07282017 business by tribune242

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FRIDAY, JULY 28, 2017

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Lucaya tenant: Too late for me, I’m off to T&C By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s planned Grand Lucayan intervention has come too late for one Port Lucaya Marketplace tenant, who will close his store on Saturday and move to the Turks & Caicos Islands. Troy Cartwright, who operates Nikki’s Trinkets, told Tribune Business that the Minnis administration could not be faulted for doing “whatever it needs to do” to get the resort open given the depths of Freeport’s economic crisis.

Backs Govt’s Grand Lucayan plan

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Warns: ‘This is crisis, not a downturn’

GRAND LUCAYAN

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Minister of Tourism yesterday admitted the steep promotional discounts being offered by Baha Mar were “slightly worrisome”, and asserted: “We definitely don’t want a price war.” Dionisio D’Aguilar, acknowledging the concerns of the $4.2 billion project’s rivals, told Tribune Business that “the Government is concerned” about whether its opening will generate the promised gross domestic product (GDP) expansion. Acknowledging that this would not happen if total visitor numbers did not grow, and room rates became depressed, Mr D’Aguilar said Baha Mar’s top executive had assured him the development will “do its level best to minimise” the cannibalisation of other properties’ markets. The Minister was speaking after Baha Mar’s ‘Buy Once, Stay Twice’ See PG B5

Govt ‘definitely doesn’t want price war’ Baha Mar to ‘do its level best’ to avoid such Dionisio: Our concern is GDP growth

DIONISIO D’AGUILAR

CHAMBER CHAIR TELLS GOV’T TO IDENTIFY ‘CHANGE’ AGENTS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chairman yesterday urged the Government to identify the timelines and persons for delivering “change in government”, adding that “value” in public spending is now key. Michael Maura told Tribune Business that the Minnis administration needed to move quickly on recommendations that will be forthcoming from its National Economic Advisory Council and Ease of Doing Business Committee. “These entities will be making valuable contributions to his government and his office,” the Chamber chairman said of the two newly-appointed groups. “A question we hope to have answered is, one, when the recommendations are received, who will be charged with change in government. And two, how long is it going to take to see tangible change materialise

Urges quick move on growth, business ease Says ‘value’ must be public spend ‘mantra’

MICHAEL MAURA by way of investment, by way of policy. “Who is going to drive change in government, and how do we make sure it happens now, and not a year from now?” See PG B4

Ex-minister suggests ‘rolling target’

Civil service needs new ‘culture, attitude’

Minister admits Baha DPM: NO RETURN TO HOTEL CORP ERA Mar room discounts Pledges Grand Lucayan interest ‘definitely ‘slightly worrisome’ short-term’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

‘Drastic change’ needed to hit 10% Govt cuts Identifies obstacles to Minnis goals

Retailer: ‘I’ve hit a brick wall here’

However, he warned that it also needed to consider how it would sustain Port Lucaya Marketplace tenants between now and the planned winter season See PG B6

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THE Government’s proposed Grand Lucayan rescue does not mark a return to the Hotel Corporation era, the Deputy Prime Minister yesterday reassuring its involvement would “definitely be short-term”. K Peter Turnquest, the Deputy Prime Minister, said the Government’s involvement as an equity investor was “a last resort” option should all efforts to re-open and/or sell Freeport’s ‘anchor’ property to a private sector owner prove fruitless. Mr Turnquest told Tribune Business that the Government was aiming to have the former Memories property re-opened in time for the winter 2018 season. “We are not looking to bring about a repeat of what happened with the Hotel Corp,” he added, acknowledging those concerns.

Plan to re-open Memories for winter 2018 “Any intervention we make is going to be very short-term.” Mr Turnquest’s comments indicate that the Minnis administration may be talking to Memories and its parent, Sunwing, on a proposed joint venture that would bring them back to Grand Bahama just over six months after they exited. It is possible that the Government’s investment would finance repairs to Hurricane Matthew-related damage, with Memories then branding, re-opening and operating the hotel as it did previously. See PG B3

A FORMER finance minister yesterday praised the Prime Minister’s bid to slash the Government’s recurrent Budget by 10 per cent, but warned that structural impediments made it a hard target to hit. James Smith, also an ex-Central Bank governor, told Tribune Business that the Minnis administration had “very little wiggle room” to achieve such cuts because so much of the Government’s annual Budget was consumed by fixed costs. These included civil service salaries, debt servicing and repayments, and building rentals and other contracts that were already locked in, which were “way up there” in terms of the proportion of the Budget they account for. Suggesting that fixed costs accounted for up to 80-85 per cent of the Budget, Mr Smith added that fiscal consolidation targets were also frequently “thrown off” by unexpected events, such as Hurricane Matthew. Due to these pressures, he suggested that the Government set a “rolling target” where it sought to cut expenditure by 10 per cent over a two-three year period, rather than seek to accomplish this in one Budget year. Mr Smith also warned that civil service ‘buy in’ at all levels - from the top to the bottom - was vital if the Government’s fiscal consolidation is to succeed, as he likened the public sector to “a big aircraft carrier that is hard to turn around”. The former finance minister, who held the post from 2002-2007, nevertheless praised Prime Minister Dr Hubert Minnis for setting out his government’s intent, and warning the Bahamian people that fiscal turnaround will involve some pain. See PG B4

PAGE 2, Friday, July 28, 2017

THE TRIBUNE

THE GOOD AND BAD OF TRADE UNIONS THERE is little doubt that the trade union movement in the Bahamas continues to play a pivotal role in improving the quality of life for workers. Great men and women in our history have laboured to develop organisations aimed at advancing the standard of living for Bahamians, both in the private and public sector. Today’s column is merely a lay person’s assessment of the value of trade unions in the Bahamian context, and to offer suggestions for those who continue to champion the cause of employees. The first, and perhaps most obvious, benefit of trade unions to the workforce is their bargaining efforts to better the working conditions of workers and the workplace. No one can deny that over the past 50 years since Majority Rule we have seen tremendous improvements to worker benefits packages and the physical condition in which they work. The trade union movement in the Bahamas has been a driving force in lobbying the Government for globally-acceptable standards and legislation

to support workers’ rights. These laws have helped improve the standard of living that employees now experience. There is little doubt that in the absence of trade unions, many employers (left to their own devices) would take advantage of employees, withholding even basic entitlements from them. As intermediaries on behalf of the worker, these unions can take employers to task and demand fairness. On the flip side, the trade union movement has (perhaps not deliberately) created some vexing workplace conditions that might be viewed as counterproductive to the high level of productivity and efficiency we strive for. Unions often seem quite unrealistic in their demands of employers and the Government. This pressure sometimes places an undue financial burden on the employer and the Government, forcing them to make financial adjustments that might become an impediment to growth. Many would argue that unions seem to produce a lazy workforce, where the slackers find refuge and have an advocate when

they really should be sent home (for good). When unions fight with all their might for improvements and additional benefits, but fail to hold the workforce accountable for increasing efficiency and productivity in the same measure, a spirit of mediocrity sets in and service levels hit an all-time low. There is grave concern that we have arrived at that very place as a nation where, according to research indicators provided by Compete Caribbean, the Bahamas - despite having the highest-paid salaries in the region - suffers from extremely high levels of inefficiency and low productivity. The solution to this dilemma, then, might be a shifting of focus for trade unions towards investing more in building workforce capacity and developing talent. Insisting that employees are assessed in developmental ways, and that professional development is offered across sectors, will certainly prove beneficial. We must all do our part in equipping the workforce with the attitude, skills and competencies required for success. Trade unions,

AGRICULTURE extension officer, Zakita Bethel, discusses BAMSI’s Associated Farmers’ Programme and its impact on production levels in the Bahamas.

IAN FERGUSON without question, play an integral role in this fight. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

NOTICE

FARINATA LIMITED

BARL LTD.

N O T I C E IS HEREBY GIVEN as follows:

(a) FARINATA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) BARL LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 26th July, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 28th day of July, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

Dated this 28th day of July, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator

BAMSI OFFICERS GIVE CARIBBEAN UPDATE ON FARMING PROGRESS A TEAM from the Bahamas Agriculture and Marine Science Institute (BAMSI) gave presentations on its progress at the 53rd annual meeting of the Caribbean Food Crops Society (CFCS) earlier this month. The annual gathering, which brings together scientists, experts and technicians in the field of livestock and crop production, was given an overview of recent developments in Bahamian agriculture. The BAMSI presentations focused on livestock development, the restart of crop production following Hurricane Matthew, and increases in food production through educational and economic strategies. The conference, which drew 250 participants, was held under the theme The Role of the Caribbean as a Research Hub to Advance Global Agriculture and Food Security. Agricultural extension officers Ty Sands, Montez Hopkins and Zakita Bethel were representing BAMSI. They were joined by Michele Singh, animal scientist and representative of the Caribbean Agriculture Research & Development Institute (CARDI), who is resident on BAMSI’s North Andros campus and offers technical support. Reporting on ‘Neonatal survival in sheep: Challenges in the Bahamas’, Mr Sands focused on nutritional deficiency experienced by the herd. “We found that some of the animals were experiencing nutritional deficiencies, so we increased the nutrient base - giving the adult females and pregnant animals a more concentrated feed along with supplemental mineral licks,” he said. Apart from nutritional improvements, Mr Sands said there were management changes being implemented in the livestock unit, which supported the health of the ewes and the entire herd, and increased neonatal survival rates. BAMSI’s livestock unit houses more than 500 animals, and serves as the Bahamas’ hub for breeding, research and development. Mr Sands said of his regional counterparts: “I hope they recognised the challenges we face as we work to improve our outcomes, and that our experience will help them as they work to

find solutions for their own livestock management issues. I wanted them to take away how best they could alter and improve on our challenges.” Mr Sands and his fellow BAMSI colleagues linked with members of the Caribbean Agriculture Extension Practioners Network (CAEP-Net), which enabled them to exchange ideas as well as develop linkages between agriculture and extension work in the Bahamas, the Caribbean and North America. “Individuals from across the region had input on how they conduct their livestock operations, so I’m walking away from this experience with a broader view of the industry and how experts from across the Caribbean manage their livestock units under various conditions,” Mr Sands said. “I found it to be a real privilege because many people my age don’t have the opportunity. I’m proud to be a male that is seeking higher heights, and I’m glad to be one of the recent graduates from BAMSI.” Mr Hopkins’ paper provided an insight into BAMSI’s work, particularly the revival of its banana plantation and crop management before and after Hurricane Matthew. It emphasised the role of proper plant care, showing that it was essential for a quick recovery following natural disaster. The findings will inform future strategies for crop production in the Bahamas, given global climate change that threatens food security and nutrition in this nation. Ms Bethel’s poster presentation, on BAMSI’s Associated Farmers’ Programme (AFP), measured the initiative’s impact on food production and the resulting level of food security in the Bahamas. Launched in 2014, the AFP has increased the amount of produce sold to the Andros and Nassau markets. More than 140,000 pounds (approximately 64,000 kilograms) of produce has been processed through the packing house in Andros, and shipped and sold both in Andros and in Nassau. Between 2014 to 2016, 25 farmers signed contracts with BAMSI, cultivating 47 acres of watermelons, cabbage, tomatoes, onions and peppers.

THE TRIBUNE

Friday, July 28, 2017, PAGE 3

Union seeks assurances on previous Govt deals By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A SENIOR Bahamas Public Service Union (BPSU) executive yesterday admitted the union was concerned over potential job and benefit cuts, given the Government’s pledge to slash spending by 10 per cent. Kingsley Ferguson, the BPSU’s executive vicepresident, told Tribune Business that the union wanted assurances that the Minnis administration will honour previous agreements negotiated by the Christie administration. “One of the main things that we are concerned about is maintaining jobs,” he said. “We do understand, however, that the current level of employment is difficult to sustain. “We really would like a commitment from this administration to honour current commitments, even if they are unable to address them at this time. We would like them to give us a timeframe when they will be making addendum to various agreements that exist.” Mr Ferguson told Tribune Business that the union was mindful of the Bahamas’ fiscal position, and also concerned over another potential credit rating

downgrade. “We understand that the country has experienced a number of downgrades,” he added. “The union is quite concerned about that, but we want an assurance that whatever previous agreement would have been agreed to by the previous administration will be honoured.” Mr Ferguson also warned the Government that there must be a sustained level of employment within the public sector to ensure it functions properly. “We understand what the Government is trying to do. We anticipate that employees and their ability will be impacted one way or the other,” he added. “We still need to ensure that they have the necessary tools to do their jobs. “We also hope that the Government will honour their word and continue to regularise persons attached to the public service. We understand that the service has been inundated with new hires for political reasons. It really concerns us that the civil service has been flooded with political hires. What happens is it causes people to have hope, then they become despondent when they find themselves in a particular position for a long period of time without being regularised.”

DPM: No return to Hotel Corp era From pg B1 Gowon Bowe, the former Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chairman, emphasised on Wednesday that the Government must have a clear entry and exit strategy if it decided to acquire the former Memories property, or the rest of the Grand Lucayan, on a temporary basis. Talk of ‘part-nationalisation’ will also bring back unhappy memories for many Bahamians of the Hotel Corporation’s ‘heyday’, when the Pindling administration took control over much of the Bahamas’ hotel plant. That period was ended when the Ingraham administration was elected in 1992 and decided to exit the hotel business, realising its seasonality and high operating costs made it an extraordinarily difficult business to be in. But Prime Minister Dr Hubert Minnis revealed in his national address on Wednesday night that the Government is negotiating to become temporary joint owners of the Grand Lucayan Resort in a bid to re-open the hotel. “The Government is now involved in negotiations with the owners of the assets of Grand Lucayan in Grand Bahama, and related assets, for the joint ownership of those assets in partnership with a number of investors,” he said. “As was done by the United States during the 2008 great recession, my government’s intent is to resuscitate and grow business to the Grand Lucayan as rapidly and as sustainably as possible, and thereafter sell its equity to one of the existing partners or other investors. “We have no intention of remaining as an owner in the hotel business for any extended period of time. All signs point to the beginning of renovations at the resort within the next month, with the facility ready for business for the winter season.” Mr Turnquest told Tribune Business that the Government was aiming to reopen the former Memories property by year-end. He told Rotarians that

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Grand Bahama had gone experienced some tremendous challenges, adding that the Grand Lucayan was “critically important” to jump-starting the sluggish economy. He added, though, that there has been an “encouraging level” of investor interest in Grand Bahama.

DPM ‘confident’ 10% spend cut can be hit By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

who they are assigned to, and doing an assessment of whether those cars are, in the first instance; properly allocated. Secondly, that they are needed to be driven overnight or they can be parked.” Mr Turnquest said the Minnis administration was looking to reduce government’s costs back to a more “normal level” and “rationalise” spending on government programmes.

“We want to bring rationalisation to the programmes that we have. We cannot have the elevated level of programmes that we have today and achieve our goals of bringing down the deficit,” he added Mr Turnquest said it was not the Government’s intention to inflict pain on anyone, but added: “We can’t expect to continue business as usual and expect different results.”

Ministers tour GB Shipyard

degrees at the University of the Bahamas. Mr Thompson said more than 600 Bahamians are working at the Shipyard, both permanent employees and self-contractors. “The Government is continuing to encourage the employment of qualified Bahamians here at the shipyard,” he said. “Exposure to the industrial sector needs to be encouraged in every school in Grand Bahama and the country.”

THE Deputy Prime Minister yesterday said he was “confident” that the Government will be able to slash recurrent spending by 10 per cent, and suggested even more savings could be realised through ongoing expenditure reviews. K Peter Turnquest, who

By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedianet CABINET ministers and senators toured the Grand Bahama Shipyard yesterday in their first official visit since the new administration took office in May. They met with company executives in a closed meeting about plans at the Shipyard, and then given a tour of the facility. They were taken to one of the largest dry docks, and went on a walk through one of the repair workshops. On the tour were Brent Symonette, minister of financial services, trade and industry and immigration; minister of labour, Dion Foulkes; minister of youth, sports and culture, Michael Pintard; minister of legal affairs, Elsworth Johnson; and Frankie Campbell, minister of transport and local government. Also present were Senate president, Kay Forbes-Smith, Senator Jasmine Dareus, and MPs Fredrick McAlpine and Iram Lewis.

is also minister of finance, said “across the board” cuts were necessary to curtail government expenditure. The measures unveiled on Wednesday night by Prime Minister Dr Hubert Minnis also included no new public sector hirings and a reduction in government vehicles. Mr Turnquest told Tribune Business: “We are doing an inventory audit of all the vehicles in the system,

Sarah St George, vice chairman of the GB Port Authority, was also there, along with minister of state for Grand Bahama, Kwasi Thompson. Mr Thompson said: “Today was really the first step towards our goal in understanding the business opportunities which are available for Bahamians entrepreneurs.” He added that a business seminar would be conducted for commercial entities interested in offering ancillary services at the Shipyard. “We want to ensure that the public is aware that the concern is not just about direct employment at the Shipyard, but also that the Shipyard (can) provide ancillary opportunities for businesses here in GB,” Mr Thompson said. Mr Thompson said the Government wanted to ensure Bahamians know the goods and services required by the Shipyard, and understand how they can expand their current business operation so all parties benefit. The Minister added that the Government would

continue to work with the shipyard on its Apprenticeship Programme. He said there are currently around 70 apprentices in the programme, some in their fourth year and working full-time in the yard. Others are still attending BTVI and completing mechanical engineering

NOTICE The Consulate of Jamaica wishes to withdraw the notice concerning the hosting of the annual Jamaican Independence “August Monday Celebrations” in Nassau, Bahamas which was issued to the public on Monday July 17, 2017. The Honorary Consul wishes to advise that there is an annual event celebrating the Jamaican Independence organized by “ The Jamaican Hummingbird Association” which is consistently supported by the Consulate. However, members of the Jamaican community resident in the Bahamas may organize other events to celebrate Jamaica’s Emancipation and Independence respectively. The organizers of such events may decide to donate proceeds from the events to designated charities in The Bahamas and/or Jamaica, as per commitments given in their advertisements.

PAGE 4, Friday, July 28, 2017

THE TRIBUNE

‘Drastic change’ needed to hit 10% Govt cuts From pg B1 “You have to establish targets. That’s a good thing,” Mr Smith said. “If it’s 10 per cent, it’s 10 per cent, except that each Ministry and Department is not homogeneous and contingencies tend to throw you off, such as hurricanes and the accident at the hospital, where the pipe burst. “You have that sort of thing. You also have to strip out fixed expenditure first. If you have a budget of $2.2 billion and say 10 per cent, you think you’re going to get a $220 million saving, but you sometimes have to strip out your fixed payments.” Mr Smith said that taking out civil service wages, debt servicing payments and other contracts often meant “you find out you have very little wiggle room” for cuts of the nature outlined by Dr Minnis. The former minister said the civil service wage bill could be cut by reducing the number of public

servants, but this would have the consequence of increasing social security spending as a result of increased unemployment. Nevertheless, Mr Smith said the Government’s efforts to restrain public spending were commendable, agreeing that the previous administration’s efforts in this area had been “non-existent” “It’s really important, extremely important to try and hold the line on expenditure,” he told Tribune Business. “Attacking the Budget has to come from two ends - increasing revenue and holding back expenditure. “Most attempts to hold back expenditure in the last few years were nonexistent, so it’s a good place to start. How achievable it is is controlled by the number of fixed items in the Budget.” The Minnis administration has elected to target the ‘low hanging fruit’, implementing a public sector

Chamber chair tells Govt to identify ‘change’ agents From pg B1 Mr Maura’s comments are effectively a call for the Government to outline its plan for implementing reforms to grow the economy and improve the ‘ease of doing business’, once it receives recommendations on how to achieve these goals. “I feel optimistic based on what I’ve read and heard from the Government,” he

told Tribune Business, “but now it’s as important, not more important, to know how fast we can anticipate that kind of change. “There’s an expression in business: Very few companies can shrink themselves into greatness. Here there’s an opportunity where the Government has brought together experts in their field, domestically and internationally,

hiring freeze, not renewing contracts for emoluments exceeding $100,000 annually, and cracking down on the number and usage of government vehicles. K P Turnquest, minister of finance, yesterday said the Government hoped to exceed its 10 per cent spending cut target which, if hit, would save Bahamian taxpayers $267.6 million based on the $2.67 billion recurrent Budget for 2017-2018. He suggested there was enough fat, wastage and inefficiency across the public sector to make such cuts achievable, with all ministries and departments having to identify such savings by June next year. Suggesting that reality might temper the Government’s ambitions, Mr Smith told Tribune Business: “What should happen, the way our Budget is structured, is that we should have rolling targets where, after three years, you’ve cut spending by 10 per cent. “It’s much more manageable. In the first year, you might be able to get a 3 per cent cut, but in the second year, you could get 8 per cent.”

Mr Smith said “rolling targets” would enable the Government’s financial planners to properly assess when contracts were coming due, and did not have to be renewed, thus enabling monies to be saved. Recalling how he tried to implement a similar 5 per cent across-the-board spending cut when in office, he added: “It always gets thrown out of whack. “Government has something called Contingency Warrants. That’s what throws every Budget out. They [ministers] got to Cabinet and make a case for hiring more people, building new buildings. That’s kind of supplementary to the Budget, and you don’t normally see that until the end of the year.” Mr Smith said the Government’s response to increased ministerial spending demands should be “show me some savings”. Dr Minnis on Wednesday night said he would seek to control this by pushing all increased spending requests through the Ministry of Finance first, rather than have them going straight to Cabinet.

Mr Smith, though, warned this might have unintended consequences. He recalled how, under his watch, the Ministry of Finance too over payment of all electricity bills after finding that individual ministries had been using their Budget allocations for other purposes. But, when energy bills started to rise, Mr Smith said the Ministry of Finance’s call for government-wide conservation measures, such as turning the lights off at night, went unheeded because ministries no longer had responsibility for paying the bill. He added that the Minnis administration needed to drive its austerity and fiscal prudence message down to the public service’s lowest levels if its strategy is to succeed. “The public service is a large kind of aircraft carrier, but to turn it around, especially in the short-term, you really need a plan to be driven down straight to the clerical level,” Mr Smith told Tribune Business. “You need to change the attitude. Even from the 2008-2009 recession to

now, the public service has never signalled that things are tight. The public service probably doesn’t even know there was an international economic crisis, leading to a depression. “It’s straddled both administrations. They got their increments, they got their monies every year, and pretty much got a new car every Budget. It calls for a drastic change in attitude and culture of the public service to become much more aware of costs, and to try and contain them.” Mr Smith said managers also needed to be given the freedom to manage in the public sector, adding that too often “the tail starts to wag the dog” when civil servants are protected by upper management or ministers. Still, praising Dr Minnis’s address, he added: “It’s not easy, but it’s good for the leadership to say at least I’m aware of it and we need to tighten the belt. “The soundbites are correct, saying that you as leader are concerned about it, and want to do something about it. You almost have to repeat it every day.”

who are making a valuable contribution. “How does the Government leverage those contributions? How will we see change? How will we see improvement.” Mr Maura said the Government’s 13-person ‘ease of doing business’ committee, upon which he sits, would likely collaborate with the Chamber’s own committee tackling the same issue. Attorney Krystel Sands-Feaste sits on both bodies. Meanwhile, the Chamber chairman said “the

mantra” going forward on public spending had to be “value”, and the generation of economic growth and jobs. “Where public funds are spent, it results in economic growth. That has to be the mantra going forward,” Mr Maura told Tribune Business. “Where the Government is spending, there has to be true and tangible value, getting the economy moving and the people back to work.” He also urged the Government to privatise and

outsource management of public sector entities/assets to the private sector, especially utility companies such as the Water & Sewerage Corporation. “If they can find the right strategic partner, the Government can assume more of a regulatory and passive investor role,” Mr Maura explained, “and allow the private investor to modernise infrastructure that we are so dependent on and pay too much for today. “Get the cost of energy down, make us more efficient and allow the

Government, as key investor, to actually get a return.” Mr Maura praised the Prime Minister’s national address for setting out the Government’s fiscal objectives in “a very strong and powerful” way. “I want to applaud the Prime Minister for his strong leadership in this effort,” the Chamber chairman said. “It’s obvious he and his government take our fiscal state extremely seriously, and that’s to be commended.”

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) SNOWTELLO FOUNDATION is in dissolution under the provisions of the Foundations Act 2004. (b) The Dissolution of said Foundation commenced on July 27, 2017 when its Resolution of the Foundation Council were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Foundation are required on or before the August 28, 2017 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

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July 28, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

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NOTICE

EQUITY SUMMIT LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EQUITY SUMMIT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 26th July, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 28th day of July, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) HALLADAY OVERSEAS INC. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The Dissolution of said Company commenced on July 27, 2017 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before the August 28, 2017 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. July 27, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

NOTICE

CARAMEL HOLDINGS LIMITED

NEO LINKAGE LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) CARAMEL HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) NEO LINKAGE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 26th July, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 28th day of July, A. D. 2017

_________________________________ Leeward Nominees Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Friday, July 28, 2017, PAGE 5

Minister admits Baha Mar room discounts ‘slightly worrisome’ From pg B1 Once, Stay Twice’ promotion exacerbated fears among its Nassau/Paradise Island rivals that it will discount heavily to attract business, forcing room rates down across the market. The promotion, which closed yesterday, gave guests who stay at Baha Mar between July 24 and August 30 an opportunity to enjoy a second, equivalent stay between September 4 and December 17, 2017. The second stay is priced at $50 per night, which is equivalent to just 29.4 per cent of the Nassau Paradise/ Island hotel industry’s lowest monthly average daily room rate (ADR) for 2016. Bahamian hotels are traditionally priced at the upper end of the market, in keeping with their high-end status and need to cover significant operating expenses. Mr D’Aguilar told Tribune Business that the level of promotional discounting was “slightly worrisome, I must say”, and expressed the Minnis administration’s determination to avoid a ‘rate war’ between Baha Mar and other New Providencebased properties, including Atlantis. “I don’t want there to be a price war where the overall rates are going down, and we maintain occupancies at far lower room rates. That’s not good for the Bahamas,” the Minister said. “Don’t get me wrong, competition is good, but as Minister of Tourism I don’t want a God almighty price war, as the only one who benefits will be the consum-

er and not the country.” Mr D’Aguilar said the Government had extended multi-billion dollar tax incentives and other concessions to both Atlantis and Baha Mar, including marketing/promotional subsidies, and wanted to ensure it received a ‘return’ on these investments via jobs and economic growth. “The Government wants there to be a positive effect from these concessions, and an overall benefit to the Bahamian people,” he added. “A property of this size [Baha Mar] is clearly going to have a substantial effect on hotel inventory and the pricing of the market, but we have to make sure it doesn’t do so to the detriment of existing hotels that have served us well over many years. We definitely don’t want a price war.” Howard Karawan, Atlantis’s top executive, had earlier this week expressed fears of market ‘cannibalisation’ as a result of new developments such as Baha Mar, adding that these projects should effectively ‘take the lead’ in attracting new airlift to this destination and expanding the tourism market. He was backed by Gary Williams, Sandals Royal Bahamian’s general manager, who told Tribune Business: “We all have the same concerns. Baha Mar is good for the Bahamas, but what the country can’t afford is for them to discount rates. That is going to cannibalise the market. Discounted rates are no good for the Bahamas.” Mr D’Aguilar yesterday said he was optimistic that

“a happy medium” could be achieved, arguing that the concerns of other hotels needed to be balanced with Baha Mar’s efforts to establish itself in the market. “Cannibalisation is a major concern of the other major players, other hotel operators in the Bahamas, and clearly Baha Mar has to develop strategies to get their product known in the marketplace,” the Minster said. “We understand that, but we have to be very careful that we don’t grow the occupancy levels at Baha Mar at the expense of occupancies at other locations, at least from a sustainability point of view.” Mr D’Aguilar said it was key for Baha Mar to tap into new markets and grow the number of visitors to the Bahamas, as this would sustain - rather than degrade - room rates by ensuring there was enough demand for all hotel properties. “On the one side, operators in the market are saying Baha Mar is not doing enough to grow demand; not at the expense of the other hotels,” he added. “But, on the other side, Baha Mar is saying we need to get our name known in the marketplace and overcome the bad press that preceded they’re opening. “They’ve [Baha Mar] impressed on me that they’re very mindful of cannibalisa-

tion, and [president] Graeme Davis assured me they’re very mindful of that and are going to do their level best to minimise that. “But on the other side you’ve got players in the market seeing the offers Baha Mar is making online, and realising the numbers going into the fall are not as robust as they should be.” Mr D’Aguilar said both sides needed to listen to each other, adding that the Government was “mindful of the noise in the marketplace” and the need for Baha Mar to grow the economy rather than split the high-end visitor market with Atlantis. “It’s early days,” he told Tribune Business. “Everyone’s a little jittery, everyone’s a little nervous. The Government is concerned that Baha Mar’s opening leads to an upward trajectory to our GDP. “Everyone’s watching to see if the marketing efforts they’re going to deploy will have an overall effect of growing GDP for the destination. That’s where our focus is, where our concentration is. The Government does not want a price war. That will not bode well for the destination. If we have too many rooms, it will have a detrimental effect.” Fears that Baha Mar may split, rather than grow, the market for high-end visitors with Atlantis have been

present ever since the $4.2 billion Cable Beach development was conceived in 2003-2005. Paul O’Neill, Atlantis’s former top executive, publicly voiced such concerns during that period at a Bahamas Chamber of Commerce luncheon. Should these fears come

to pass, it would create downward pressure on room rates at both New Providence’s mega resorts and, potentially other hotel properties, with none generating the profits they need to keep Bahamians employed and maintain a sustainable business model.

NOTICE

NOTICE is hereby given that JUDITHE METELLUS of Rupert Dean Lane, Nassau, N.P., The 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 21st Day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.

NOTICE

ALFA ASSETS CORPORATION

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Alfa Assets Corporation, has been completed and the company has been struck from the Register on the 26th day of April, 2017.

NOTICE TO:

ELRICH ARLINGTON WALKER Jr. Please contact MITRE COURT LAW FIRM Suite 227, Island Lane Building, Olde Towne, Sandyport Nassau, The Bahamas 242-327-4150 Contact: Atty C. Hepburn

Shareece E. Scott Liquidator NOTICE

PITLOCHRY HOLDINGS LTD.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Pitlochry Holdings Ltd., has been completed and the company has been struck from the Register on the 1st day of June, 2017.

Shareece E. Scott Liquidator Legal Notice NOTICE BILLHAWK INVESTMENTS LTD. NOTICE IS HEREBY GIVEN as follows: (a) Billhawk Investments Ltd., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 25th July, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas. Shareece E. Scott Liquidator

NOTICE

CYPRESS POINT ASSETS LIMITED

NOVEL HERO LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) CYPRESS POINT ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) NOVEL HERO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 26th July, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 28th day of July, A. D. 2017

_________________________________ Bukit Merah Limited Liquidator

PAGE 6, Friday, July 28, 2017

THE TRIBUNE

Lucaya tenant: Too late for me, I’m off to T&C From pg B1 Port Lucaya Marketplace’s retailers relied heavily on Grand Lucayan guests to sustain their business. However, the hotel’s closure following Hurricane Matthew (apart from 200 rooms), and subsequent departure of Memories, saw their entire market disappear virtually overnight along with 59 per cent of Grand Bahama’s hotel room inventory. Mr Cartwright said the economic “crisis” this had triggered justified the Government’s decision to become an equity investor as a ‘last resort’ option to re-open the Grand Lucayan, even though this is the opposite of campaign promises to ‘get out of business’. “Whatever way they need to do it, they need to do it,” he added of the Government’s involvement. “I see people complaining about it, but Freeport’s starving, so whatever they’re doing they need to do it in a hurry. “I have no problem with what they’re doing now. Somebody’s got to help the people survive. It’s that bad. I’m really glad something is being done, but

it’s still a situation where people need help. A lot of people are unemployed. I’ve been looking for a job, and there’s nothing here on the island. What we’ve been through in this last 10 months is traumatic.” Prime Minister Dr Hubert Minnis, in his Wednesday evening address, confirmed Tribune Business revelations that the Government was planning to partner with unnamed “investors” and take an equity stake in the Grand Lucayan’s re-opening. Few details were provided, but Dr Minnis said the Government viewed this action as similar to the auto and banking industry bail-outs undertaken by the Obama administration and UK government during the 2008-2009 recession. He said his administration’s strategy was similar, too: Re-open the Grand Lucayan, turn it around, and then the Government would sell its equity stake to its partner investors or someone else. Dr Minnis did not specify the investment the Government is considering making, nor the size of the equity stake that will be taken. It is possible

these details have yet to be worked out, and it is unclear if its ‘partner investors’ include the likes of the Wynn Group, the Canadian real estate developer that has been at the table for months, seeking to buy the Grand Lucayan. Confirmation of the Government’s ‘rescue plan’, should it become necessary, has attracted criticism from some who see it as a return to the Hotel Corporation that will potentially expose taxpayers to recurring multi-million dollar losses. The Grand Lucayan has been losing $10-$11 million annually, and an equity stake will leave the Government on the hook to subsidise its share of those annual losses. Any move to acquire an equity stake would also involve the Government in a hotel business that is extremely volatile, and which it elected to exit in 1992. Mr Cartwright, though, argued that Freeport and Grand Bahama’s desperate economic straits called for desperate measures to be taken - especially if there was no other prospect for re-opening and/or selling the Grand Lucayan in time for the winter 2017-2018 season. “We’ve been begging them to do something since they came to office,” he said of the Minnis

administration. “Unfortunately, they inherited a crisis, and you can’t apply normal standards in a crisis. “If the Government has to be involved and partnationalise the hotel, as long as they get it open and people are making money, and the jobs are protected, we need it to happen. “I realise there will be some knocks along the way, but the most important thing is getting it open, get business going again and jobs going again. It’s easy to survive when you have money, but when you don’t it’s a whole different story.” Mr Cartwright said the Government’s proposed intervention showed how bad Freeport’s economic crisis had become, and he argued that the Grand Lucayan’s re-opening was only the first step towards securing the city’s revival. “I realise people have problems with this,” he told Tribune Business of the Government’s plan, “but we’re in dire straits and it’s time to take drastic measures. “I want Bahamians to understand how bad this is. This is not a normal Freeport downturn; this is a crisis. “It’s starting to spread. Freeport’s got a lot of problems. No one is hiring, people are being let go. Freeport is in bad shape.

NOTICE

ANHAI LIMITED

CK ASSETS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) ANHAI LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) CK ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 26th July, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 28th day of July, A. D. 2017

_________________________________ Bukit Merah Limited Liquidator

MARKET REPORT THURSDAY, 27 JULY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,870.25 | CHG -0.01 | %CHG 0.00 | YTD -67.96 | YTD% -3.51 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.60 2.41 0.13 6.50 8.60 6.00 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.00 7.25 12.51 11.00

52WK LOW 4.01 17.43 8.19 3.50 1.47 0.12 3.80 8.40 5.83 10.05 10.00 2.18 1.50 5.80 8.75 7.29 8.00 6.60 11.93 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

1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 2.07 3.95 1.96 170.77 146.34 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.27 17.43 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.45 10.01 2.55 1.55 6.00 9.75 8.10 10.00 7.01 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 100.00 100.00 100.00 108.52 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.27 17.43 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.45 10.01 2.54 1.55 6.00 9.75 7.29 10.00 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 -0.81 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

108.55 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.03 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 50 300

200 1,099

1,370 1,676

VOLUME

NAV 2.07 3.95 1.96 170.77 146.34 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.444 0.932 -0.510 0.383 -0.340 0.000 -0.760 0.587 0.190 0.540 0.570 0.102 0.455 0.753 0.763 0.330 0.830 0.600 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000

P/E 9.6 18.7 N/M 9.4 N/M N/M -5.3 14.7 31.6 19.4 17.6 24.9 3.4 8.0 12.8 22.1 12.0 11.7 17.9 0.0

YIELD 1.87% 5.74% 0.00% 5.83% 0.00% 0.00% 0.00% 3.49% 3.67% 3.44% 5.69% 2.36% 3.87% 4.83% 4.62% 0.00% 3.40% 2.00% 4.96% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 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% 1.92% 4.53% 0.82% 2.80% 0.95% 2.49% 3.95% 3.95% 6.77% 6.77% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017

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

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

The opening of the hotel is a start, but a lot more needs to be done to create a better environment for business and to attract investors,” Mr Cartwright added. “Regardless of what people say, Freeport is in

dire need of a fix, and that’s going to cost money.” The Grand Lucayan’s closure deprived Freeport of its ‘anchor’ property and some 1,000 rooms and jobs, leading to fears that Grand Bahama may again depopulate.

NOTICE TO:

ARNOLD BROWN & LINDA BROWN Please contact MITRE COURT LAW FIRM Suite 227, Island Lane Building, Olde Towne, Sandyport Nassau, The Bahamas 242-327-4150 Contact: Atty C. Hepburn

THE TRIBUNE

Friday, July 28, 2017, PAGE 7

US STOCKS DIP; DROPS FOR TECH STOCKS OFFSET TELECOM GAINS By STAN CHOE Associated Press NEW YORK (AP) — U.S. stock indexes pulled back from their record highs Thursday after drops for technology, health care and industrial stocks offset another big gain for telecoms. KEEPING SCORE: The Standard & Poor’s 500 index fell 11 points, or 0.4 percent, to 2,467 as of 3 p.m. Eastern time. Earlier in the day, it had been up by 6 points to extend its record run. The Dow Jones industrial average rose 20 points, or 0.1 percent, to 21,731, and the Nasdaq composite fell 63 points, or 1 percent, to 6,359. The Russell 2000 index of small-cap stocks fell

11 points, or 0.8 percent, to 1,431. EARNINGS AT CENTER STAGE: Close to half of the companies in the S&P 500 have reported their earnings for the latest quarter, and the results have been mostly encouraging. Not only are profits growing, so are revenues for many companies. But expectations were high coming into the reporting season. Companies’ stocks are getting less of a boost than usual after reporting earnings that beat analysts’ forecasts, said Nate Thooft, senior portfolio manager at Manulife Asset Management. At the same time, companies seem to be getting punished more than usual for falling short

NOTICE MEAT URU 01 LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MEAT URU 01 LTD. is in dissolution as of July 27th 2017. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________ NOTICE MEAT URU 02 COMPANY LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MEAT URU 02 COMPANY LTD. is in dissolution as of July 27th 2017. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

NOTICE

NOTICE is hereby given that FELICIA L. ALLEYNE of 5 Vignette Street, off Soldier Rd., Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MATENO SINEUS of P.O. Box N-9405, Bacardi Road, Nassau, N.P., The 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 21st Day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.

NOTICE

NOTICE is hereby given that JACKSON DESIR of Stranchan’s Alley, Kemp Rd., Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DECODA DEANDRA BUTTERFIELD of Sandilands Village, P.O. Box N-9186 mother of RASHAD BREON BUTTERFIELD, intend to change my son’s name to RASHAD BREON RAND. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

of expectations, with deeper drops in stock prices. HARD FALL: Software company CA sank $3.52, or 10.2 percent, to $31.13 for the largest loss in the S&P 500 after reports said merger talks between it and BMC Software have ended. It had earlier been on track for an up day, but shares plunged close to noon following the reports. CLOUDY OUTLOOK: F5 Networks was another tech stock that helped lead the S&P 500 lower. It reported weaker revenue for the latest quarter than analysts expected and gave a forecast for earnings this quarter that fell short of some analysts’ forecasts. Its stock lost $8.88, or 6.9 percent, to $119.32. BLOCK IT: Twitter dropped $2.73, or 13.9 percent, to $16.88. It reported better-than-expected quar-

terly results, but it also said that its monthly average user base did not grow from the prior quarter. LUNG CANCER STUDY: Drugmaker AstraZeneca plunged after it said its lung cancer drug Imfinzi did not reach its goals in a clinical trial. The company said patients treated with Imfinzi did not have better progression-free survival, or the amount of times patients lived until either death or disease progression, compared to chemotherapy. U.S.-listed shares of AstraZeneca dropped $5.17, or 15.2 percent, to $28.77. Competitor Bristol-Myers Squibb fell $1.89, or 3.4 percent, to $54.09 as investors grew more pessimistic about studies of some of its drugs. HEAVY INDUSTRY: Industrial companies also struggled. Johnson Controls tumbled $3.26, or 7.5 per-

cent, to $40.06. It reported weaker-than-expected revenue for the latest quarter and trimmed the upper end of the range for its forecast for full-year earnings per share. United Parcel Service fell $4.98, or 4.4 percent, to $107.31 as investors were disappointed that the logistics company didn’t raise its annual forecast. However aerospace company Boeing continued to soar. It rose $5.34, or 2.3 percent, to $238.79. Boeing jumped almost 10 percent Wednesday after a strong second-quarter report. ADD A LINE: Verizon Communications is on track for its biggest one-day gain in eight years after it reported more revenue than analysts expected. Many more new wireless phone customers signed up for

Verizon service than Wall Street had forecast. Verizon jumped $3.26, or 7.3 percent, to $47.66. A day ago, AT&T made its biggest move since 2008 after it reported strongerthan-expected earnings. It rose $1.34, or 3.5 percent, to $39.37 Thursday. LIKE IT: Facebook rose $4.82, or 2.9 percent, to $170.42 after it reported stronger-than-expected earnings. Its advertising revenue rose by nearly half from a year earlier, and Wall Street was pleased with the company’s spending forecasts. YIELDS: The 10-year yield rose to 2.31 percent from 2.28 percent late Wednesday. The two-year yield remained at 1.35 percent, and the 30-year yield climbed to 2.93 percent from 2.89 percent.

NOTICE

BUENDIA ASSETS LIMITED

DAVIS INVESTMENT HOLDINGS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) BUENDIA ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) DAVIS INVESTMENT HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 26th July, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 28th day of July, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

PAGE 8, Friday, July 28, 2017

THE TRIBUNE

GOP’S REPEAL OF INSURANCE MANDATE COULD BACKFIRE By RICARDO ALONSOZALDIVAR Associated Press

WASHINGTON (AP) — Getting rid of the Affordable Care Act’s highly unpopular penalty for not

having health insurance could backfire on Republicans, prompting significant premium increases if it were actually to pass. One of the main reasons GOP lawmakers have given in their quest to overturn

NOTICE

LUCKY MOTION HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) LUCKY MOTION HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 26th July, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 28th day of July, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator NOTICE

AERO POWER HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) AERO POWER HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 26th July, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 28th day of July, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

“Obamacare” is that they want to lower premiums for people who buy individual health insurance policies, particularly constituents who get no help from the law’s tax credits. Some states are facing a second year of double-digit hikes. “There is no doubt whatsoever that premiums in the individual insurance market would go up,” said Larry Levitt of the nonpartisan Kaiser Family Foundation. “There is irony here in that the mantra from Republicans throughout this debate has been the need to lower premiums, but this step would do just the opposite.” Premiums would go up because insurers fear that without the penalty and the health law’s underlying requirement to carry insurance, some healthy people would drop their coverage. That would leave insurers with a pool of sicker, costlier customers. How big an increase? An analysis last year from the nonpartisan Congressional Budget Office estimated an increase of roughly 20 percent, and Senate Minority Leader Charles Schumer of New York says the budget office has told his staff that estimate still stands. The CBO estimated this week that about 16 million people would become uninsured if the coverage requirement is repealed. Without the penalty, healthier people and those juggling tight household budgets might decide to take a chance and drop coverage. The penalty for going without coverage last year was the greater of $695 or 2.5 percent of household income, due when taxpayers file their returns. The amount is adjusted annually for inflation, so it would be higher this year if the penalty stays on the books. According to the latest IRS figures available, about 6.5 million households paid the penalty for tax year 2015, averaging about $470 each.