MONDAY, OCTOBER 31, 2016
business@tribunemedia.net
$3.95 GB Power pledges no ‘rate shock’ on Matthew recovery By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama Power Company’s (GBPC) chief executive has pledged to avoid any “harmful rate shock” for storm-battered customers when it seeks to recover its restoration costs. Emphasising that the utility’s primary focus was on restoring services to all its See PG B6
Will work with GBPA to regain ‘prudent costs’ Storm self-insurance fund was delayed to 2017 Aiming to minimise impact for storm-hit customers
Bran slams ‘fallacy’ of low-tax Bahamas By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Democratic National Alliance’s (DNA) leader has pledged to reform the Business Licence fee if elected to office, so that companies do not pay more in taxes than they earn in profits. Branville McCartney told Tribune Business that the World Bank’s ‘ease of doing business’ report had exposed See PG B4
Promises DNA will reform Business Licence fee Will be based on net profit, not gross turnover: DNA chief: ‘We’re being taxed out of business’
‘Don’t paint Chinese with the same brush’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
THE Chamber of Commerce’s chairman has urged Bahamians to resist treating Chinese state-owned and private sector companies “with the same brush”, while acknowledging angst he potential threat to the country’s economic sovereignty from large-scale Chinese investments. Gowon Bowe, speak-
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Baha Mar purchaser challenged on casino By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A KEY Sarkis Izmirlian ally has questioned the proposed Baha Mar purchaser’s ‘silence’ over its casino plans, given that the gaming facility is “the key engine” in ensuring the development’s profitable success. Dionisio D’Aguilar told Tribune Business that Chow Tai Fook Enterprises (CTFE), in its statement confirming it was in negotiations to acquire Baha Mar, was noticeably quiet on who would brand/operate the largest casino in the Bahamas and the Caribbean. He suggested the Hong Kong-based conglomerate, controlled by the family of late billionaire, Cheng Yu Tung, had instead chosen to emphasise its hotel and real estate development background because it didn’t want people “digging deeper” into its casino gaming history. “Who are they going to employ to run the casino? That’s the big question,” Mr D’Aguilar told Tribune Business of CTFE’s plans for Baha Mar. “It’s the engine of the resort. You have the casino at the centre, from which every hotel is a spoke. If that’s the end of the
Sarkis ally: What are your plans for ‘key engine’?
Minister promises to uphold ‘highest casino standards’
Suggests CTFE, Chengs don’t want any ‘digging deep’
Expects Baha Mar license apply ‘within 24 hours’
Raises questions on Macau, Stanley Ho ties
Comes amid claims Hong Kong group ‘unsuitable’ CTFE seeks Tourism tie-up on Asia marketing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Tourism yesterday pledged to uphold “the highest standards” of integrity in the Bahamian casino gaming industry, amid suggestions that Baha Mar’s potential purchaser is not a suitable buyer. Obie Wilchcombe, who has ministerial responsibility for gaming regulation, told Tribune Business that he expected to receive a casino licence application from Chow Tai Fook Enterprises (CTFE) and its principals, the Cheng family, within the next 24 hours. See PG B7
SARKIS IZMIRLIAN business that attracts the most attention, you have to make sure that is run right.” The former Baha Mar Board member queried whether CTFE and the Cheng family were the ‘best fit’ for the Cable Beach development, given See PG B6
Bahamians must distingush between private, state Chamber chief acknowledges ‘influence’ concern ing in the wake of last week’s announcement by multi-billion dollar Hong See PG B7
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FNM deputy: ‘No comfort’ taken on Baha Mar’s buyer By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
THE Opposition’s deputy leader has warned against “taking any comfort” from a multi-billion dollar Hong Kong-based conglomerate’s confirmation that it is seeking to acquire Baha Mar, adding: “We need to know the details behind it first”. K P Turnquest also expressed concern at the level of leverage the Chinese government could obtain over the Bahamas, given the close links that Chow Tai Fook Enterprises (CTFE) and its principals, the Cheng family, maintain with Beijing. “In terms of the concentration of ownership, a group with state connections is a concern,” Mr Turnquest said. “We cannot allow ourselves to be vulnerable to any state or any entity because it does have implications for our local domestic policy. “On paper this group seems to be a very versatile and dynamic group that
KP: We want to know details of deal first ‘Unwise to take eye off the ball’ otherwise
PETER TURNQUEST may be good for the Baha Mar project, but we are going to look very closely to see what exactly are the deals behind it and what’s See PG B5
‘Greater flexibility’ on Baha Mar disclosures By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
THE Government should have “greater flexibility” to reveal the terms being negotiated for Baha Mar’s purchase, including investment incentives and tax breaks, after the buyer identified itself, the Chamber’s chairman believes. Gowon Bowe said: “A private company would have to apply to the Bahamas Investment Authority. When you have investors before the Authority, that’s when the Government would have the
Govt ‘should be in position’ to reveal more on deal Chamber chair: Buyer confirmation gives room flexibility to speak about the types of negotiations going on. “Now that a formal announcement has been made by this private enterprise, the Government would have greater flexibility to speak to See PG B8
Monday, October October 31, 31, 2016, 2016, PAGE PAGE 3 Monday, 3
Govt warned: Don’t lose CLICO solution in storm By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT pastor yesterday urged the Government not to forget the promised payout to CLICO (Bahamas) long-suffering policyholders, saying: “We don’t want to get lost in the storm.” Bishop Simeon Hall, one of the insolvent insurer’s victims himself, told Tribune Business he had been informed pre-Hurricane Matthew that the Christie administration planned to implement the second phase of its ‘resolution’ plan by November. But, with the Government and wider Bahamas still grappling with the devastation produced by the Category Three/Four storm, Bishop Hall expressed fears that the CLICO (Bahamas) situation would quickly be forgotten as policymakers focused on other priorities. “I don’t want it to get lost in the storm,” Bishop Hall told Tribune Business. “Matthew is a double whammy for some people who might have been waylaid by the Government and, at the same time, adversely affected by the storm. “I’m very concerned that we don’t allow the storm to blow away the promises made to CLICO policyholders. CLICO is a storm in itself. “The Government needs to be progressive and innovative, and come up with ways to fix these things.” Pointing out that it has been almost eight years since CLICO (Bahamas) was placed into court-supervised liquidation in February 2009, Bishop Hall said the damage and loss inflicted by Matthew would have exacerbated the impact suffered by the life and health insurer’s collapse into insolvency.
RT. HON. PERRY G. CHRISTIE PRIME MINISTER
Bishop urges it to follow through on payout pledge Fears policyholder plight forgotten in Matthew’s wake “I can appreciate that the Government is challenged with finances, but if they borrowed $150 million, some of that could certainly be used to remediate CLICO,” he told Tribune Business. That is unlikely, given that the Government has said the $150 million is only to be used for hurricane relief and restoration purposes. However, Bishop Hall’s concerns that CLICO (Bahamas) policyholders will again be ignored and forgotten about are not without merit, given the length of time - spread across two administrations - that it has taken to devise and implement a solution to their plight. The Government is already late on one part of the payout’s second phase, as the $45 million bond issue was initially supposed to occur on September 30. It was forced, pre-Matthew, so confirm interest would start to accrue as of October 1, with the first payment due on March 2017. The second phase is to be triggered by the creation of a new insurance entity, a special purpose vehicle (SPV) to be called Coral Insurance Company. This is being formed to hold CLICO (Bahamas) insurance policies that remain in effect. The SPV, which will be licensed and regulated by the Insurance Commission of the Bahamas (ICB), is supposed to be set up by
BISHOP SIMEON HALL the second week of November and hold the remaining insurance portfolio until it is purchased by another insurer. However, it appears that the taxpayer has some exposure to Coral Insurance, as the Government has agreed to provide “capital support” to cover the ‘gap’ between its assets and policy liabilities. Coral Insurance’s creation will then lead to the $45 million bond issue, which will be used to compensate CLICO (Bahamas) former Executive Flexible Premium Annuity (EFPA) holders and those who surrendered their pension policies. The bond issue, as previously revealed by Tribune Business, will be handled by Leno Corporate Services. The bonds will be issued in exchange for, and replace, the pledges issued to former CLICO (Bahamas) clients
owed more than $10,000, and who received their first cash payments in February 2016. That collective payment totalled some $13.1 million. Most CLICO (Bahamas)policyholders, though, would prefer to receive a cash payout rather than then seven-year bonds, which will carry an interest rate carry equivalent to Bahamian Prime (4.75 per cent) and pay dividends semi-annually. Bishop Hall added yesterday: “A progressive Government must find the financial wherewithal and the political will to finally resolve the CLICO debacle, in spite of the pressing and ongoing challenges the country now faces, most recently compounded by the devastating and costly passage of Hurricane Matthew.”
PAGE PAGE 4, 4, Monday, Monday, October October 31, 31, 2016 2016
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Ministry teams with Pelicans to promote Bahamas destination
THE Ministry of Tourism has partnered with the New Orleans Pelicans basketball team to deliver the message that ‘It’s Better in the Bahamas’ to residents of the US southern gulf coast. The Bahamas’ branding will be seen during every event held at the Smoothie King Centre in New Orleans. “We’re not that far away from the Bahamas and we are all about hospitality, just like your destination, so I think it’s the perfect fit,” said New Orleans Pelicans president, Dennis Lauscha. “You’re not just reaching the residents of New Orleans. You know there are seven million people that call themselves Pelicans fans and they’re spread out across the Gulf South. “So whether they’re in Louisiana, Mississippi, Alabama or any of the other states in this region, we’re sending the message that
the Bahamas is where they want to be for vacation,” The idea was conceived after Bahamian basketball player, Chavano ‘Buddy’ Hield, was drafted to the New Orleans Pelicans. The partnership was fully embraced by the organisation’s executives. “We’ve brought the islands of the Bahamas’ multi-destination brand and cultural display to New Orleans through the ownership of the most visible and prominent branding assets in the Smoothie King Centre, the Loge Boxes. This is also the prime position to reach fans watching local, regional and national television broadcasts. We want to invite fans to discover our islands,” said minister of tourism, Obie Wilchcombe. The Ministry of Tourism has exclusive rights to the Loge Box area in the Lower Bowl of the Smoothie King Centre. This means that
Bran slams ‘fallacy’ of low-tax Bahamas From pg B1 as “a fallacy” the notion that the Bahamas was a ‘low tax’ or ‘no tax’ jurisdiction when it came to conducting business. The report, released last week, calculated that the average Bahamian company paid to the Government, in taxes, the equivalent of more than one-third of its annual profits - some 33.8 per cent. It said Business Licence fees accounted for nearly two-thirds of this corporate tax burden, requiring busi-
ness to on average pay a sum equivalent to 22.02 per cent more than one-fifth - of their annual profits. Several businesses, primarily in industries that are price-controlled or generate high turnovers with low profit margins, subsequently told Tribune Business that this was a major under-estimate. One company executive, speaking on condition of anonymity, said their annual Business License fee was now equivalent to 120 per cent of annual net profits
Bahamas branding will be visible to fans attending Pelican home games and all other events that take place in the 18,000 seat arena, in-
cluding concerts, live shows and other sporting events. Three Lower Bowl ‘End Zones’ rows (Sections 105 through 108, rows 23-28)
are outfitted with images of beaches, vibrant Junkanoo performances and ‘Swimming Pigs’. The slogan ‘It’s Better in the Bahamas’ and
contact information are visible from every angle of the arena. The unique marketing initiative was launched on Friday night at the New Orleans Pelicans and Golden State Warrior match-up. Tourism officials will push the message yearround to help increase sales. “Starting in May 2017 we have a direct flight from New Orleans to Grand Bahama, and we will be taking advantage of the Pelicans database, reaching out to all of their fans through email marketing campaigns to drive the message home that the Bahamas is where they want to be”, said Dupree Smith, the Ministry of Tourism’s district sales manager for Southwest US. The partnership also allows the Ministry of Tourism to have some visibility at the Mercedes-Benz Superdome during New Orleans Saints home games.
- thereby ensuring they pay much more to the Government than their shareholders earn in any dividends. “You could earn $1 million in gross revenue and still not make a profit,” Mr McCartney told Tribune Business, “which causes your business to suffer even more. “We’re going to change that. You’re not going to pay Business Licence fees on the gross; you’ll pay it on the profit.” Some may argue that the DNA’s prospects of being elected to government in the upcoming general election are slim, but Mr McCartney continued: “By the time you take into consideration the
Business Licence fees you pay on the gross, and the VAT you pay, businesses are paying more in taxes than the earnings and profits they make. “The bottom line is, for the most part, you are taxing them out of business. Some businesses may make a substantial amount of gross but minimal profit. Many businesses are holding on by the skin of their teeth. We’re suffering.” The private sector has complained about, and demanded reform of, the Business Licence fee structure for years, arguing that it is an unfair burden for many firms to bear given that it is based on top-line turnover -
not profits. As a consequence, companies such as food stores and gas stations, which have high turnover and low mar gins, face a much higher Business Licence fee burden than high margin/low turnover service providers such as small accounting and law firms. The World Bank report, meanwhile, also showed that companies pay a sum equivalent to 6.32 per cent of their profits in National Insurance Board (NIB) and social security contributions, with Stamp Duty and real property taxes coming to 6.32 per cent and 1.58 per cent, respectively. Mr McCartney said the ‘ease of doing business’ report’s corporate tax burden findings showed the promotion of the Bahamas as a ‘low tax’ jurisdiction is “a fallacy”. “It shows us that we are being taxed out of business, and that keeping our doors open has become harder and harder because of the taxes levied against us,” the DNA leader, himself a businessman, told Tribune Business. “It talks about VAT, but with so many taxes to pay, and with such a significantly high percentage of income going to these taxes, it’s really unrealistic for businesses to grow in this country or new businesses to be developed when we are taxed the way we are. “Unless we find a way for these taxes to be reduced, and the ease of doing business to be enhanced, and look at doing things that ensure businesses can survive, be sustained and make a profit, we will continue to slip.”
The findings in the World Bank report given an insight into the total tax burden faced by Bahamas-based businesses, much of which is indirect and therefore often ‘missed’ by the general public. Combined with high utility, labour and other costs, the near-34 per cent tax rate highlights how many companies are operating under an unsustainable cost burden, further impeding the Bahamas’ economic competitiveness. “We pay taxes on taxes,” Mr McCartney told Tribune Business. “We pay taxes when goods come in from the US; we pay duty and we pay VAT on that. We pay taxes on taxes. We’re double taxed as a country.” He warned that the Bahamas would slip further from its present 121st spot, out of 190 nations, in the World Bank’s ‘ease of doing business’ rankings unless it reversed course and made both easy - and difficult - decisions to reform. “We haven’t had any new foreign direct investment coming to this country,” Mr McCartney added. “That is a telling sign right there. People are looking elsewhere. “Someone coming to this country, they want to know they can do business relatively easily, and not have to wait weeks to get the licenses and permits that are necessary. “We have not taken into account what is needed to make doing business easy. The bottom line is people are looking elsewhere.”
PICTURED are the Minister of Tourism Obie Wilchcombe (centre left) presented the official gameball to referees alongside Klay Thompson (far right), son of Bahamian basketball icon Michael “Sweetbells” Thompson and Buddy Heild (far left).
POSTION WANTED Harbourside Marine is searching for an outboard engine and Waverunner salesperson. The candidate must have boating/ marine experience, be well spoken and have a professional attitude. Please email your resume to nick@hbsmarine.com
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Monday, October October 31, 31, 2016, 2016, PAGE PAGE 5 Monday, 5
‘Amazing’ Brewery staff restart drink production COMMONWEALTH Brewery has restarted production of Kalik and other favourite beer brands some two weeks after Hurricane Matthew tore through its Clifton production plant, with company management hailing the facility’s 60 employees as “amazing”. Hans Neven, the BISXlisted brewer’s managing director, said: “The employees who showed up to help were nothing short of amazing. “The employees came to help restore the brewery
and, once they started, they took it on as a mission to get their brewery and recycling plant back up and running. “What they accomplished in a little over two weeks could have taken months. On behalf of shareholders, directors and management, I wish to thank them publicly and let them know that we were beyond impressed; we were moved by their dedication.” Ed Beneby, the Brewery’s engineering manager, added: “The day after Hurricane Matthew passed we
visited the brewery and the site was extensively damaged. Mr Beneby, who is the brewery’s longest-serving staff member, continued: “The middle section of the roof was completely torn off, there was flooding on the interior of the brewery floor, and offices and equipment were severely damaged. “I have been here since 1986, when the brewery was under construction, and in 1987 when the first production began, and to see the
destruction done in one day is heartbreaking. My initial thoughts were that it would take months before we were operational again.” There was hardly a part of the 150,000 square foot facility that was untouched. Workers had to protect manufacturing and quality control equipment, preserve what inventory they could, assist with structural repairs, salvage office materials and haul and saw fallen trees. “What I witnessed on day one, and now 21 days later, is
amazing,” Mr Beneby said. “To see and hear Kalik on the bottling line is a testament to all the hard work of the brewery team members, some who worked seven days and long hours for the past three weeks. I’m proud of the job we have done in the short period of time.” Hurricane Matthew hit the plant on October 6 and, by October 21, only 15 days later, Commonwealth Brewery, which produces Kalik, Heineken, Guinness and Vitamalt, was back to brewing. The first bottle was capped
and ready for market four days later. “Thanks to the dedication of committed staff members, many of whom were also dealing with repairs to their homes, and to careful management of inventory prior to the storm,” said Mr Neven, “Kalik and other brands were back on market in record time and there was never a time that our stores ran out of inventory.” Commonwealth Brewery’s business includes 57 stores on 11 islands. It represents 229 brands.
TEMPORARY ADMINISTRATIVE ASSOCIATE The Bahamas Country Office of the Inter-American Development Bank (IDB), wishes to contract the services of a temporary Administrative Associate. The IDB is a regional multilateral development Bank seeking to contribute to the social and economic development of 26 member countries in Latin America and the Caribbean through lending and non-reimbursable grants. The objective of the contract is to provide support to the Fiduciary Team in the oversight and monitoring of operations, as well as to foster the development of the fiduciary and institutional capacity of executing agencies, to assist with optimal resource utilization and the adaptation of administrative processes so as to meet program requirements in a highly complex working environment. Duration: 18 months. ED BENEBY (left), Commonwealth Brewery’s engineering manager, and Ricardo Roberts (right), brewing manager, grab a Kalik as it rolls off the bottling line.
FNM deputy: ‘No comfort’ taken on Baha Mar’s buyer From pg B3 in it for the Bahamian people.” Apart from CTFE’s prospective Baha Mar acquisition, a Chinese state-owned company, China Construction America (CCA), is also the owner of the British Colonial Hilton and The Pointe, the two properties that are the ‘anchors’ for downtown Nassau and Bay Street. Then there are Hutchison Whampoa’s investments in Grand Bahama, via the Freeport Container Port, the Grand Lucayan, Freeport Harbour Company and the Grand Bahama International Airport, plus the China Harbour and Engineering Company (CHEC’s) involvment in building Abaco’s $39 million port. Should CTFE and the Cheng family close the purchase of Baha Mar from
the China Export-Import Bank’s special purpose vehicle (SPV), Perfect Luck Holdings, then Chinese state-owned and private companies will own a significant portion of the Bahamas’ hotel plant and GDP. As a result, some observers fear that Beijing will be able to exploit this ‘economic weight’ to further its geo-political aims and exert pressure on whoever the Government is in Nassau. “They say that they will hire as many Bahamians as possible, but what does that mean; one, 10, 100? Until we know the details behind, we can’t really take comfort in this development,” Mr Turnquest said of CTFE. “At the end of the day all we do know is that there is a buyer negotiating offshore, so all that talk about sovereignty goes out of the window. These are two Chi-
nese entities working out this deal. Until this cake is baked it would be unwise for us to take our eyes off the ball.” CTFE, which has interests in the property development, hotel, casino, transportation, jewellery, port and telecommunications industries, said last week it had “entered into negotiations” to acquire Baha Mar. It added that it had submitted the necessary permit and approval applications to the Bahamian Government for the acquisition of Perfect Luck Holdings. The Rosewood hotel brand, which had withdrawn from the Baha Mar project, but is owned by Chow Tai Fook Enterprises, is now in line to return to the Cable Beach project, CTFE said in a statement. It added that the Hong Kong-based conglomerate was also in talks with the two other resort brands, Hyatt and SLS Hotels, in a bid to ensure they remain committed to the project.
Requirements: A Master’s Degree in Accounting and Auditing (e.g. Certified Public Accountant – CPA-ACCA), Public Finance, Business Administration or a related field and a minimum of five years of relevant professional experience or the equivalent combination of education and experience. Knowledge of Spanish would be an asset. All candidates must be citizens of The Bahamas or of an IDB member country in possession of a valid work permit providing eligibility to work in The Bahamas. For more information about this position and to apply, please refer to the following link before November 4th, 2016: https://iadbcareers.taleo.net/careersection/jobdetail. ftl?job=1600003674&lang=en
PAGE 6, Monday, October 31, 2016
GB Power pledges no ‘rate shock’ on Matthew recovery From pg B1 customers, Sarah McDonald told Tribune Business it would eventually have to work with the Grand Bahama Port Authority (GBPA) to determine the best method for recovering its “prudent costs”. The decision by GB Power, and the GBPA as its regulator, to defer implementation of its hurricane ‘self-insurance’ fund for one year means that restoration costs are currently being funded from the energy monopoly’s existing financial resources. Under the rate structure approved in early 2016, the financing mechanism for GB Power’s self-insurance fund was delayed until January 2017 - too late to assist with Matthew restoration costs. Mrs McDonald acknowledged that the recovery
effort “isn’t cheap”, given the amount of workers and resources dedicated to rebuilding a transmission and distribution (T&D) network that was almost completely destroyed by the Category Four storm. She did not give an estimate for the total cost, but Paul Miller, GB Power’s former managing director, told Tribune Business in late 2015 that the utility’s own studies had shown a hurricane of Matthew’s strength would inflict $28 million worth of damage on its infrastructure, “It won’t be cheap,” Mrs McDonald told this newspaper of GB Power’s restoration costs. “You cannot have that many resources, and people working these hours, without a cost. “We’re conscious of it, managing it carefully, and recognising it has to be done. We’ve been talking
to the GBPA to say: Are you comfortable with our pace? We’ve been able to go back to the regulator and say: Are these [costs] prudent?” After Tribune Business raised the ‘hurricane selfinsurance fund’, she replied: “If we had had something like that, it would have helped to cover it. Insurance companies will not insure transmission and distribution (T&D) assets. “We have to find another way to fund it. We’ll work with the GBPA to find a way to recover the prudent costs of restoration, but we don’t want a rate shock that will be harmful to people trying to get back on their feet.” Mrs McDonald said GB Power would be assisted by its ongoing fuel hedging programme, which now enables the energy utility to know what its fuel costs are for the next three years. These had declined slightly, and with the predictability and certainty created by the ‘hedge’, Mrs
McDonald said GB Power was now able to “manage overall costs and prices a bit better”. Reiterating that GB Power would seek to recover Matthew-related costs where it could, and in a manner that minimised the impact for consumers, she added: “This is something we have to figure out with the regulator. “There will be a formal hearing on how we approach this, and what is the best option. But we don’t want people to think we’re splitting hairs, and trying to worry too much about it. “We’re managing the company, managing the costs, and right now the focus is getting the power on.” When it made its 20162018 tariff proposal back in 2015, GB Power had proposed adding a $0.003 per kilowatt hour (Kwh) charge to customer bills to finance the Self-Insurance Fund. Mr Miller said at the time that this would be equivalent to just an extra $30 per year for 85 per cent of its
Baha Mar purchaser challenged on casino From pg B1 that their casino experience stemmed primarily from the Macau and Asian gaming markets. “Here we are, bringing in a Chinese company to run and oversee the casino, when 90 per cent of its customers will come from the US market,” Mr D’Aguilar said. “Who in the US market is going to want to go into a venture with these guys? It’s another flawed attempt by the Christie government to solve this problem.”
Baha Mar, under Mr Izmirlian as its original developer, had employed a ‘casino centric’ business model that put gaming at the heart of its operations. While it had viewed Atlantis as catering more to families, Mr Izmirlian and his team were targeting the ‘couples’ market through the casino and associated facilities. Rather than engage an established gaming operator for the casino, Mr Izmirlian decided to place it under Baha Mar’s ‘own brand’, and hire a management firm
LEGAL NOTICE
NEXTON PORTFOLIO LTD. (In Voluntary Liquidation)
Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Directors of the above-named company by Resolution passed on the 25th day of October 2016 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas. All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 2nd day of December 2016, after which date the books will be closed and the assets of the company distributed. Dated the 28th day of October 2016. Bennet R. Atkinson Liquidator
BAHA MAR DEVELOPMENT SITE to run it. It is unclear whether CTFE and the Cheng family have the same ‘casino centric’ vision for Baha Mar as Mr Izmirlian, and if they will target the Macau/Asian market - as opposed to the US - for clients. Mr D’Aguilar, though, suggested that through the late Cheng Yu Tung’s business partnership with ‘gambling king’, Stanley Ho, CTFE and its controlling family had been exposed to “dubious activity” in the Macau casino industry. And, as a result, he questioned whether the Government and its Gaming Board should grant CTFE a casino licence, should it ultimately become Baha Mar’s new owner. Given that CTFE’s release last week suggested it had just applied for the necessary government permits and approvals, the Gaming Board is unlikely to have yet conducted in-depth due diligence and investigations of the company and its principals. Mr D’Aguilar specifically cited the late Cheng’s business partnership with
Mr Ho in Sociedade de Turismo e Diversoes de Macau (STDM), which leveraged the monopoly granted to it in 1962 to become Macau’s leading casino gaming developer. “The key to this thing is the casino. They don’t want you to dig any deeper,” he added of CTFE and its silence on the casino. “That’s why they’re not mentioning the casino. “It’s something that they were noticeably silent on, and they don’t seek to emphasise: Their experience in casinos, because their experience is riddled with dubious activity.” Mr D’Aguilar continued: “As you know, the anchor of Baha Mar is the 100,000 square foot casino, the largest in the Caribbean, and two-and-a-half times the size of Atlantis, and we are letting these people come into our country to operate our largest casino,” the newly-ratified FNM candidate for Montagu told Tribune Business. “It scares me to death that we are putting them in charge of the engine of our tourism product. God
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residential customers, and GB Power subsequently amended the proposal from a ‘flat fee’ to one that was based upon energy consumption. “High-end” residential users will see a “close to” $100 increase. The proposal, though, was not without its critics. The Grand Bahama Chamber of Commerce at the time argued that the utility should finance the SelfInsurance Fund from its profits rather than burden already hard-pressed consumers with a further levy on their light bills. Mr Miller, though, rejected this, arguing that it was established practice worldwide for the energy industry to finance self-insurance funds from consumer levies. He said studies commissioned by GB Power had highlighted the need for such a self-insurance mechanism, as they had estimated that a Category Four hurricane similar to Hurricane Joaquin would inflict $28 million worth of dam-
age on its infrastructure if Grand Bahama was hit. “The studies indicate that a Category Four hurricane like Joaquin, if that were to hit Grand Bahama, that would create upward of $28 million in damages to be recovered,” Mr Miller told Tribune Business earlier this year. “That’s why we said: ‘Let’s be prudent here, start at $1 million and see what the Port Authority rules on that’.” The self-insurance fund was an effort by GB Power to prepare for the worstcase storm scenarios, ensuring it has financial reserves to effect multi-million dollar repairs to critical infrastructure that might be delayed if it has to seek funding form elsewhere. It is common for energy utilities in storm-hit areas to establish a Hurricane Self-Insurance Fund, given that they - like GBPC - are unable to obtain insurance coverage for their transmission and distribution assets.
knows where this is going to lead.” Mr D’Aguilar’s concerns appear to be based on a May 18, 2009, report by the US state of New Jersey’s gaming enforcement division, dealing with a proposed Macau casino joint venture between MGM Mirage and Stanley Ho’s daughter, Pansy. The report, which has been seen by Tribune Business, said the information produced relating to Mr Ho “precludes any other finding that he is unsuitable” as a partner for MGM Mirage. Its concerns centre on the VIP (Very Important Person) gaming rooms in STDM’s Macau casinos, which were frequently leased to third-party operators in return for up-front fees. These operators would then enter into agreements with gaming junket operators/promoters, who would attract high-rollers and regular gamblers to gamble in the VIP rooms, in return for commissions. “Asian organised crime, attracted by the growing gaming market and accommodated by the establishment of VIP rooms in STDM casinos, penetrated the Macau gaming market,” the New Jersey report said. “The VIP rooms in the STDM casinos provided organised crime the entry into the gaming market that it previously lacked.” The New Jersey report revealed that MGM first had Macau joint venture partnership discussions with New World Development, the publicly listed subsidiary of CTFE, which is also controlled by the Cheng family. The late Cheng Yu Tung was described as “an individual with extensive and longstanding associations” with Stanley Ho, and MGM’s executive committee approved talks over a Macau joint venture with New World Development on June 5, 2001. Apart from the late billionaire, others involved in the MGM talks included his
son and current CTFE principal, Dr Henry Cheng KarShun, and Chan Siu Hung, a VIP room promoter. “Cheng Yu Tung has had extensive business relations with Stanley Ho, is a substantial shareholder of STDM, and holds governance positions on the boards of STDM and Shun Tak,” the New Jersey report said. “Chan and Cheng Yu Tung had established VIP rooms together in three different STDM casinos.” MGM’s chief executive, Terrence Lanni, later wrote a proposing that entities controlled by Henry Cheng and Chan take 40 per cent and 20 per cent equity stakes, respectively, in their joint venture. But in later testimony, both Lanni and another MGM executive testified that “they had reservations about Henry Cheng as a partner”, although the report did not detail what these “reservations” were. The discussions with the Chengs came to an end in 2002 after casino deals were signed with Macau’s initially-selected gaming partners. It is the New Jersey report, though, that Mr D’Aguilar and others appear to be citing to back up their claims that CTFE and the Cheng family are unsuitable casino licensees for the Bahamas. Yet as a ‘smoking gun’, the report appears to fall short of the mark. There is nothing in it, for example, that directly ties CTFE, its subsidiaries or the late Cheng Yu Tung and his family to any wrongdoing or alleged links to the Triad organised crime gangs. The only ‘tie’ is through their connections to Stanley Ho. This suggests that the concerns being articulated by Mr D’Aguilar and others, as it relates to the Cheng family and CTFE, may be somewhat overblown, especially as they are involved in the $3 billion Queen’s Wharf project in Brisbane, Australia - a development that involves a casino gaming licence.
THE THETRIBUNE TRIBUNE
Monday, October 2016,PAGE PAGE 77 Monday, October 31,31, 2016,
Minister promises to uphold ‘highest casino standards’ From pg B1 Confirming that he had already met with CTFE representatives, Mr Wilchcombe added that the multi-billion dollar Hong Kong conglomerate was just as concerned as the Government about high standards of integrity. He also disclosed that their initial talks had focused on working closely with the Ministry of Tourism on marketing initiatives, including promoting Baha Mar and the Bahamas to the Asian market. Confirming that the Government was aware of CTFE’s casino and gaming interests in other countries, including Australia, Mr Wilchcombe told Tribune Business: “Our due diligence begins as soon as we receive the application from them, which we expect will come in during the next 24 hours..... “As always, we will conduct our due diligence to ensure all those who operate in the Bahamas will be able to maintain the high standards we have now.” Mr Wilchcombe told
Tribune Business that the Christie administration would “certainly not” compromise the Bahamas’ casino gaming integrity, as a key ally of Baha Mar’s original developer, Sarkis Izmirlian, claimed CTFE was “unsuited to invest in the Bahamas”. The claim, in a statement released by FNM Montagu candidate, Dionisio D’Aguilar, appears to be based on a New Jersey gaming regulator’s report from seven years ago, and the Cheng family’s investments/partnership with Macau ‘gambling king’, Stanley Ho. The report did not directly tie the Cheng family, its members, CTFE or its subsidiaries to the activities detailed, and Mr Wilchcombe, meanwhile, said the Government was eager to learn whether the Hong Kong-based conglomerate would be seeking to operate Baha Mar’s casino itself, or hiring a brand/management partner. “What we have heard from the company, and have discussed with them,
‘Don’t paint Chinese with the same brush’ From pg B1 Kong-based conglomerate, Chow Tai Fook Enterprises (CFTE), that it is in talks to acquire the Baha Matr development, said the Bahamas has for years played host to Chinese investments- ranging from restaurants and food stores to Hutchison Whampoa. That investment holding company, also based in Hong Kong, has interests in the Freeport Container Port, the Freeport Harbour Company, The Grand Bahama Airport Company, the Grand Lucayan and the Sea/Air Business Centre. “We have to be careful in our Bahamian context that we are not broad brushing the Chinese,” Mr Bowe told Tribune Business. “While there can be concern over state-run enterprises and the level of control that they can have over
our economy, private sector Chinese enterprises are no different than an American enterprise, a European enterprise or otherwise. Their influence is driven by shareholders, shareholder value and, ultimately, returns. Those types of decisions don’t factor into policy-making as it relates to a state or foreign affairs level.” Mr Bowe added: “We should not be painting everything with one brush. We must be very careful to distinguish between Chinese capitalist enterprises and Chinese state-run enterprises. “I think many people have the impression that as long as it says Chinese investors, the Chinese are taking over. We have had Chinese investment in the Bahamas for many years. We have viewed them as
is that they are concerned about high standards and levels of integrity,” the Minister added, pointing to the vast range of businesses and industries CTFE is involved with. “There have been times when we have had to talk to companies and get information into what they do, and involvement in running a casino in the Bahamas.” Mr Wilchcombe said this occurred when Kerzner International first decided to operate the Atlantis casino itself, rather than engage an operating/brand partner, a decision that has worked out well. The Minister added that CTFE’s ownership of the Rosewood hotel brand and chain, combined with its efforts to retain Hyatt and SLS at Baha Mar, would give the Bahamas access to enormous marketing databases that could generate more stopover visitors. “We feel confident they can assist us,” Mr Wilchcombe told Tribune Business. “Our initial discussions focused on marketing, and them working closely with the Ministry of Tourism to go after certain markets; the high end market, the middle income market and the Asian market.” CTFE, as the familyowned holding company individual investors in the country. We have to be careful not to confuse state recognised institutions with private institutions.” Apart from CTFE’s prospective Baha Mar acquisition, a Chinese state-owned company, China Construction America (CCA), is also the owner of the British Colonial Hilton and The Pointe, the two properties that are the ‘anchors’ for downtown Nassau and Bay Street. Should CTFE and the Cheng family close the purchase of Baha Mar from the China Export-Import Bank’s special purpose vehicle (SPV), Perfect Luck Holdings, then Chinese state-owned and private companies will own a significant portion of the Bahamas’ hotel plant and GDP. As a result, some observers fear that Beijing will be able to exploit this ‘economic weight’ to further its geo-political aims and exert pressure on whoever the Government is in Nassau.
for a multi-billion dollar conglomerate, and which has extensive investments and interests in hotels, real estate development and casinos, would certainly ‘tick a number of boxes’ in terms of what is required from a Baha Mar purchaser. Its ownership of the Rosewood brand will also give it insight into Baha Mar’s current condition, and what is required to complete and open Cable Beach successfully, while its track record may offer further comfort. Baha Mar was always likely to be sold to a Chinese buyer with close to connections to Beijing, and it is probable that the China Export-Import Bank, as vendor, will either provide concessionary financing to CTFE at low, long-term interest rates or offer similar loans in the future in return for being made ‘whole’.
It is unclear, though, whether CTFE will seek to bring in ‘high roller’ gamblers from Asia on junket trips to Baha Mar, an area of gaming deemed too risky by Atlantis, given the potential money laundering and corruption risks. Meanwhile, Mr Izmirlian, in what looks like an increasingly forlorn and desperate bid, on Friday reiterated his desire to offer the China Export-Import Bank a price that would beat CTFE or any other rival. His company, BMD Holdings, said the CTFE statement only mentioned “entering into negotiations”, rather than it had reached agreement with the bank’s special purpose vehicle (SPV), Perfect Luck Holdings, on a deal. “The fact is that a close reading of the Chow Tai Fook Enterprises press re-
lease makes clear that there is no deal between Chow Tai Fook Enterprises and CEXIM/Perfect Luck,” Mr Izmirlian and his company said. “If indeed Chow Tai Fook Enterprises and CEXIM/Perfect Luck are in negotiations, then it can only serve the interests of the seller and the Bahamas to have a competitive process to achieve the best outcome. BMD stands fully prepared to engage with the seller to achieve such.” That is highly unlikely, given that CTFE’s release used language suggesting that its purchase - and the associated approvals - are effectively a ‘done deal’. And the Chinese have made clear their determination to ‘freeze out’ Mr Izmirlian, thus denying him the bidding war he is seeking.
NOTICE
TO: “ JUSTICES OF THE PEACE”
In New Providence you are asked to visit the office of the Attorney General, John F. Kennedy Drive, Paul Adderley Building, for Verification and Updating of Information. Justice of the Peace, in the Family Islands are asked to visit their Administrators Office, to provide all relevant information. Passports and Drivers Licences are necessary for verification. ALL JUSTICES OF THE PEACE ARE ASKED TO CONTACT MRS. LINDA VIRGILL at LINDAVIRGIL@BAHAMAS.GOV.BS or Sandra Grant at sandragrant@bahamas.gov.bs, Telephone contacts (242) 502-0400
PAGE PAGE 8, 8, Monday, Monday, October October 31, 31, 2016 2016
THE TRIBUNE THE TRIBUNE
‘Greater flexibility’ on Baha Mar disclosures PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY OPTOMETRIST PRINCESS MARGARET HOSPITAL The Public Hospitals Authority invites applications from suitably qualified persons for the post of Optometrist, Princess Margaret Hospital. Applicants must possess the following qualifications: • • • • •
Doctor’s Degree in Optometry; A minimum of three (3) years experience in Optometry; License to practice from the Health Professions Council; Certification from the American Board of Optometry or equivalent; Excellent communication skills (oral and written);
The Optometrist will report to the Director of Ophthalmology, (Medical Chief of Staff), Princess Margaret Hospital. JOB SUMMARY: The Optometrist will examine, diagnose, treat and manage disorders of the visual system, eye diseases, and injuries. Measure and prescribe eyeglasses or contact lenses as needed. DUTIES: MANAGES WORKLOAD AND RESOURCES TO ACHIEVE DESIRED RESULTS BY: • Performing vision tests and analyzing results; • Diagnosing sight problems, such as nearsightedness or farsightedness and eye diseases, such as glaucoma; • Prescribing eyeglasses, contact lenses, and medications; PROVIDES CRITICAL INFORMATION AND RAPPORT BY: • •
Providing pre- and postoperative care to patients undergoing eye surgery—for example, examining a patient’s eyes the day after surgery; Providing treatments such as vision therapy or low-vision rehabilitation;
ENSURES QUALITY OF WORK BY: • Evaluating patients for the presence of diseases such as diabetes and refer patients to other healthcare providers as needed; • Promoting eye health by counseling patients, including explaining how to clean and wear contact lenses; The post of Optometrist is in Salary Scale HAPS8 ($36,721 x 700 - $42,321) Letter of application and curricula vitae should be submitted to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville; or P.O. Box N-8200 Nassau, The Bahamas no later than 4th November 2016.
From pg B3 the types of negotiation they are having and the things they have to consider to approve them as the investor group.” Given that details of the Government’s ‘Heads of Terms’ agreement with the China Export-Import Bank for Baha Mar’s construction completion remain sealed by Supreme Court Order, and the administration’s liking for secrecy, whether this will happen remains question-
able. Chow Tai Fook Enterprises (CTFE), the conglomerate formed by the late billionaire, Cheng Yu Tung, which has extremely close ties to the Beijing government, confirmed last week that it was the prospective purchaser for the stalled $3.5 billion Baha Mar resort. It added that it had submitted the necessary permit and approval applications to the Bahamian Government for the acquisition of Perfect Luck Holdings, the special
purpose vehicle (SPV) established by China ExportImport Bank, Baha Mar’s secured creditor. “I think that all parties have indicated that they are still under the non-disclosure agreement, and until they have sealed the deal with the EXIM Bank they would probably be under the same restriction,” Mr Bowe added. “But now that there has been an announcement by the applicant, it’s up to the Government to determine the details that they disclose. They should be in a position to start advising the public on what elements they are considering to get the deal done.”
Policy Prescriptions: Trump and Clinton on energy WASHINGTON (AP) — Energy independence has been a goal of every president since Richard Nixon, but it remains elusive. Still, an ongoing drilling boom has lowered dependence on imports of fossil fuels such as oil and natural gas. In 2015, the U.S. relied on net imports for about 24 percent of petroleum use, the lowest level since 1970. Domestic production of all types of energy except coal has boomed in recent years, thanks to improved drilling techniques and discoveries of vast oil supplies in North Dakota and Montana and natural gas in states such as Pennsylvania, Ohio and West Virginia. Hydraulic fracturing — a drilling technique better known as fracking — has also increased production in traditional energy states such as Texas, Oklahoma and Louisiana. After President Barack Obama’s two terms, business and environmental groups see a game-changing election on energy. Donald Trump has vowed to ramp up oil and gas production even further, while rolling back Obama policies aimed at slowing climate change and boosting renewable energy. Hillary Clinton says she will expand Obama’s climate policies and push even harder for renewable energy such as wind and solar power that have gained under Obama. Meanwhile, Clinton’s comment that she is going to “put
a lot of coal miners and coal companies out of business” has become a rallying cry for the GOP. Natural gas, cleaner than coal, has been embraced by politicians from both parties, including Clinton and Trump. Still, critics worry that fracking and other techniques such as horizontal drilling could be harming our air, water and health and even causing earthquakes. Wind and solar power have grown in recent years, thanks in part to support from Obama, but renewable energy sources accounted for just 10 percent of total U.S. energy consumption in 2015. Renewable energy is generally more expensive to produce and use than fossil fuels. Clouds impair solar energy, and calm skies slow wind farms. Here’s a summary of their proposals: OIL AND GAS CLINTON: She generally supports oil and gas drilling on federal lands, but would bar drilling in the Arctic and Atlantic oceans. While Clinton would cut subsidies currently given to oil companies, she has said natural gas serves as an important “bridge” to more renewable fuels. She says fracking should not take place where states and local communities oppose it and pledges to reduce methane emissions from all oil and gas production and protect local water supplies. She also would require energy companies to disclose the chemicals used in fracking. TRUMP: He complains that “energy is under siege by the Obama administration” and vows to “unleash” an American energy revolution, allowing unfettered production of oil, coal and natural gas. He would sharply increase oil and gas drilling on federal lands and open up offshore drilling in the Atlantic Ocean and other areas where it is blocked. Trump says restrictions supported by Clinton would hurt energy-producing states such as Colorado, Pennsylvania, North Carolina and Virginia — battleground states in the election. RENEWABLE ENERGY CLINTON: Pledges that under her leadership, the U.S. will be able to generate enough renewable energy to power every home in America within 10 years, with 500 million solar panels installed by the end of her first term. She also vows to reduce U.S. oil consumption by one-third through cleaner fuels such as biodiesel and natural gas and more fuel-efficient cars, boilers, ships and trucks. Clinton vows to use tax incentives and other steps to bolster wind and solar power, as well hydroelectricity, geothermal power and other forms of renewable electric-
ity. TRUMP: Argues that tax credits and other subsidies for wind and solar power “distort” the market, but says the U.S. should “encourage all facets of the energy industry,” including wind and solar power, as a way to achieve energy independence. He has characterized solar energy as an “unproven technology” with a low return on investment and says wind energy has killed birds and is a “very, very poor source of energy.” COAL CLINTON: After running as a champion of coal in 2008, Clinton has faced a backlash from coal communities after she declared earlier this year that she was going to “put a lot of coal miners and coal companies out of business.” Clinton has said she misspoke as she tried to reassure voters that her policies would benefit out-of-work miners and other poor people in Appalachia affected by the coal industry’s downturn. Clinton says she will protect health and pension benefits for coal miners and fight efforts by coal companies to use bankruptcy proceedings to deny benefits to thousands of retired miners and their families. She supports sweeping reforms to the federal black lung benefits program and will adjust black lung benefits to reflect costof-living increases. TRUMP: Vows to revive the struggling U.S coal industry and says the U.S. has enough coal reserves to “last for 1,000 years.” He vows to end “all job-destroying Obama executive actions as well as reduce and eliminate all barriers to responsible energy production.” He says his plan “will end the war on the American worker, putting our coal miners and steel workers back to work.” CLIMATE CHANGE CLINTON: Calls climate change a real and urgent problem and says the U.S. can take the global lead in addressing it. She vows to meet Obama’s goal to reduce greenhouse gas emissions by up to 30 percent by 2025 and says America “can rally the world to cut carbon pollution” while fulfilling “our moral obligation to protect this planet for our children and our grandchildren.” TRUMP: Calls climate change a “hoax” perpetrated by China and others and says he will rescind Obama’s Clean Power Plan rules to curb greenhouse gas emissions from the utility sector. The plan, a lynchpin of Obama’s climate strategy, has been delayed by the Supreme Court while legal challenges are heard. Trump also would cancel the 2015 Paris climate agreement and stop U.S. money going to U.N. global warming programs.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DEON RASHAD ALLEYNE of #19 Royal Tern Drive, Freeport, Grand Bahama, Bahamas intend to change my name to DEON RASHAD BOWE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that Marthial Paul of Miami Street, P.O. Box SS-19812, 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 31st day of October, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Monday, October 31, 2016, PAGE 9
Asian shares mixed as dollar gains against yen, China yuan signs of recovery. Core-core inflation excluding volatile food and energy prices fell to a three-year low of 0.2 percent. The mixed signals come as the central bank prepares for a policy meeting next week that is not expected to yield significant changes. WALL STREET: The Dow Jones industrial average fell 29.65 points, or 0.2 percent, to 18,169.68. The Standard & Poor’s 500 index sank 6.39 points, or 0.3 percent, to 2,133.04. The Nasdaq composite lost 34.29 points, or 0.7 percent, to 5,215.97. THE QUOTE: "We remain cautious on shares in the short term as event risk is high for the months ahead including ongoing debate around the Fed and
ECB, issues around Eurozone banks, the U.S. election on Nov. 8 and the Italian Senate referendum and Austrian presidential election re-run, both on Dec. 4," said Shane Oliver, head of investment strategy and chief economist at AMP Capital in Sydney. ENERGY: U.S. benchmark crude rose 4 cents to $49.76 a barrel in New York. Brent crude, the international standard, added 1 cent to $51.61 a barrel in London. CURRENCIES: The dollar rose to 105.15 yen from 104.42 yen late Thursday in Asia. The euro was unchanged at $1.0903. The dollar rose to 6.7858 yuan, putting it at a fresh six-year high against the Chinese currency.
Global stocks steady, dollar rises ahead of US GDP data
benchmark Nikkei 225 gained 0.6 percent to 17,446.41 but the Shanghai Composite index fell 0.3 percent to 3,104.27. Australia’s S&P/ASX 200 dipped 0.2 percent to 5,283.80, while South Korea’s Kospi fell 0.2 percent to 2,019.42. Hong Kong’s Hang Seng lost 0.8 percent at 22,952.80. India’s Sensex gained 0.2 percent to 27,975.11 and shares in Taiwan rose, while Southeast Asian markets were mixed. ENERGY: U.S. benchmark crude fell 25 cents to $49.47 a barrel in electronic trading on the New York Mercantile Exchange. It rose 54 cents on Thursday. Brent crude, the international standard, lost 8 cents to $50.39 a barrel in London.
TOKYO (AP) — Asian shares were mixed Friday as a weaker yen sent Japan’s benchmark higher, despite persisting gloom from Wall Street’s recent declines. KEEPING SCORE: Japan’s benchmark Nikkei 225 gained 0.5 percent to 17,427.34 and the Shanghai Composite index rose 0.3 percent to 3,120.31. Australia’s S&P/ASX 200 dipped 0.3 percent to 5,278.00, while South Korea’s Kospi fell 0.2 percent to 2,020.47. Hong Kong’s Hang Seng was little changed, inching down less than 0.1 percent at 23,119.67. Shares in Taiwan rose while Southeast Asian markets were mixed. JAPAN DATA: Japan reported weaker inflation in September, though consumer spending showed
TOKYO (AP) — Global stock markets were steady and the dollar made further gains Friday ahead of a report on U.S. economic growth in July-September. KEEPING SCORE: Germany’s DAX edged down 0.3 percent to 10,687 while Britain’s FTSE 100 was flat at 6,986. France’s CAC 40 rose 0.3 percent to 4,545. U.S. shares were set to drift slightly higher, with Dow and S&P 500 futures both up 0.2 percent. U.S. FOCUS: Expectations that strong U.S. economic growth in JulySeptember will reinforce pressure toward a rate hike by the Federal Reserve have pushed the dollar higher. Quarterly growth figures are due out Friday, with forecasts ranging from 1.3 percent to 3.6 percent in annualized terms. THE QUOTE: “The U.S. dollar has made modest strides higher as traders now focus on the U.S. Q3 GDP report,” said Chris Weston of IG. Given high expectations for strong growth, he
said, “the risk of disappointment seems elevated.” JAPAN DATA: Japan reported weaker inflation in September, though consumer spending showed signs of recovery. Core-core inflation excluding volatile food and energy prices fell to a three-year low of 0.2 percent. The mixed signals come as the central bank prepares for a policy meeting next week where some analysts expect the benchmark interest rate to be cut from the current minus 0.1 percent. ASIA’S DAY: Japan’s
A PEDESTRIAN walks past the New York Stock Exchange, in lower Manhattan. U.S. stocks are edging higher early Thursday, Oct. 27, as health care companies rise following strong earnings for companies including drugmaker Bristol-Myers Squibb. Real estate companies continue to fall, and banks move higher as bond yields surge. Chipmaker Qualcomm said it will buy competitor NXP Semiconductors for $38 billion. (AP Photo)
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DIONNE CLARNIQUE ALLEYNE of #19 Royal Tern Drive, Freeport, Grand Bahama, Bahamas intend to change my name to DIONNE CLARNIQUE BOWE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division
2015/CLE/gen/00343
IN THE MATTER OF property comprised in an Indenture of Mortgage dated 7th day of September, A.D., 2007 between Ricardo Alexander Newbold and Ingrid McKinney-Newbold of the one part and Scotiabank (Bahamas) 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 11275 at pages 489 to 498. IN THE MATTER OF property comprised in an Indenture of Mortgage dated 7th day of September, A.D., 2007 between Ricardo Alexander Newbold and Ingrid McKinney-Newbold of the one part and Scotiabank (Bahamas) 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 10304 at pages 180 to 189. BETWEEN
SCOTIABANK (BAHAMAS) LIMITED AND RICARDO ALEXANDER NEWBOLD AND INGRID McKINNEY-NEWBOLD ________________ NOTICE ________________
TO:
Plaintiff First Defendant Second Defendant
RICARDO ALEXANDER NEWBOLD INGRID McKINNEY-NEWBOLD
TAKE NOTICE that: 1. A Notice of Appointment to Hear Originating Summons filed on the 9th day of March, A.D., 2016 has been issued against you in the Supreme Court of The Bahamas being Action No. 2015/CLE/gen/00343 by Scotiabank (Bahamas) Limited, the Plaintiff herein and is scheduled to be heard on Friday the 9th day of December, A.D., 2016 at 9:30 a.m. in the fore-noon BEFORE Justice Guillimina Archer-Minns whose chambers is located in the Supreme Court Building, Bank Lane, Nassau, The Bahamas. 2. You must attend the above-mentioned hearing otherwise an Order may be granted in your absence. Dated the 31st day of October, A.D., 2016 GRAHAMTHOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, Bahamas. Attorneys for the Plaintiff