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port beats Baha Mar buyer: No role Arawak profit forecast 23% for Macau ‘gaming king’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Baha Mar’s intended purchaser yesterday said Macau ‘gaming king’, Stanley Ho, is not involved in its plans for the multi-billion dollar development, and emphasised its “commitment to integrity and good governance”. Chow Tai Fook Enterprises (CTFE), in its replies to Tribune Business questions, moved swiftly to refute claims it was an ‘unsuitable’ investor for the See pg b4
CTFE, principals disassociate from Stanley Ho Dismiss D’Aguilar claims of ‘unsuitability’ Point to Australia casino licence; no US application Flags Crystal Cay, Crystal Palace redevelopment
Baha Mar development site
New PI resort to double GB Power chief: ‘I’ve staff by New Year never seen anything By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The founder of a major international hotel chain yesterday said its new Paradise Island resort is set to double staffing levels to 200 by the New Year, following a near-$50 million renovation programme. Richard Chiu, the Hong Kong-born president and founder of the Warwick Hotels and Resorts Group, said its all-inclusive property should be set for a full opening by Christmas/New Year, while predicting a “reasonably good” holiday period. He told Tribune Business that “just short of $50 million” had been invested in upgrading the 250-room Warwick Paradise Island, formerly the Paradise Island Harbour Resort which was purchased in from Lehman Brothers Holdings and Driftwood Hospitality Management (via Gemwood Paradise Ltd) during a 2012 auction. Mr Chiu, explaining that the property fits perfectly into Warwick’s portfolio, said: “It took a bit more money and time than we thought necessary to get it to this point, but that is not surprising. The total cost is just a bit short of $50 million to get the hotel to this point. “We specialise in renovating buildings with good location and history and heritage. Many of our hotels in North America are buildings with excellent location and certain heritage. This definitely fits into the kind of business model, our portfolio. This is the kind of
Warwick to employ 200 then, after $50m upgrade Founder eyes ‘reasonably good’ holiday season hotel that we look for.” Mr Chiu added: “In North America, most of our properties are city-centred hotels. This is our first resort. We expect this to perform just as good. “We have other resorts in the Pacific. Those are very different hotels. They are bigger and larger. We expect that the performance of this hotel will be comparable to other North American hotels. We loved the location of this hotel. It’s facing the lagoon. It has a beach, the history of the building is interesting, and it’s on Paradise Island, which has an image already.” The Warwick Paradise Island had a soft opening last Friday, which was delayed for some two weeks due to damage caused by Hurricane Matthew. “The resort has recovered. We suffered some landscaping damage and certain water leaks. We addressed those and now we are back on track. We already have 10 rooms with paid guests,” Mr Chiu added. “For the holiday period things look good. That is traditionally the high period. It looks reasonably good. We are hoping to do the kind of forecast that we had been forecasting. “We have, right now, See pg b4
like’ Matthew wrath By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Grand Bahama Power Company’s chief executive, and its majority shareholder, have “never seen anything like” the devastation left by Hurricane Matthew, which has forced the utility to almost rebuild its distribution network from scratch. Sarah McDonald, GB Power’s top executive, told Tribune Business that 50 per cent of the energy provider’s transmission and distribution network (T&D) had been rebuilt by last Friday - some 22 days, or more than three weeks, after the Category Four storm’s passage. “Certainly I’ve never seen anything like it, and the people at Emera [GB Power’s majority shareholder] have never seen anything like it,” Mrs McDonald said of the damage
Major Canadian shareholder also stunned by storm Over 50% of distribution network now rebuilt Rough seas delay shipping of transformers left by Matthew. “I’ve lived through one Category Four and hope it’s my last.” “We’re making good progress and really starting to hit a groove,” she added of the restoration efforts. “It’s always a bit of a grind, but we’ll get it done. “We had over 10,000 customers back as of [Friday], so that’s over the half-way mark. We’ve got 50 per cent of the distribution network See pg b5
The Nassau Container Port’s (NCP) operator has beaten its own profit forecast for the 2016 financial year by 23 per cent, with higher-than-projected auto imports enabling it to mitigate the fall-off in Baha Mar volumes. Arawak Port Development Company (APD), unveiling its results for the 12 months to end-June 2016, closed the year with profits more than $800,000 ahead of what it had originally estimated. Michael Maura, APD’s chief executive, told Tribune Business that a 5,180 year-over-year rise in automobile imports, coupled with a $63 per vehicle rate increase, ensured total revenues finished 3.2 per cent higher than projected. Replying to this newspa-
$300k boost from rate rise, extra 1,905 auto imports Baha Mar woe saw 60% storage revenue drop TEU volumes fell-off 10%, but beat target by 278
per’s e-mailed questions, Mr Maura said the combination of a rate increase, and auto imports finishing 1,905 vehicles above budget, added just over $300,000 extra to APD’s ‘bottom line’. “Overall revenues were $27.08 million or 3.2 per cent over budget, driven primarily by a combination of an increase in bulk auto See pg b4
LOI group ‘not running away’ from Bahamas By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The group at the centre of the Renward Wells Letter of Intent (LOI) controversy yesterday said its opening of a London office did not mean it was “running away from the Bahamas”, but instead seeking to pursue other global opportunities. Jean-Paul ( JP) Michielsen, the Stellar Energy group’s chief operating officer, told Tribune Business that it was either bidding on or negotiating some 10 renewable energy projects in locations such as Africa, the US, Europe and Asia. And, as it sought to “diversify”, Stellar decided to open a UK subsidiary, Stel-
Opening London office to pursue global prospects Still hopeful on Bahamas, despite three-year wait lar Energy International, to facilitate its involvement in international waste-toenergy and other renewable projects. “Not at all. Just the contrary,” Mr Michielsen replied, when asked by Tribune Business whether the London office, based in Mayfair, meant the group was now seeking to exit the Bahamas. See pg b5
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PAGE 2, Tuesday, November 1, 2016
THE TRIBUNE
BTC partners with Chamber to boost small businesses The Bahamas Telecommunications Company (BTC), in partnership with the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), will formally recognise Small Business Month this November through a series of presentations, workshops and interactive events. Entrepreneurs will be invited to attend free seminars throughout the month, organised by the Chamber and supported by BTC Business. They will be introduced to new products, business trends and services that may help their businesses. BTC’s vice-president for business, Carlyle Roberts, said the company wanted small and medium-sized enterprises (SME) owners to understand how simple technology solutions could help grow their firms, and save time and money. “We want to widen our net and make sure more SMEs are aware that we are dedicated in our support and encouragement
of them, and really throwing our weight behind their drive to succeed,” said Mr Roberts. “We have developed customisable technology packages that will help them run their business more efficiently through better time and cost management. “BTC and the Chamber of Commerce will be inviting the SME community to attend the day and evening sessions, mostly at the Mall at Marathon and the British Colonial Hilton, but also other venues to be finalised.” Edison L. Sumner, the BCCEC’s chief executive, said SMEs are the economy’s lifeblood. “SMEs are the lifeblood of any economy and should be given due attention to ensure that they operate in an environment that will be conducive to their development and success,” he added. “The BCCEC takes the development of the SME sector very seriously and has established the SME
Help Desk Facility to assist SMEs with their business development needs. “We are also very pleased to partner with BTC in organising events to further support the SMEs in the Bahamas, understanding that businesses today are not able to function efficiently without the right business and technological tools, including state-ofthe-art telecommunications systems. “I am hopeful that the SME sector of the business community takes full advantage of the opportunities being presented by the BCCEC and BTC.” BTC Business will provide free consultation on all of the products available to the attendees, along with limited time discounted offers during the month. Events include a four-day ‘Train the Trainer’ tutorial; Power Breakfast and Small Business Workshop; Entrepreneur Night; and a Networking and Mix & Mingle.
GB Chamber links with Red Cross for Matthew recovery The Grand Bahama Chamber of Commerce (GBCC) has teamed with the Bahamas Red Cross to bring relief to the hundreds of residents still struggling to recover from Hurricane Matthew. The two organisations are accepting donations, and making an appeal to the public to contribute crucial supplies - drinking water, non-perishable foods, toiletries, flashlights and batteries. “We all know that the residents here in Grand See pg b4
Pictured from left: GB Chamber first vice-president, Mick Holding; GB Chamber president. Kevin D. Seymour; and Bahamas Red Cross Grand Bahama centre administrator, Stephanie Barr. Photo/Keen i Media Ltd.
THE TRIBUNE
Tuesday, November 1, 2016, PAGE 3
Bran: ‘I wouldn’t have taken the risk’ over China By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Democratic National Alliance’s (DNA) leader yesterday said he would “not have taken the risk” of disrupting the Bahamas’ relationship with the US by allowing China to gain control over a “significant” portion of this nation’s economy. Branville McCartney said the impact of such extensive Chinese investment in the Bahamas, and the potential ramifications for this nation’s relations with Washington D. C., would have been “at the forefront of my mind” if he was Prime Minister. The DNA leader was speaking after Chow Tai Fook Enterprises (CTFE), the multi-billion dollar Hong Kong-based conglomerate owned by the Cheng family, confirmed that it was in talks to acquire the Baha Mar project. The family is said to maintain close ties with the Beijing and Hong Kong governments, and Mr McCartney acknowledged the potential ‘geopolitical’ concerns that may arise from the latest potential infusion of hundreds of millions of dollars in Chinese investment into the Bahamian economy. Besides CTFE and Baha Mar, a company actually owned by the state - China Construction America (CCA) - already controls
Acknowledges ‘geopolitical’ concern for US ties China now Bahamas’ largest FDI source market DNA chief: ‘They got foothold they wanted’ The Pointe and the British Colonial Hilton, the ‘anchor’ properties for downtown Nassau. Then there is Hutchison Whampoa’s partnership with the Grand Bahama Port Authority (GBPA) in Freeport, and its ownership stakes in key assets such as the Freeport Container Port, the Grand Lucayan, the Freeport Harbour Company and Grand Bahama Airport Company. Another Chinese stateowned company, China Harbour Engineering Company (CHEC), is also constructing Abaco’s new $39 million port. China, and Chinese-headquartered entities, are now likely the Bahamas’ largest source of foreign direct investment (FDI), leading Mr McCartney to raise concerns that this country could be sucked into the strategic, ‘geopolitical’ competition
Branville McCartney Leader of the Democratic National Alliance being waged with the US. “A communist country will have a significant stake in the Bahamas,” the DNA leader told Tribune Business. “I always maintained that this would be something the Chinese would want to happen, right at the backdoor of the US, and they’re going to hold the largest and most expensive resort in the Bahamas. “The Chinese are going to have a significant say in how this economy is going to be run, as tourism is the number one industry. They will lead the way, and be the biggest owners in the number one industry in the Bahamas.” Mr McCartney said Chinese companies, especially
state-owned ones, were not necessarily motivated by ‘profit’ in making foreign investments. Beijing’s well-known strategy has been to use these investments as a means to deploy its billions of dollars in surplus capital, putting these reserves to more productive use along with its surplus labour and commodity resources. The other aspect of this strategy is the ‘geopolitical’ battle that China is fighting with the US, with the former’s government viewing foreign investments as a way to gain leverage and influence with other nations. “It can be a bit concerning,” Mr McCartney said of China’s aims, “because the
Chinese, whether successful or not, have achieved what they wanted: Getting their feet planted in the Bahamas. “The Chinese can hold on to things for hundreds of years, and it doesn’t matter to them whether they are financially successful or not. It’s location they want, and they’ve achieved that here. “My thing is whether it’s successful or not is neither here nor there. They got what they wanted; a huge foothold, two feet in the Bahamas, right at the doorstep of the US.” Asking whether he was concerned about any fallout for the Bahamas’ relationship with Washington D. C., Mr McCartney replied: “That would have been at the forefront of my mind if I were the Government and dealing with the Chinese; the relationship with the US. “Notwithstanding anything, they are our big brother, and at the end of the day we have to ensure our relationship with the US is maintained. They are the ones we have to give consideration to, let’s not fool ourselves. They are the ones who come to our defence more than anyone else. We want to keep our relationship like that.” There have been suggestions that the US government’s recent land acquisition in Nassau, and plans to move its embassy from Queen’s Street, have been sparked - at least in part - by
the presence across the road of a Chinese state-owned company in the shape of CCA. However, Gowon Bowe, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, told Tribune Business this week that Bahamians needed to distinguish between Chinese privately-owned companies and those that were controlled by the state. He added that CTFE and Hutchison Whampoa, as private companies, had to answer to their shareholders, thus ensuring they were focused on profit as opposed to ‘geopolitical’ objectives. Still, Mr McCartney added: “If we were the Government, if I headed the country, I would have given significant thought to how this would affect the relationship with the US. “I can’t say how it will now. I hope it doesn’t. I would not have taken that risk. The bottom line is that’s a lot of communism coming this way, and the reality is they do business a different way.” The DNA leader also emphasised that the US remained the Bahamas’ “economic lifeline”, and the country through which most products were sourced - and transactions conducted - by this nation.
Union seeks ‘Serious concern’ on GB Power’s word on Ocean plans for storm cost recovery Club staff fate By NATARIO McKENZIE
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The hotel union yesterday said it was seeking a meeting with One & Only Ocean Club executives to determine how its members and other staff will be impacted by the three-and-ahalf month delay to its reopening. Darren Woods, the Bahamas Hotel, Catering & Allied Workers Union’s (BHCAWU) general secretary, said: “We are trying to get a meeting right now to find out what’s happening. We sent them a letter on Friday to find out exactly what’s going on. “There’s noting to report as yet because we haven’t met with them. We’re just trying to get a meeting with them and, at that point, we would be able to say definitively on what has happened, what they intend to do and how the employees are going to be treated.” John Conway, the One & Only Ocean Club’s general manager, said in a recent statement that the property’s managerial team is “working very hard” to clean up in the wake of Hurricane Matthew. The ultra luxury, highend boutique property on Paradise Island now aims to re-open its doors to guests on February 14, 2017. The reopening post-Matthew had been scheduled for the beginning of December. Management did not
specify what will happen to the 350 members of staff in the meantime, but said they and the unions have been informed of the extended period of closure. “They sent a letter outlining what their intentions are. They didn’t go into details about the damages but just said that they had some damages. We need to sit down and find out the extent of it; if the employees are going to be engaged,” said Mr Woods. Last year, the One&Only Ocean Club closed it doors for renovations at the end of August and reopened at the beginning of November. At the time, resort management told The Tribune that the hotel’s owners, Access Industries, had been planning “a significant renovation” with the $15 million redevelopment of the Hartford Wing to include expanded and restyled rooms. Those plans also included a $3 million pool on the beach-front between the Dune restaurant and the wooden terrace, a $1 million facelift and increased expenditure on entertainment at Dune, and upgraded Wi-Fi across the property. The Courtyard Terrace restaurant was closed, which signalled the start of the improvements. Access Industries had pledged a $50 million expansion of the Ocean Club.
Tribune Business Reporter
nmckenzie@tribunemedia.net
An advocacy group’s leader yesterday expressed “serious concern” over how Grand Bahama Power Company (GBPC) plans to recover at least part of its Hurricane Matthew restoration costs, warning that any rate increase would “tip the economic scales on the island”. Rev Eddie Victor, head of the Coalition for Concerned Citizens (CCC), said that while he applauded the power company for its post-Hurricane Matthew recovery efforts, there was “serious concern” over how the utility company would seek to recoup its costs. His comments came after Grand Bahama Power Company’s chief executive, Sarah McDonald, in a recent interview with Tribune Business, 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 customers, Mrs 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”. Rev Victor responded: “That is a genuine concern. They have done a phenomenal job in getting teams
Advocacy group leader fears it will ‘tip the scales’
here on the island and restoring power. We have to give them credit for the recovery effort because it is quite impressive. But there is that concern about some type of levy or additional charges being passed on to the consumer.” 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. “There would have been a communication even from the Chamber of Commerce against it. One of the things the Chamber had said was they should fund that out of pocket,” Rev Victor added. The Grand Bahama Chamber of Commerce at the time argued that the utility should finance the Self-Insurance Fund from
its profits rather than burden already hard-pressed consumers with a further levy on their light bills. Rev Victor added: “Their whole business model is wrong for Grand Bahama. The regulator is not a regulator. They are working in partnership with the power company. The regulator’s function is to protect the consumer. They are not protecting the businesses and residents on the island. “Right now, Grand Bahama is, in my opinion, in a crisis situation. Many people and businesses, particularly, are just struggling to stay above water and they
have had to be dealing with one increase after the next; the cost of power, VAT and the new Customs regulations. “We can’t take anything else. We cannot bear any increase, so that should eliminate any talk of what they may do. To add any further increase is going to tip the economic scales on this island. When the base rate was increased it put more burden on the consumer. What you have is that money being extracted out of the economy and put into the bank account of one company.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SURMOON NADIA EDGECOMBE of Hamster Road off Faith Avenue, New Providence, Bahamas, intend to change my name to SURMOON NADIA TURNQUEST. 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.
PAGE 4, Tuesday, November 1, 2016
Baha Mar buyer: No role for Macau ‘gaming king’ From pg B1 Bahamas based on its principals’ continuing investment partnership with Mr Ho. The privately-owned Hong Kong conglomerate, which is controlled by the family of the late billionaire, Cheng Yu Tung, effectively disassociated itself from the operations of Mr Ho’s Macau gaming interests. Emphasising that the Cheng family were only investors in the latter’s Sociedade de Turismo e Diversões de Macau (STDM) concern, CTFE then turned its attention to dismissing allegations by former Baha Mar director, Dionisio D’Aguilar. He claimed on Sunday that the Cheng family had been denied gaming licenses by regulators in the US states of Nevada and New Jersey, “for simply being unsuitable and unacceptable”. However, CTFE said neither itself nor its principals had ever applied for a US
casino licence. And, implying that its gaming reputation was in ‘good standing’ with regulators throughout the world, the Hong Kong conglomerate said the $3 billion Queen’s Wharf consortium, of which it is part, had just been approved for a casino licence by Australian regulators. CTFE’s responses to Tribune Business did not contain any details on its plans for Baha Mar’s casino operations, the group declining to reveal the identity of any brand/operating partner. However, it emphatically rejected any suggestion that Mr Ho and his companies would be involved with the prospective Bahamian venture, which it described as “a unique growth opportunity”. “The Cheng Family is an investor in Sociedade de Turismo e Diversões de Macau (STDM), which owns the gaming subsidiary, SJM Holdings Ltd (SJM),” CTFE told Trib-
Arawak port beats profit forecast 23% From pg B1
volumes,” Mr Maura told Tribune Business, “over prior year by 5,180 and budget by 1,905, and a general rate increase on bulk autos of $63 per vehicle, which took effect on September 1, 2015. “The increase was necessary to harmonise the port rates between containerised vehicles and bulk vehicles landed at NCP.” Mr Maura added that the extra 1,905 vehicles “equate to an estimated contribution to comprehensive income of a little over $300,000”. The company also benefited from 12 unbudgeted project vessel calls, which had a noticeable contribution,” he said. “We also realised a significant gain due to a spike in vessel calls outside of the port’s regular operating hours, and requests for the port to remain open after 4pm.” APD had effectively delivered a profit warning to shareholders for 2016 when it released its annual report for the prior year, predicting that net income would be down 48 per cent to $3.526 million - some $3.227 million below 2015’s $6.753 million. However, the magnitude of the ‘profit slide’ turned out to be much less, as the BISX-listed port operator generated actual fullyear net income of $4.338 million - some 23 per cent higher than forecast.
This, though, was still some 35.8 per cent (more than one-third) down on 2015 figures - something Mr Maura said APD had anticipated, as a result of Baha Mar moving from its construction phase to hotel operations. What had not been forecast, though, was the $3.5 billion project’s collapse into Chapter 11 bankruptcy proceedings, then provisional liquidation and receivership, as a result of the dispute between the developer and his Chinese partners. Mr Maura told Tribune Business that this shaved a further 5 per cent off container (twenty-foot equivalent units or TEUs) throughput volumes at the Arawak Cay-based port, taking the total decline to 10 per cent. Baha Mar’s woes also resulted in an almost-60 per cent drop in APD’s storage revenues year-over-year, as the project’s contractors had used the port as a “storage yard”. Explaining the $2.5 million year-over-year fall in port operator’s revenues from $29.669 million, Mr Maura said: “The greatest factor is Baha Mar, both from a container volume and associated revenue standpoint, and also a container storage perspective. “Had the project continued, we had anticipated approximately a 5 per cent reduction in container volumes as the resort transi-
THE TRIBUNE tunity. It also fits well strategically in our portfolio and overall growth strategies.” CTFE also confirmed to Tribune Business that its ‘phased opening’ plans aligned with the desires of the Christie administration, as they included the casino hotel and casino; convention centre; golf course; and restaurants and shops. It then revealed that it plans to redevelop “the offshore island”, likely a reference to Crystal Cay, the island that is adjacent to Arawak Cay off New Providence’s north coast, plus the former Crystal Palace casino. “Our long-term vision is to build a financially successful, sustainable business that provides thousands of jobs for Bahamians and creates opportunity for reinvestment in the country,” CTFE said. “Our goal is also to build upon and unlock the great potential of the project’s current foundation by redeveloping the offshore island and the Crystal Palace Casino Hotel property, as well as creating additional world-class amenities.”
une Business. “In addition, the Cheng family’s role in the Macau casino is strictly as an investor, with no involvement in day-to-day management of the casino or oversight of the gaming industry in Macau. “As a company, we are committed to integrity and good governance in all of our business operations worldwide. There will be no affiliation on this project with STDM or SJM.” The statement seeks to draw a clear distinction between the Macau gaming scene and CTFE’s Baha Mar plans, while also separating the Cheng family from Mr Ho and his group’s daily operations. This is effectively a direct riposte to Mr D’Aguilar, a key ally of Baha Mar’s original developer, Sarkis Izmirlian, and now the FNM’s candidate for Montagu in the upcoming general election. Mr D’Aguilar’s allegations 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. As disclosed by Tribune Business, that report focused on concerns that Macau’s VIP gaming rooms were vulnerable to exploitation by Chinese/Asian crime gangs known as Triads. Mr D’Aguilar’s claims sought to link the Cheng family and CTFE’s publicly traded subsidiary, New World Development, to these activities via their investment in Mr Ho’s STDM and SJM companies. However, while the New Jersey regulator’s report made adverse findings against Mr Ho, describing him as “unsuitable”, no such conclusions were reached about the Cheng family or their companies. With no ‘smoking gun’ as such, the claims against the Chengs appear to fall short of their target, and seem overblown. For there is nothing that directly ties CTFE, its subsidiaries or the late Cheng Yu Tung and his family, to any wrongdoing or alleged links to the Triads. CTFE sought to emphasise this point and its gaming ‘bona fides’ to Tribune Business, stating: “CTFE has never applied for a ca-
sino license in the US, and a consortium including CTFE has just been approved for the granting of a casino license in Queensland, Australia.” The Hong Kong-based conglomerate said it would “provide a world class gaming experience at Baha Mar”, although it declined to reveal specifics. It also said the omission of any reference to its casino gaming history, and expertise, was not contained in the original press release announcing its planned Baha Mar acquisition because these interests were bound up with its real estate development activities. “The press release does indeed mention that CTFE has extensive experience with large-scale, integrated mixed use developments. By integrated developments we mean properties that also include casinos,” CTFE said. “CTFE is a privatelyheld business based in Hong Kong that operates based on finding the best business opportunities globally...... “Our decision to expand into the Bahamas is based on our expectations that it is a unique growth oppor-
tioned from construction to operations. “The placement in provisional liquidation resulted in a further 5 per cent reduction in container volumes, bringing our total volume decline to approximately 10 per cent. We would expect the 5 per cent associated with hotel operation volumes to gradually return at some point in the future.” On the storage side, Mr Maura added: “The Baha Mar project, and specifically its contractors, used the Nassau Container Port as a container storage yard. “During the 2014-2015 fiscal year, APD storage income amounted to $2.9 million. As noted, the demise of the Baha Mar project contributed to the decline in storage revenue by approximately $1.7 million.” Mr Maura also revealed that APD had finished its 2016 financial year almost ‘spot on’ in terms of projected TEU throughput volumes. “We finished the year 278 TEUs over budget. I was very close,” he added. APD, in its 2015 annual report, had previously warned: “Our TEU volumes are currently on budget as at August 31, 2015. However, we are doubtful of any project cargo volumes this year. The main project, Baha Mar, is at a standstill and the Hilton and Albany projects are in the very early stages. “Due to this, we do not foresee any significant project volumes during financial year 2016. With the current Baha Mar situation, we feel that total market volumes will be around
61,500 TEUs for 2016 or 6,880 under the 2015 TEU volumes of 68,380 TEUs.” APD’s 2016 financial showed that the company had managed to hold expenses flat year-over-year, containing them to $17.202 million - a slight drop from the prior year’s $17.4 million. However, this was not enough to offset the revenue decline, with earnings before interest, depreciation and amortisation (EBITDA) declining by 19.5 per cent to $9.878 million compared to $12.269 million the year before. Earnings per share (EPS) fell from $1.35 per share in the 2015 financial year to $0.87 per share in 2016. With the total dividend payout to ordinary shareholders standing at $4.997 million, slightly more than APD’s profits, the company’s retained earnings declined by just under $600,000 to $5.421 million. However, total net shareholders’ equity (the value held by the shipping industry and the Government with their 40 per cent stakes, and the public investors at 20 per cent) remained at a healthy $54.664 million.
GB Chamber links with Red Cross for Matthew recovery From pg B2 Bahama are a resilient group,” GB Chamber president, Kevin D. Seymour, said. “We have no doubt that we will bounce back from this. “However, because of the devastation caused in some areas of Grand Bahama, we’re appealing to the business community, and those who are able, to make available the food supplies, the building supplies, whatever your heart drives you to do, so that we can get these supplies to the victims.” With thousands of residents having been affected by the Category Four storm, the Chamber president said the initiative’s main objective is to reach residents who suffered major damage and loss in Matthew’s wake. Mr Seymour acknowledged the importance of providing donors with a guarantee that donated items would be properly disseminated. “We want to give a comfort to the donors that we will ensure any supplies donated are sent on to the Red Cross and, more importantly, that the supplies would be placed in the hands of
New PI resort to double staff by New Year From pg B1 during the soft opening period about 100 staff. We will have about 200 when the hotel is fully running. That should be by Christmas or
New Year. By then we will have sorted out all of the teething problems.” The Warwick Hotels and Resorts Group now has a collection of 53 hotels with
those who need it the most in the swiftest possible way,” he added. To achieve this, the two organisations are encouraging the public to submit the names of residents badly affected by the storm for preferential consideration. Stephanie Barr, administrator of the Bahamas Red Cross’s Grand Bahama Centre, said the location has assumed responsibility of accepting submissions for assistance. “We have forms available at the office that we will write up with their addresses, and we also go out to look and make sure it’s authentic,” Ms Barr said. Residents submitting the name of a hurricane victim for assistance are asked to include an address and brief description of damage sustained. To assist the GB Chamber of Commerce and Bahamas Red Cross in this relief effort, contact Chamber representatives, Mercynth Ferguson - 801-2320 and Andrea Moxey - 442-3502; or Bahamas Red Cross Grand Bahama representatives Stephanie Barr - 5576932 and Patrick Ferguson - 441-9264.
close to 9,000 rooms worldwide. The Warwick Paradise Island features 250 rooms on 12 floors, five dining options, two bars, a fully equipped fitness centre, entertainment and activities, an onsite gift shop and a tour desk offering sightseeing options.
THE TRIBUNE
Tuesday, November 1, 2016, PAGE 5
GB Power chief: ‘I’ve never seen anything like’ Matthew wrath From pg B1 rebuilt, and have set 1,100 poles.” The GB Power Chief said that all of Grand Bahama’s major industrial companies, the likes of Polymers International, Pharmachem and the Grand Bahama Shipyard, had been restored to GB Power’s electrical system, thus ensuring that employment and economic activity levels can be maintained. GB Power was producing 27 Mega Watts (MW) of power as of Friday, with other key users - Sanitation Services, the landfill and the wellfields - also restored. Explaining the energy provider’s restoration strategy, Mrs McDonald explained that restoration crews would have visited every Grand Bahama neighbourhood with the exception of West End - the hardest hit area - by today. Acknowledging that some customers would have been “frustrated” to see work crews arrive in their areas, restore other persons but then leave before their supply was reconnected, she said GB Power was now in position to address those needs. “The way we’ve approached this is to prioritise areas based on the number of customers and the amount of damage,” Mrs McDonald explained. “We’ve got some experts here from Nova Scotia Power [an Emera affiliate], and they have worked with our team to build a model that says: ‘Here’s where you can get the most amount of customers on in the shortest amount of time’.” She added that up to 40-
50 per cent of customers in a particular area may still be without power, even though neighbours and those in adjacent streets may have been restored, as GB Power pursued its strategy of focusing on ‘greatest restoration returns’. “By Tuesday, we will have been in every neighbourhood except West End,” Mrs McDonald said. “The first wave will have passed through all areas, and we will have a much better idea of the outstanding things to do. Now, the crews will be peeled off from the large work and will go back into the neighbourhoods.” She added that the challenges facing GB Power are epitomised by The Ridge area, where between four to six days’ work is required to access its electricity infrastructure, and clear hurricane-related debris and overgrown lots, to restore some 25 customers. “That’s a decision we make when we leave,” Mrs McDonald explained. “It’s difficult, and it’s frustrating people, but if the crews don’t go on they may not have a chance to restore 400 other customers.” Some 275 persons and 150 vehicles are involved in GB Power’s restoration efforts, which Mrs McDonald said had been “held up a little” by rough seas that have prevented the shipping of transformers to Grand Bahama. She added that the energy monopoly was “pretty close” to having to rebuild its energy infrastructure from scratch, saying: “There wasn’t much left. If the poles weren’t down, the transformers were down and the insulation was broken.”
LOI group ‘not running away’ from Bahamas From pg B1 “But, like any business, we need to make money. We’re not putting our eggs in one basket. It’s not a question of running away from the Bahamas. We’re diversifying our portfolio.” Mr Michielsen added that Stellar had not given up on its ambitions in the Bahamas, despite being thrown off course by a combination of the LOI controversy and three-year wait for the necessary government approvals. The group has been seeking to construct, own and
operate a $600-$650 million waste-to-energy plant at the New Providence landfill, which would then supply Bahamas Power & Light (BPL) with energy. However, the project has effectively been met with silence from the Christie administration since the LOI matter arose. “Even with the threeyear wait here in the Bahamas, Stellar is well on the way to becoming a leader in the development and financing of these projects,” Mr Michielsen told Tribune Business.
McDonald’s agrees to $3.75M deal with California workers SAN FRANCISCO (AP) — McDonald’s has agreed to pay $3.75 million to settle a federal lawsuit that sought to hold the company liable for allegations that a franchise owner in the San Francisco Bay Area cheated hundreds of workers out of wages and overtime. A lawyer for the workers on Monday called the settlement agreement filed in court Friday a historic victory for hundreds of workers but the company said it settled to avoid ongoing legal costs. The lawsuit filed in 2014 in federal court in San Francisco is among several suits in recent years that have sought a court order designating McDonald’s as the joint employer of work-
ers at its franchise restaurants. Franchised locations account for the vast majority of McDonald’s more than 14,000 U.S restaurants. Joint employer status would make the company and not just franchisees responsible for working conditions at restaurants. The National Labor Relations Board is also arguing that McDonald’s should be considered a joint employer in a separate and closely watched case over claims McDonald’s workers were subject
“We’re still hopeful here. I’m not sure it’s going to happen under this administration. It’s already been three years; let’s see where this goes. “We’re here to stay. Our company offices and myself are here in the Bahamas. I would love to see us become a leader in the region, but it’s three years down the road. We’re still trying to get something done.” Mr Michielsen declined to go into details on the projects Stellar was currently assessing, due to the fact they were either in the Request for Proposal (RFP) or negotiation stage. He added, though, that they ranged in value from $25 million to $200 million,
and employed a variety of technologies - not just the plasma-based system that Stellar had planned to employ in the Bahamas. Mr Michielsen said the demand for Stellar’s services was increasing, as countries sought to tackle problems involving waste disposal, landfills and the release of gases and other substances into the environment. Projects in Lesotho, Zimbabwe and the Philippines were among those being targeted by the company, along with several in the US. Stellar added that it had also signed partnership deals in locations such as Turkey, China, France and the UK.
to retaliation for taking part in protests and strikes seeking wages of $15 an hour and a union. A trial in that case began in March in New York. A judge in the San Francisco suit ruled last year that McDonald’s was not a joint employer. But he opened a different path that could be used to hold McDonald’s liable for the alleged labor violations of the franchise owner by allowing the workers to argue they believed McDonald’s was their employer. Joe Sellers, an attorney for the workers, said Monday that the $3.75 million settlement was “historic” because it marked the first time that McDonald’s committed to paying workers for labor violations in a franchisee-operated store. McDonald’s spokeswom-
an Terri Hickey said in a statement that the company reached a settlement to avoid the costs and disruption of continued litigation. “As this court previously ruled, McDonald’s is not a joint employer of its independent franchisees’ employees,” she said. “With this agreement, McDonald’s reconfirms that it is not the employer of or responsible for employees of its independent franchisees.” The lawsuit alleged workers at the five Bay Area McDonald’s franchises did not receive all their earned wages through September 2013, overtime for overnight shifts, required meal periods and rest breaks and reimbursement for time and money spent ironing and cleaning their uniforms.
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 6, Tuesday, November 1, 2016
THE TRIBUNE
Three reasons the Fed will likely leave rates alone this week WASHINGTON (AP) — Six days before Americans choose a new president and Congress, the Federal Reserve is expected Wednesday to leave its benchmark interest rate alone but possibly signal that it expects to raise it in December. From job growth to home purchases, the U.S. economy has been demonstrating its resilience seven-plus years after it began recovering from the Great Recession. The economy grew at a respectable 2.9 percent annual pace in the July-September quarter, the government estimated last week. The unemployment rate is 5 percent, typical of a healthy economy, down from 10 percent in 2009. The housing market, whose meltdown triggered the 2008 financial crisis and the recession, has largely recovered. The economy’s gains have put the Fed on the verge of resuming the rate increases it began in December last year, after having left its benchmark rate at a record low near zero for seven years. Still, when the central bank ends this week’s policy meeting, most Fed watchers expect the message to be a continuation of the waitand-see stance it’s taken for nearly a year. Yet by a wide margin, the same analysts have predicted that when the Fed meets again in mid-December, it will raise its benchmark short-term rate slightly — a move likely to lead to higher borrowing rates on some loans for consumers and businesses. Here are three reasons the Fed isn’t likely to raise rates this week:
response in financial markets. A gauge of investor sentiment puts the possibility of a November rate increase at just 6 percent. (The likelihood of a December hike is estimated at 73 percent.) The Fed is aware that a surprise rate increase this week would not only likely send stock and bond prices plunging but also ignite criticism of the Fed for having failed to prepare investors. Last year, after a policy meeting in late-October, the Fed had said it would consider "whether it will be appropriate to raise the target range at its next meeting" in December. In saying so, the Fed allowed investors to anticipate the modest rate increase it then announced in December. It’s possible, though far from certain, that in its post-meeting statement this week, the Fed will send a similar signal that a rate increase is likely in December.
TOLERANCE FOR ‘HIGH-PRESSURE ECONOMY’ In a recent speech, Yellen said she might be open to "temporarily running a ‘high-pressure economy’" to help heal some still-lingering damage from the recession and to try to boost spending and
investment by consumers and businesses. By "high pressure," Yellen meant an unemployment rate below a level associated with a healthy economy and an inflation rate above the Fed’s 2 percent target. Her comments were taken to mean the Fed was in no hurry to raise rates even if it’s likely to do so in December. Yellen didn’t say the Fed was necessarily prepared to embrace a high-pressure economy. She even offered reasons why doing so might risk destabilizing financial markets or allowing inflation pressures to run too high. But analysts said that just by noting the potential benefits of a "highpressure" economy, Yellen was casting her vote for a go-slow approach to rate increases as long as inflation remained under control. That would argue for only one rate increase this year and then one, or at most two, increases in 2017, these analysts believe. PRESIDENTIAL POLITICS With next week’s elections looming, the Fed — which is supposed to operate independently of politics — wants to avoid any perception that it had
acted in a way that might tilt the outcome of the vote. Republican critics have frequently accused the Fed, under Yellen and before her under Ben Bernanke, of injecting itself into the political arena through its policymaking. Analysts also note that whether the Fed raises rates this week or not until midDecember will make little difference to the economy. With inflation still running below the Fed’s 2 percent target, many Fed officials have said they think they have room to continue pursuing an extremely gradual approach to rate increases. That said, the Fed’s decision at its previous meeting in September not to raise rates drew an unusually high three dissents from members of its policy committee. The three dissenters wanted to act immediately to raise rates. A Fed decision to stay on hold this week might draw the same three dissenting votes. But some analysts say that if the Fed were to signal in this week’s statement that a rate increase is likely in December, it would lessen the number of dissenters.
IT HASN’T TELEGRAPHED A HIKE The Fed hasn’t signaled that it will act this week. That simple fact alone has given confidence to most analysts that a rate hike now is highly unlikely. Under Chair Janet Yellen, the Fed has taken care to avoid surprising markets, especially if the surprise, such as a rate hike, could trigger an unpleasant
Federal Reserve Chair Janet Yellen speaks to a conference of business leaders during an address at the Federal Reserve Bank of Boston, in Boston. The Federal Reserve will end its latest policy meeting Wednesday, Nov. 2, after which it’s expected to leave interest rates alone but signal that it will likely raise them in December. (AP Photo)
MARKET REPORT MONDAY, 31 OCTOBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,929.96 | CHG -11.35 | %CHG -0.58 | YTD 106.01 | YTD% 5.81 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.50 4.70 0.18 8.30 8.50 6.10 10.60 15.50 2.72 1.60 5.80 9.00 11.00 8.40 6.90 12.25 11.00
52WK LOW 2.47 17.43 8.19 3.49 1.77 0.12 5.83 8.05 5.50 7.25 13.05 2.18 1.31 5.60 6.45 9.85 6.12 6.23 11.81 10.00
PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE
LAST CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 6.47 8.50 5.83 10.50 13.99 2.18 1.55 5.80 8.78 10.00 8.40 6.61 11.93 10.00
CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 5.83 8.50 5.83 10.50 13.99 2.24 1.55 5.80 8.78 10.00 8.40 6.61 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.64 0.00 0.00 0.00 0.00 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
LAST SALE 100.00 100.00 100.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
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
115.03 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.10 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.07 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
E J K L M N
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME 20,000
4,516
2,500 15,000 27,000 400 45,000 5,460
1,620 501
150 105
VOLUME
52 50 250
50
293
EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000
DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000
P/E 13.4 11.7 8.4 15.9 N/M N/M 31.5 15.4 11.5 19.4 26.5 23.8 9.3 11.4 14.3 10.4 12.9 9.4 15.8 0.0
YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 3.21% 3.06% 3.43% 3.43% 4.36% 2.68% 2.58% 4.14% 3.13% 0.00% 3.33% 1.82% 5.36% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
MUTUAL FUNDS 52WK HI 1.99 3.90 1.92 167.58 138.35 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.94 11.15 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.40 1.61 1.50 1.03 6.41 7.62 5.66 8.65 10.54 9.57
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
NAV 1.99 3.90 1.92 167.58 136.68 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.59 11.15 9.57
YTD% 12 MTH% 2.33% 4.05% 3.34% 6.09% 1.63% 2.99% 3.41% 5.18% 2.95% -0.58% 2.86% 3.86% 2.64% 3.93% 2.51% 3.63% 5.44% 4.48% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%
NAV Date 31-Jul-2016 31-Jul-2016 27-Jul-2016 30-Jun-2016 30-Jun-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
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
Birgit Hansl, World Bank’s Lead Economist for the Russian Federation in the Europe and Central Asia Region, gestures as she answers questions from reporters at their office in Taguig, south of Manila, Philippines yesterday. The World Bank says the Philippine economy may grow faster than expected if public infrastructure spending is increased as planned. The bank said if that happened, the country’s economic growth may exceed the earlier forecasts of 6.4 percent this year and 6.2 percent in the next two years. (AP Photo)
Eurozone economy grows at muted rate as inflation picks up LONDON (AP) — Economic growth in the 19-country eurozone remained modest in the third quarter, official figures showed Monday, the latest sign that the single currency bloc failed to fully capitalize on a raft of positive tail winds such as low oil prices and various central bank stimulus measures. Figures from Eurostat, the European Union’s statistics agency, showed that the eurozone, which consists of the 19 countries that use the euro as their currency, eked out another quarter of economic growth of 0.3 percent in the July to September period. Though it had to contend with uncertainty generated by Britain’s decision to leave the EU, the eurozone’s economic performance remains fairly lackluster. If repeated in the final quarter of the year, the eurozone economy will register growth of only 1.5 percent in 2016. A country-by-country breakdown of the region’s growth rates was not provided, but the region overall will have likely relied on Germany, its powerhouse economy. Many countries, including numbers 2 and 3, France and Italy, have shown few signs of emerging from their years of stagnation, while those at the heart of the region’s debt crisis, notably Greece, still have budgetary problems. Growth of 0.3 percent is unlikely to make much of a dent in the region’s unemployment rate, which still stands at a high 10.1 percent, more or less double the rate that exists in the United States. It’s also not high enough to really stoke much-needed inflationary pressures in the eurozone. Boosting growth and reducing unemployment would help get inflation towards the European Central Bank’s target of just below 2 percent by increasing wages and living standards. “Growth is solid but ... still insufficient to generate significant inflationary pressures,” Cathal Kennedy, European economist at RBC Capital Markets, said. Eurostat also revealed Monday that the eurozone’s inflation rate edged up to 0.5 percent in the year to October from 0.4 percent the previous month. That’s
the highest since June 2014, when inflation was also 0.5 percent, but inflation still is low by historical standards and remains way below the European Central Bank’s target of just below 2 percent. The increase in the headline rate was due largely to energy prices — oil especially — having rebounded over the past few months. In the year to October, energy prices were only 0.9 percent lower compared with 3 percent in September and a staggering 8.5 percent lower the year before. In recent months, oil prices have started to rise again, partly because of a commitment by the Organization of the Petroleum Exporting Countries, or OPEC, to push through a production cut next month. The headline crude oil rate stands at around $50 a barrel. Though way down on the $100-rate seen back in the summer of 2014, it’s up substantially from the start of this year when it fell below $30 for the first time in more than a decade. The increase in the headline inflation rate will be welcomed — up to a point — by policymakers at the European Central Bank, which has enacted a series of stimulus measures over the past couple of years largely to avoid a sustained period of falling prices. So-called deflation can weigh on economic activity if consumers and businesses opt to delay spending in the hope of cheaper prices down the line. However, the ECB, which has cut to zero its benchmark interest rate, still has a way to go before inflation is where it would like it to be. The ECB’s first priority is price stability — that is, avoiding both extremes of inflation or deflation. A more detailed look at Monday’s figures showed that underlying inflation pressures in the eurozone remain benign. After stripping out the volatile items of food, energy, alcohol and tobacco, inflation was unchanged at 0.8 percent. “This low rate of core inflation suggests that there really are no inflationary pressures in the eurozone at present, nor are any likely to show up soon,” Jay H. Bryson, global economist at Wells Fargo Bank, said.
VACANCY Applications are invited for the position of
Corporate administrator Applicants must have: • At least five years’ experience in corporate administration including a thorough knowledge of the incorporation, maintenance & liquidation of companies, preparation of annual returns, corporate resolutions, notices and other corporate documents; • A thorough understanding of due diligence and compliance; • Computer literacy, including advanced proficiency in the use of Microsoft Applications, Viewpoint and CP or other similar time and billing software; • Sound organisational skills and the ability to consistently produce high quality work under pressure, to use initiative, work as a team player and be able to work overtime at short notice. Qualified candidates may apply in confidence no later than November 11, 2016 to: corpvacancy@gmail.com
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 TRIBUNE
Tuesday, November 1, 2016, PAGE 7
US indexes waver as traders use caution ahead of election NEW YORK (AP) — Stocks were mostly unchanged on Monday, despite some positive economic data and a raft of big new merger announcements over the weekend. Hesitant traders continue to watch the day-to-day developments of the U.S. presidential election, which is slightly more than a week away. The Dow Jones industrial average lost 18.77 points, or 0.1 percent, to 18,142.42. The Standard & Poor’s 500 index fell 0.26 points, or less than 0.1 percent, to 2,126.15 and the Nasdaq composite fell 0.97 points, or less than 0.1 percent, to 5,189.13. With Monday’s close the major indexes ended the month of October broadly
lower. The Dow fell 0.9 percent, the S&P 500 fell 1.94 percent and the Nasdaq fell 2.3 percent. It was the thirdstraight month of declines. The news out late last week regarding newly found emails related to Hillary Clinton’s email practices threw the election’s results into more uncertainty, which investors typically don’t like. Over the weekend, the FBI obtained a warrant to begin reviewing newly discovered emails that may be relevant to the Hillary Clinton email investigation, a law enforcement official told The Associated Press. “The reopening of the email investigation into Hillary Clinton certainly throws a wrench into the
Trader Peter Tuchman works on the floor of the New York Stock Exchange, yesterday. Encouraging economic news and more corporate deals helped send stocks slightly higher in early trading on Wall Street. (AP Photo) Presidential election now just eight days away,” said John Briggs, head of fixed income strategy for the Americas at RBS, in a note to investors. Along with the election, investors have two heavyweight events on the economic front this week: a meeting of the Federal Reserve and the October jobs report. It’s widely expected that the Fed’s policymakers will not raise interest rates so close to the election and
will wait until the December meeting to raise rates. However, any economic observations from the bank will be important to investors. The jobs report will be the last major piece of economic data out before the Nov. 8 election. It’s also a busy week for corporate earnings, with more than one-fifth of S&P 500 companies reporting their quarterly results. Wall Street got another wave of mega mergers over
the weekend. General Electric announced it would merge its oil and gas division with Baker Hughes, creating a new company with $32 billion in annual revenue. GE rose fell 12 cents, or 0.4 percent, to $29.10 while Baker Hughes fell $3.72, or 6.3 percent, to $55.40. Separately, telecommunications company CenturyLink announced it was purchasing competitor Level 3 Communications for
$24 billion. CenturyLink fell $3.81, or 12.5 percent, to $26.58 and Level 3 rose $2.10, or 4 percent, to $56.15. Earlier this month AT&T announced it would buy Time Warner for $80 billion. The wave of mergers was not limited to the U.S. On Monday three of Japan’s largest shipping companies announced they would merge their shipping container operations. U.S. government bond prices rose slightly. The yield on 10-year Treasury note fell to 1.83 percent from 1.85 percent on Friday. The dollar rose against the euro, British pound and the Japanese yen. U.S. benchmark oil futures extended their losses after falling last week to their lowest price this month. Crude fell $1.84 to $46.86 a barrel in New York. Brent crude, the international standard, fell $1.41 to $48.30 a barrel. In other energy commodities, wholesale gasoline fell 2 cents to $1.45 a gallon and heating oil fell 5 cents to $1.496 a gallon. Natural gas fell 8 cents to $3.026 per thousand cubic feet. METALS: The price of gold fell $3.70 to $1,273.10 an ounce, silver was unchanged at $17.80 an ounce and copper edged up 1 cent to $2.21 a pound.
Asian shares mostly lower as FBI probe raises US uncertainty HONG KONG (AP) — Asian stocks wobbled Monday as a revived FBI inquiry into U.S. presidential candidate Hillary Clinton's private email server sharpened uncertainty over the election, while investors also awaited key economic data this week. KEEPING SCORE: Japan's benchmark Nikkei 225 index lost 0.4 percent to 17,369.48 and South Korea's Kospi also shed 0.4 percent, to 2,010.41. Hong Kong's Hang Seng rose 0.2 percent to 23,003.08 while the Shanghai Composite Index fell 0.4 percent to 3,092.20. Australia's S&P/ ASX 200 added 0.7 percent to 5,322.70. Benchmarks in Taiwan and Singapore also fell. US VOTE: FBI Director James Comey dropped a bombshell Friday when he said the agency would review new emails that might be connected to the dormant investigation of Clinton's email practices. In response, the top Senate Democrat, Harry Reid, blasted the director for making the announcement just 11 days before the U.S. election, saying he effectively favored one party over another. Democrats fear Republican Don-
ald Trump will gain fresh momentum from the discovery as the Nov. 8 vote nears. QUOTEWORTHY: "There seems little doubt that a Trump victory would trigger selling in stock markets from current levels," Ric Spooner of CMC Markets in Sydney said in a commentary. "This has traders nervous as they start the week assimilating fresh news on Hilary Clinton's email problems," he said, adding that while markets continue to assume a Clinton victory, they're wary of pushing stock prices too much higher until they learn more about the investigation and whether it's having any impact on voter sentiment. JAPAN DATA: Industrial output and retail sales were weaker than anticipated, according to figures released Monday. Retail sales were flat in September compared with August but fell nearly 2 percent from a year earlier, reflecting weak household spending. Analysts are divided over whether the latest data might prompt the Bank of Japan to whittle the benchmark policy interest rate, now at minus 0.1 percent, still lower at a
meeting Tuesday. WEEK AHEAD: Investors have some important data releases this week on their radar, and earnings from big companies such as Sony and Honda. Chinese and U.S. factory activity is scheduled for release on Tuesday.
WALL STREET: Major U.S. benchmarks ended lower on Friday. The Dow Jones industrial average closed down 0.1 percent at 18,161.19. The Standard & Poor's 500 index dipped 0.3 percent to 2,126.41. The Nasdaq composite slid 0.5 percent to 5,190.10.
EXXONMOBIL EXPLORATION AND PRODUCTION GABON LIMITED
_____________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION GABON LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 28th day of October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 1sth day of November, 2016 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION SIERRA LEONE LIMITED ________________________________________________
(a) EXXONMOBIL EXPLORATION AND PRODUCTION SIERRA LEONE LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 28th day of October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.
NOTICE EXXONMOBIL EXPLORATION AND PRODUCTION GABON LIMITED ____________________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 25th day of November, A.D., 2016. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 1st day of November, A.D., 2016.
R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.
settle at $48.70 a barrel on Friday. Brent crude, the international standard, lost 23 cents to $50.45 a barrel in London. CURRENCIES: The dollar strengthened to 104.83 yen from 104.73. The euro dipped to $1.0966 from $1.0986.
N O T I C E
N O T I C E IS HEREBY GIVEN as follows:
A man walks by an electronic stock board of a securities firm in Tokyo, yesterday. Asian stocks wobbled Monday as a revived FBI inquiry into U.S. presidential candidate Hillary Clinton’s private email server sharpened uncertainty over the election, while investors also awaited key economic data this week. (AP Photo)
ENERGY: U.S. benchmark oil futures extended losses after falling last week to its lowest price this October. Crude slipped 23 cents $48.47 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.02, or 2.1 percent, to
Dated the 1st day of November, 2016 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
NOTICE
AlphaCove Advisors Limited NOTICE IS HEREBY GIVEN as follows: (a) AlphaCove Advisors Limited is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 26th day of October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas Dated the 26th day of October, A.D., 2016. H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
NOTICE EXXONMOBIL EXPLORATION AND PRODUCTION SIERRA LEONE LIMITED ____________________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 25th day of November, A.D., 2016. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 1st day of November, A.D., 2016.
R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.
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
THE TRIBUNE
Tuesday, November 1, 2016, PAGE 9
b o dy an d m in d
Julia Browning and her son Luke at Montmorency Falls in Canada.
Julia Browning celebrate topoietic stem cell transp s the success of her haemalant (HSCT) treatment.
The
road to recovery Former MS patient gets new lease on life thanks to stem cell treatment
W
hen The Tribune first interviewed Julia Browning at the beginning of this year, she was faced with a harrowing decision – undergo a ground-breaking, but risky treatment for her relapsing remitting multiple sclerosis (RRMS), or face the probability that she would be confined to a wheelchair within two years as her body was steadily declining. Mrs Browning chose the first option, and today she is getting back to living her normal pre-MS life once more. She no longer has to worry about poor eyesight, restless leg syndrome, fatigue, poor balance, and loss of bladder and bowel control. “I reached my six-month, new life birthday on September 7, and had hoped to get my MRI the day before that so that I could have a double celebration, but I had to delay it because of Hurricane Matthew heading our way,” she told Tribune Health. Mrs Browning, the wife of Palm Cay Chief Executive Richard Browning, said she felt fortunate because she was finally healthy enough to help with the cleanup after the storm. “I remember clearing (the garden) and thinking to myself how fortunately (my doctor) had recently given me permission to get back into working in the garden again. This is something that I have missed because I was struggling with fatigue in the past. Now I feel like Matthew has wiped the slate clean and I am able to start over with the garden,” she said. In March of this year, Mrs Browning travelled to Russia to have an autologous haematopoietic stem cell transplant (HSCT) to stop the progression of her RRMS, accepting the risk that the procedure could kill her. But as a mother of two young sons, aged 14 and 11, who wanted to be there for her family for many years to come, it was worth the risk. In Russia, she was treated at the AA Maximov Hospital, Pirogov National Surgical Centre in Moscow. Her doctors were Denis Fedorenko and Nikolay Faddeev. “Life has been stressful since my return and I was nervous to receive my results, as Dr Fedorenko said our lives had to be stress-free – difficult to achieve,” she said. Two months after returning to the Bahamas after her treatment, Mrs Browning had to unfortunately have her beloved dog Baxter put to sleep
due to severe heart disease. “Sadly, I had to let my boy go, which is something I am still struggling to come to terms with,” she said. Following her loss, her family thought it best that Mrs Browning have a change of scenery. Together, they travelled to Canada. But there, the next challenge awaited her. “When we were in Montreal I picked up food poisoning and was told I had to wait four hours to see a doctor at the local clinic. I refused to sit amongst sick people, as I was still vulnerable to germs. I headed off to the pharmacy and soon discovered that no one was prepared to assist me because I was a ‘special case’. Our youngest son Googled how to treat it and I took electrolytes and plenty of fluid until I felt stronger again,” she said. While in Montreal, Mrs Browning took up walking, approximately 10 miles a day while sightseeing. “My husband had told me that I would need to rest, but I felt fine and refused to spend my time in a hotel room. Dr Fedorenko’s words, ‘Listen to your body’, still remain in my head, but I feel strong and have always been fit. While in Quebec, we went to Montmorency Falls. There were 487 steps to the top of the falls, so my eldest son and I decided we were going to walk it. My husband warned me against it and I asked him why. He said: ‘Because you are ill. You have MS.’ My response was: ‘Correction. I had MS!’ The view from the top was glorious and the achievement was great,” she said. Once she returned home to Nassau, she decided to keep up the walking. Having been an avid swimmer in the past, she also took up swimming. “I confirmed with Dr Fedorenko that I could swim in a public pool and then contacted one of the women who swims in the mornings. She told me to come down and give it a try. The coaches, Nancy and Andy Knowles at Swift Swimming, were fantastic, welcoming me to join the team for a week to see if I wanted to do it. I used to be a swimmer, so I very quickly got right back into training again. I am now a member of Swift Masters and swim a mile, or slightly more, each morning after I drop our sons at school. Some days I am strong, but some days I really have to push myself,” she said. Feeling healthy, walking daily and swimming as much as possible, Mrs
Julia Browning at the AA Maximov Hospital, Pirogov National Surgical Centre in Russia
Browning felt her recovery was going smoothly when she suddenly got a scare close the six-month mark following her stem cell transplant. This was especially worrisome as she had experienced a similar setback with a previous treatment in 2014 – a treatment which ultimately failed. “I woke up with a numb left ankle and started to panic. My previous stem cell treatment had gone so well until I hit the six month mark and then the numbness started to creep back in. I thought the same thing was happening again. I contacted Dr Fedorenko, who told me he thought I had just overdone it a little, so I took a break from swimming the next day. Things returned to normal, thankfully,” she said. Nevertheless, waiting for her brain, thoracic and cervical MRI results to see whether the treatment had worked or not was extremely nerve-racking. The moment she got her results from her radiologist in Fort Lauderdale, she forwarded them to Dr Fedorenko in Russia. He confirmed that her disease had been halted. Mrs Browning is now looking forward to her new MS-free life. Her sons even decided it was time to adopt a new dog. “Storm, our new pup, arrived one week before a major hurricane hit the Bahamas. I gave her the name because I felt that we would have a hurricane this year. I now continue to swim in the mornings, but I have had to reduce my walking down to eight miles per day, most of it being done on my cross-trainer, which is boring, until Storm is ready to hit the road with me. By the time this goes to press, Storm will have her brother living with us, too,” she said. Mrs Browning said she keeps in contact with many of
the patients who were receiving HSCT in Russia at the same time as her. She also belongs to Facebook groups of patients receiving treatment at the different centres around the world. “My recovery has been nothing like other patients. I was told it would be a roller coaster ride. So far, I have just been seeing improvements. I had the usual stiffness and sore legs once I returned home, but I had expected that and just pushed it to the back of my mind and continued with life. All that has since subsided. I believe we have to have a positive frame of mind to deal with our illness,” she said. “My hair grew back, not patchy at all, but as another patient described it, like having Brillo pads stuck on your head. My head looked like I was growing wool, so my dear friend and hairdresser, Kathryn Lightbourne, kept my hair under control and had me looking respectable. Thankfully, my husband and youngest son do a regular shave for me, as I want the curls off of my head. My husband keeps asking me to let it grow again...in time, when it starts to grow straight. Right now I am loving the get up and go
“I would love our country to become one of the world leaders in this treatment...I believe I contracted this disease to be able to help others, and that is my passion in life.”
freedom of this super short hair!” Mrs Browning said she is incredibly grateful to Dr Fedorenko and the entire team in Russia for giving her back her life back. “I was positive, with all my improvements, that it had worked, but after I had been caught out previously with the other treatment that was meant to ‘cure’ me, I needed to see it in black and white before I would believe anything. I am currently looking for a local neurologist to work with me and follow my progress. I need someone who is open to the HSCT treatment,” she said. And Mrs Browning still hopes that one day all obstacles can be removed so that Bahamas can become a leading centre for stem cell treatment. “I would love our country to become one of the world leaders in this treatment, along with Israel, Russia, Germany, the UK , Mexico, Singapore and South Africa,” she said. “I believe I contracted this disease to be able to help others, and that is my passion in life. My dream would be for insurance companies to cover this, as a once-off treatment costs less than the annual price of drugs for a patient with MS. At some stage the world has to stand up to ‘Big Pharma’ and I really believed that the Bahamas would have made a stand in this...Come on Nassau, let’s take charge and do this! It would be great for tourism and great for our economy. Let’s add our name to the list of countries offering a ground-breaking treatment which halts this debilitating diseases. For me, I continue to go from strength to strength and do not regret my decision in having HSCT.”
PAGE 10, Tuesday, November 1, 2016
THE TRIBUNE
medicinal herbs and tablets on white background
Walking nature’s path By ALESHA CADET
Tribune Features Reporter
acadet@tribunemedia.net
A
fter years of studying the effects of synthetic pharmaceuticals, Bahamian health enthusiast Kelly Russell decided to go natural by opening a business which sells homeopathic and alternative treatments. “I decided to take the road less travelled, going back to the original plan of the Creator for His created; to the phytopharmaceuticals derived from the plants and fruits of the earth,” she told Tribune Health. “After doing my research and market analysis I decided to
New company promotes plantbased treatments embark upon my journey to form Organic Alternative International, located in the Sandy Port Plaza.” The products offered at Organic Alternative International focus on catering to the restoration of the body, Ms Russell explained, such as helping those that are obese and cannot exercise to get the weight off. She also offers treatments for those plagued with asymptomatic diseases such as hypertension and diabetes. “The first product is a homeo-
pathic solution that helps the body to produce a natural hormone, human chorionic gonadotropin (HcG), to convert stored fat cells into food and energy, thus causing weight and inches loss. There is also a phyto oestrogen replacement product that restores the oestrogen deficiency in most women that is safer than the synthetic Hormone Replacement Therapy (HRT) because of its formulation and ability to break down more easily in the body, making the body less susceptible to tumours and cancers,” said Ms Russell. She believes it is imperative that persons care and invest in maintaining their natural bodies and “go back to the original plan” of utilising plants and other natural options for ultimate healing and rejuvenation.
“Stop trying to fit a square into a round peg with synthetic pharmaceuticals. The goal for my company is to meet the needs of persons who are on a similar journey of natural wellness and to educate the general public on the alternative to the synthetic pharmaceuticals,” she said. Her plan is to see Organic Alternative International expand its product line to give persons a wider choice in alternative therapy that caters to a more diverse market. For the remainder of the year, Ms Russell is looking forward to getting her products into as many pharmacies in New Providence as possible. This way she hopes to create greater public awareness of their availability in the Bahamas. For more information, contact Ms Russell at 327-1776 or 357-3734.
The power of the tongue Whenever thinking about oral health most of us remember the basics – brush your teeth twice daily and floss once a day. We would not normally say and remember to brush the tongue. The tongue is a very important part of your oral cavity; it not only functions in many capacities but if its hygiene is neglected this can lead to halitosis (bad breath). Your tongue is a set of muscles which are supplied with blood and has many nerves. The tongue not only allows us to speak, chew or swallow but it is also responsible for taste. Main functions of the tongue: • Eating The tongue’s main job is to aid in eating. It allows us to turn solid food into a consistency that can be swallowed. When chewing food our tongue and cheeks work in coordination to move food between the teeth. The tongue presses the food against the palate and
up of five categories: sweet, sour, salty, savoury and bitter. The taste stimuli also trigger an increased production of saliva and stomach acid to start the digestion process.
Dr Tamika Ferguson moves it toward the back of the throat which starts the process of swallowing. • Tasting The tongue contains our taste buds. On average, a person can have 3,000 to 10,000 taste buds. These taste buds house taste receptors which allow us to differentiate between flavours. Our taste perception is made
• Speaking Did you know the tongue can produce more than 90 words per minute? Our tongue, lips and teeth work together to form sounds from the throat into understandable letters and words. We rely on the tongue’s agility and flexibility to speak. The tongue is so flexible because it consists of eight muscles that allow it to move in different directions. It especially plays a big part in the proper pronunciation of the consonants “t”, “d”, “l” and the rolling of the letter “r”. Importance of cleaning your tongue The health of your tongue is
Keeping your tongue clean and healthy is a vital part of oral hygiene. just as important as your teeth. If not properly cleaned, the tongue can harbor bacteria and food particles. In order to prevent gum disease and tooth decay, your teeth and tongue need to be cleansed thoroughly. Every time you brush and floss your teeth, to complete your oral care regimen, your tongue should be brushed as well. Cleaning the tongue is not difficult; simply place a smear of toothpaste on your soft tooth brush and starting from the back of the tongue work your way to the tip using circular motions. Then
rinse with water or your favourite mouth rinse. If you feel you need a more thorough cleaning then use a tongue scraper which can be purchased from any pharmacy. A good indication your tongue is thoroughly cleaned is a nice pink colour. Though the tongue is small in comparison to other parts of the body, it is powerful. It plays a major role in eating, tasting and speaking. The tongue should not be a nest for bacteria so do not forget to brush it! Try not to have a sharp tongue, but a clean one.
Body & Soul Ministry encourages healthy living with annual fair By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net For the 12th consecutive year, the Evangelistic Temple Body & Soul Ministry will highlight the importance of personal responsibility for one’s health during its annual fair which kicks off tomorrow. The health fair will take place over two days, Wednesday and Saturday, under the theme “Ignore your health, it will go away”. The annual outreach initiative begins tomorrow with a discourse on cancer prevention by Dr Joseph Evans – author of the book “A Simple Plan to Prevent Cancer” – at the Gary & Myrtle Curry Youth Centre at 7.30pm. On Saturday, the fair will feature a fun run/walkathon that also begins at the Youth Centre at 6am.
As has been the case in previous years, the goal of the fair is give people a well-rounded experience by providing education on various issues and giving them an opportunity to get active and moving with the walkathon. “We will be having a talk on the first day of the fair and then the walkathon on that Saturday that will feature an obstacle course. We will have the Ministry of Health’s team conducting screenings team for cholesterol, high blood pressure and more,” said Reginald King, coordinator of the Body & Soul Ministry at the church. Routine health screenings make it possible for common diseases to be detected early, prevented and treated, which is the reason Mr King said he is encouraging the community to come out and take advantage of this week’s event. “The main goal is to promote a
“We have a large part of our community that hardly pays attention to health issues until they are sick. So we are trying to help people be proactive and see the benefits of being healthy, staying healthy and having an active life.”
Dr Joseph Evans, author of “A Simple Plan to Prevent Cancer”, will be speaking Wednesday night at the Gary & Myrtle Curry Youth Centre.
healthy lifestyle among the church members, followers and people in the wider community. Of course we have do this as a wider outreach in the community; promoting healthy lifestyles,” he said. Over the years, Mr King said the fair has garnered a great amount
of support from the public. He anticipates this time around will be no different. “They respond fairly well to the health fair. The walkathon happens to be the most supported aspect from the general public,” said Mr King. “I think hosting events as such are important, because if you look at our situation in the Bahamas, we have an obesity problem in our community. We have a large part of our community that hardly pays attention to health issues until they are sick. So we are trying to help people be proactive and see the benefits of being healthy, staying healthy and having an active life. Our theme is this year is, ‘Ignore your health, it will go away’. We don’t want people ignoring their health, so we encourage them to come down.”
THE TRIBUNE
Tuesday, November 1, 2016, PAGE 11
The trick is to treat yourself better While treating yourself better may seem easy as pie, it gets tricky for many. The reason being, it is difficult, if not impossible, to treat yourself better when you are stuck eating a bitter pie. Until you make the decision that you are tired of those awful feelings brought on by the taste of that bitter pie, you cannot get better. In other words, treating yourself better will not just somehow happen, it is a decision you must make. But why do so many continue to live their lives on this bitter pie diet when it only yields more bitterness? The answer lies in the unresolved hurt and pain that occupies the bulk of their mental space. You see, you cannot get beaten up by life experiences, leave them unaddressed, and not become somewhat bitter. What is sad here is the bitter filling that makes up your pie often has more to do with what others have said or done to you than what you’ve done to yourself. Yes, while you are the one actually eating the bitter pie, it is because in one way or the other you have unknowingly accepted and agreed to live according to others people’s views and feelings about
Michelle Miller Motivationals
Michelle M Miller you, rather than your own feelings about yourself. Essentially, you are living life according someone else. Whether that person or persons are your parents, children, spouse, siblings, family, friends or whomever, their opinions of you seem to matter more than yours do. The first step to treating yourself better begins by you reevaluating the value you place on their opinions. Why do
self better is not about buying more expensive apparel, more makeup etcetera. It is about making the decision to get naked inside your life and heal those pockets of brokenness. You cannot build a better life if you are broken within. As a life coach/counsellor, I know all too well that there is incredible value in facing the pain and healing yourself. Through this process, so many clients have found their “freedom papers”. We each have a yearning to figure out who we really are and how we can live our lives with a greater sense of purpose. In so doing, we learn to appreciate the power of our potential and the gifts that we bring to the world. It takes tons of courage to take off your mask, get naked and accept yourself as a worthy soul. In more ways than you can imagine people everywhere are looking for ways to feel better about themselves and about their lives. In order to treat yourself better you must first believe that you deserve to be treated better. Then you must get some real help and by real help I mean more than just talking or praying about it, but actually getting yourself into a counselling or
you care so much about what they think? Perhaps the pain of bitterness that is holding you hostage occurred when you were a child or young adult. This indeed can be even more devastating, because you were defenseless or taken advantage of. Let me just say that it was not your fault. You are not responsible for their actions/behaviours – they are. Even so, those horrible feelings can easily create a foundation of you thinking that you are unworthy or not good enough. Regardless of what anybody said or did, you are born worthy and absolutely nobody can take that away from you. As an adult, however, you must take responsibility for your life. When your internal foundation is cemented by low, self-depleting feelings, your life pie becomes filled with bitter, self-destructive ingredients. The point to ponder is this – you cannot treat yourself better until you find ways to feel better. If you don’t address those painful feelings, you inadvertently live a dysfunctional, less fulfilling life. Bear in mind that treating your-
coaching program that can help you do the inner work to clear out and replace bitter bricks with better bricks. My own journey to discovering who I am began similarly. I had to do the inner work to deconstruct that negative self-view, which came from others, and rebuild my inner framework with better bricks of my inherent self-worth. You can do the same. Leader to leader, make the decision to treat yourself better by addressing those painful, bitter issues. When you deal with the root of what you feel, you can heal, repair and rebuild a better, more delicious life pie. Your willingness to get naked and do the inner self-work is the hallmark of living an empowered life. Yes, you can do it. What do you think? Send comments questions to 429-6770 or coaching242@yahoo.com. • Michelle M Miller is a certified life coach, communication and leadership expert. Visit www. michellemmiller.com; mail can be sent to PO Box CB-13060.
THe WeaTHer repOrT
5-Day Forecast
TOday
OrlandO
High: 86° F/30° C low: 67° F/19° C
Tampa
TOnIGHT
Wednesday
THursday
FrIday
saTurday
A morning shower; partly sunny
Partly cloudy
Partly sunny with a shower in spots
Mostly sunny with a stray shower
Mostly sunny and nice
Partly sunny with a shower in spots
High: 84°
Low: 73°
High: 83° Low: 73°
High: 82° Low: 70°
High: 82° Low: 69°
High: 80° Low: 69°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
89° F
74° F
89°-72° F
90°-74° F
94°-70° F
85°-69° F
High: 87° F/31° C low: 69° F/21° C
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
almanac
E
W
aBaCO
S
N
High: 82° F/28° C low: 76° F/24° C
10-20 knots
S
WesT palm BeaCH High: 84° F/29° C low: 76° F/24° C
10-20 knots
FT. lauderdale E
W
FreepOrT
High: 83° F/28° C low: 76° F/24° C
N
S
E
W
High: 85° F/29° C low: 73° F/23° C
mIamI
High: 84° F/29° C low: 75° F/24° C
8-16 knots
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 76° F/24° C Normal high ....................................... 83° F/28° C Normal low ........................................ 71° F/22° C Last year’s high ................................. 89° F/32° C Last year’s low ................................... 73° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.01” Year to date ............................................... 48.00” Normal year to date ................................... 35.66”
eleuTHera
nassau
High: 84° F/29° C low: 73° F/23° C
Forecasts and graphics provided by AccuWeather, Inc. ©2016
High: 84° F/29° C low: 77° F/25° C
N
Key WesT
High: 83° F/28° C low: 76° F/24° C
tiDes For nassau High Today
Ht.(ft.)
Low
Ht.(ft.)
9:28 a.m. 9:44 p.m.
3.2 2.6
3:12 a.m. 3:52 p.m.
0.3 0.4
Wednesday 10:04 a.m. 10:21 p.m.
3.1 2.5
3:47 a.m. 4:31 p.m.
0.4 0.5
Thursday
10:42 a.m. 11:01 p.m.
3.0 2.4
4:23 a.m. 5:10 p.m.
0.5 0.6
Friday
11:22 a.m. 11:43 p.m.
3.0 2.4
5:02 a.m. 5:53 p.m.
0.6 0.7
Saturday
12:06 p.m. -----
2.9 -----
5:44 a.m. 6:38 p.m.
0.8 0.8
Sunday
12:31 a.m. 11:54 a.m.
2.3 2.8
5:33 a.m. 6:28 p.m.
0.9 0.8
Monday
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High: 83° F/28° C low: 76° F/24° C
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The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
7:18 a.m. 6:29 p.m.
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High: 84° F/29° C low: 77° F/25° C
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insurance management tracking map
High: 85° F/29° C low: 78° F/26° C
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mayaGuana High: 86° F/30° C low: 79° F/26° C
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
CrOOKed Island / aCKlIns raGGed Island High: 85° F/29° C low: 79° F/26° C
GreaT InaGua High: 87° F/31° C low: 77° F/25° C
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High: 86° F/30° C low: 78° F/26° C
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CrOOKed Island eleuTHera FreepOrT GreaT eXuma GreaT InaGua lOnG Island mayaGuana nassau raGGed Island san salVadOr
Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday:
WINDS NE at 10-20 Knots ENE at 8-16 Knots NE at 8-16 Knots ENE at 8-16 Knots NE at 10-20 Knots ENE at 8-16 Knots NE at 10-20 Knots ENE at 10-20 Knots ENE at 8-16 Knots NE at 8-16 Knots ENE at 10-20 Knots ENE at 8-16 Knots NE at 10-20 Knots ENE at 10-20 Knots NE at 10-20 Knots ENE at 10-20 Knots NE at 10-20 Knots ENE at 10-20 Knots NE at 10-20 Knots ENE at 8-16 Knots ENE at 7-14 Knots ENE at 6-12 Knots NE at 10-20 Knots ENE at 10-20 Knots NE at 8-16 Knots ENE at 8-16 Knots
WAVES 4-8 Feet 5-9 Feet 2-4 Feet 2-4 Feet 4-8 Feet 4-8 Feet 4-8 Feet 4-8 Feet 4-8 Feet 5-9 Feet 3-5 Feet 3-6 Feet 2-4 Feet 2-4 Feet 4-8 Feet 4-8 Feet 2-4 Feet 3-5 Feet 6-10 Feet 6-10 Feet 2-4 Feet 2-4 Feet 3-5 Feet 3-6 Feet 3-5 Feet 3-5 Feet
VISIBILITY 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 80° F 80° F 82° F 82° F 80° F 78° F 83° F 82° F 72° F 72° F 82° F 81° F 82° F 81° F 82° F 82° F 82° F 82° F 82° F 82° F 80° F 80° F 82° F 81° F 81° F 81° F
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tuesday, november 1, 2016
Photographer Tania Delmonte celebrates ItalianBahamian heritage
“I was driving past Montagu Beach and I saw the boys enjoying the sea on a hot summer day. They were diving and having a good time, they were not attached to their smartphones; they were enjoying the beauty around them.” By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net
B “One can also say because of my heritage, I belong to two worlds: the old and the new. The old because of my Italian father, the new because of my Bahamian mother. On one side there is the love of art and history, and on the other, natural beauty of simple island life.”
EING of both Italian and Bahamian heritage means that fine art photographer Tania Delmonte’s view of the world is sometimes filtered through the lens of two cultures. Her Italian heritage boasts a love of art and history, while the Bahamian part embraces the beauty and simplicity of island living, all of which makes it extremely hard for the Tania to pick a side. And she believes she shouldn’t have to, given that there is a richness and uniqueness to both heritages. It is those qualities that she chooses to celebrate in her upcoming exhibition called “When the Mountains Meet The Sea”. The show has its official opening at the New Providence Community Centre’s The Ladder Gallery on November 10 from 6.30pm to 8.30 pm. “I was born in Castelfranco Veneto, Italy, a mere 50km from Venice. One can say that I was surrounded by art and natural beauty from birth. The need and the want to capture beauty must have started very early. One can also say because of my heritage, I belong to two worlds: the old and the new. The old because of my Italian father, the new because of my Bahamian mother. On one side there is the love of art and history, and on the other, natural beauty of simple island life,” she told Tribune Woman. “After my parents separated when I was 12 years old, my mother, sister and I moved to the Bahamas; it was a whole new world for me. I often feel torn between the two places, because I love and identify with both. A sort of schizophrenia of identity, but I embrace both sides fully.” At the exhibit, visitors can expect to see this love of both Italy and the Bahamas in her photographs on display. “The title of the show is ‘When the Mountains Meet the Sea’, and I have given it that title because it celebrates both my heritages. My surname, Delmonte, means ‘From the mountain’, and of course the sea represents my
A sneak peak at the photos that will be featured in the “When the Mountains Meets the Sea” exhibition at the New Providence Community Centre’s Ladder Gallery. Bahamian heritage,” she said. For as long as she can remember, Tania has had a love affair with photography. “I can’t pinpoint a time and place, only that with my first job, my very first purchase was a $70 point and shoot film 35mm Kodak camera. Yes, film; the days before digital and before smartphones. It is hard to imagine a time before digital photography. I just liked capturing moments, whether it was moments with friends or travelling to a new city. Capturing the essence and the mood of a certain place, freezing a moment in time. What started as a hobby slowly developed into a passion,” she said. One of the things that makes photography so rewarding for Tania is the emotion she is able to evoke in others through the images she captures. “I would like for my photos to evoke a feeling or a reaction in whomever is looking at them, beyond just the, ‘Oh, that is a pretty picture’. So yes, I would describe myself as a fine art photographer not because the photo is a perfect, pristine shot, but because I got a reaction and stirred an emotion in the viewer. I hate perfection or glossed-over photos. I like freezing the moment, perhaps the thing that someone else has missed and therefore capturing something someone might have not seen. I don’t like staged
photos. I like when something is not so perfect, appreciating it for what it truly is,” she said. “For example, for the photograph of the boys on the dock (featured in the show), I was driving past Montagu Beach and I saw the boys enjoying the sea on a hot summer day. They were diving and having a good time, they were not attached to their smartphones; they were enjoying the beauty around them. You can see their expressions; they are having fun. I found it so refreshing that they were just enjoying themselves and not glued to their phones watching someone else live.” Tania said she hopes that her photographs will help people enjoy the beauty in small, simple things – “perhaps the things they may sometimes take for granted.” “I think the message would be to enjoy moments and try to savour them, to slow down and appreciate what is around them,” said Tania. “Simple things – the colour of the ocean for example. One minute it is the colour of liquid mercury, the other it is a bright turquoise. Even the fallen leaf on the ground has its charm, the smile of a child, an interesting shadow on a pavement. So many people live at such a fast pace that something beautiful could be right in front of their eyes and they might miss it.”