge and the local ambassador for FIRST, Ms Finlayson said the the positive impact that FLL has on students worldwide is rewarding and well documented ,with over 88 per cent of participants having to be shown more interested in doing well in school, and 87 per cent having more interest in attending college. “It is basically the same for those students that participate here. If you speak with the local coaches you will learn that the students that participate have had an increase in math and literacy skills. They are also more interested in science and mathematics. One

young female student said recently, ‘I can be an astronaut.’ We need to open the minds of students more to STEM (science, technology, engineering and mathematics) subjects. Based upon the positive impact on students, we believe that there is a growing positive impact on the community,” said Ms Finlayson. An event that falls under the Bahamas’ FLL Challenge is the yearly tournament. This year, made the fifth consecutive year that Ms Finlayson hosted the tournament. The tournaments offered by FIRST are: FLL Jr for kindergarten to grade 3; FLL for grades 4 to 8, FIRST Tech Challenge for grades 7 – 10 and FIRST

Robotics for grades 8 – 12. In preparation for the tournament, Ms Finlayson said teams are required to: research challenges facing today’s scientists (the challenge changes every season); design, build, test and programme robots using LEGO MINDSTORMS technology; apply real-world math and science concepts; learn critical thinking, team-building, and presentation skills; participate in tournaments and celebrations, and understand and practice gracious professionalism. “I am proud to have had the opportunity to bring FIRST to the Bahamas. The first time I experienced FLL was at a LEGO Ideas Conference in Denmark. I

immediately knew that we, the Bahamas, would benefit from this initiative. We have so many varied learners in our classrooms. This tournament caters to all of them. It is especially gratifying when I see that the children are learning and having fun in the process. I am excited about the potential FLL has to grow and make a difference for our students,” said Ms Finlayson. Going forward it is her goal to bring FIRST to all primary and high schools in the Bahamas. She would also like to offer scholarships to high school students who have participated in the tournaments and wish to major in any of the STEM subjects.