MONDAY, NOVEMBER 7, 2016
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$7m sale impasse holds up Gulf Union closure By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Raymond Winder
A frustrated purchaser has accused Gulf Union Bank (Bahamas) liquidators of repeatedly stalling the $7 million sale of its largest remaining asset - a charge they vehemently deny. Joe Moore, a partner in US-based Mountain West Investments LLC, told Tribune Business he “can’t understand the thinking” of the insolvent institution’s liquidators, accountants Raymond Winder and Graham Garner. See pg b7
Buyer: Liquidators ‘dragging out’ 1,400-acre deal Claim refuted: Hung up on $700k deposit payment End close for two-decade process if Cat Island deal’ Winder: Recoveries have ‘exceeded expectations’
Free trade push ‘irresponsible’ with exchange controls ‘No way we can compete with ‘antiquated’ measures Bahamas ‘in desperate and dire need of growth’ Governance reformer raises ‘dollarisation’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A governance reform advocate yesterday argued it would be “irresponsible” for the Government to commit the Bahamas to rules-based trading regimes unless local companies enjoyed equal access to credit. Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the Bahamas’ “antiquated” exchange control restrictions were out of place in a liberalised global economy dominated by free trade and markets. Praising the Central Bank for at least starting discussions about placing Bahamas-based businesses on ‘a level playing field’ when it came to accessing capital, Mr Myers said this was essential if local companies were to survive in a liberalised global economy. He added that the current regime “seriously impedes” the ability of Bahamian companies to compete with foreign rivals, able to access capital far more easily and on better terms/costs, with this nation ranked alongside the likes of Cuba when it See pg b4
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Port Dept’s $600k tug boat repairs are ‘exorbitant’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Auditor General has urged the Port Department to assess alternative options for its tug boat fleet, branding the over $600,000 spent on repairs as “exorbitant” and not necessarily providing taxpayers with ‘value for money’. Terrance Bastian and his staff, in their examination of the Port Department’s accounts for the two-year period to end-June 2016, suggested that it either purchase new vessels or outsource tug boat services to the private sector. They also pointed out that one of the boats, the Snapper, had been out of service for a six-month period. “During the period under
Auditor General: Look at outsourcing service Prince George, PI lacking sufficient security staff Dept gets fee rise approval; must upgrade docks first review, it was noted that in excess of $600,000 was spent to repair the Amber Jack and the Snapper tug boats,” the Auditor General’s report said. “This is rather exorbitant - to continue to make repairs to the tug boats. Further, we have been advised that the Snapper has been See pg b4
Fishermen blast Matthew ‘doubles’ building $2.1bn China deal
The solar rooftop system at FYP Builders mall.
supplier’s solar enthusiasm By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A well-known building materials supplier’s enthusiasm for its solar photo voltaic (PV) system, which has slashed energy costs by up to two-thirds, “doubled” after it survived Hurricane Matthew intact. Mark Roberts, principal of FYP, Builder’s Mall and Tile King, told Tribune Business that his system survived the Category Three/Four storm “in top shape”, and would have allowed him to run his Wulff Road business entirely off renewable energy in Matthew’s aftermath. “It’s one thing for it to work, and one thing for it not to get broken,” Mr Roberts told Tribune Business. “It was like: ‘Man, I have to clean-up solar panels in the front yard and it’ll be down for six months’. “I came back and it was in top shape. I love it. That’s when my enthusiasm for the system doubled. During the hurricane I was: ‘Uh oh.’ But there was not one loose wire, not one panel out of place. “I turned on one of the inverters to see if it could work, and I could have run
‘Not a loose wire’ on FYP’s rooftop system Slashing summer energy costs up to two-thirds Investments ‘makes all the sense in the world’ the building on solar power while we waited for BEC. Especially after the hurricane I was like: Damn, I
love this thing.” Mr Roberts said the solar PV system, which occupies 40 per cent of the space on FYP’s roof, had proven invaluable since it was installed two-and-half years ago. Despite the high sixfigure outlay, he told this newspaper: “I would do it again five times’ over. “My electricity bills are down by an average of between 48 per cent to 67 per cent. And for the last 20 days the weather has been wonderful, so I’m hoping for a major reduction in my See pg b6
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Bahamian fishermen have slammed the proposed $2.1 billion Chinese agricultural and fisheries investment on Andros, describing it as “very worrisome” and something they cannot support. Bahamas Commercial Fishers Alliance (BCFA) president, Adrian LaRoda, told Tribune Business that based on the feedback he had received, fishermen will not support foreign participation in the commercial harvesting of fish in the Bahamas. “We have always long
Will not support foreigners in fish harvesting ‘Grave concerns’ over ‘very worrisome’ proposal Plan too ‘open ended’and open to ‘abuse’ suspected that the Chinese wanted fishing rights in the Bahamas. That has long been a concern for local See pg b6
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Port Dept pledges to correct deficiencies By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Port Department has been taking steps to address the “shortfalls” and “loopholes” that resulted in it failing to collect al-
most $5million in due revenues, its Controller has pledged. Captain Cyril Roker said he was in the process of producing a report for the Ministry of Transport and Aviation over the Auditor General’s report on his
department, and wanted to concluded that before publicly detailing the steps taken to address the weaknesses identified. “I have to notify my Ministry because they want a response to what was mentioned in the Auditor Gen-
eral’s report,” he said. Captain Roker promised, however, that steps have been taken to address the issues outlined in the report. “We took steps because the regime that is in charge now, including myself and
my finance officers, we saw the shortfalls and put necessary steps in place to address it,” he explained. “We have since addressed a lot of those concerns. Prior to the Auditor General’s report we were addressing certain things. We saw the loopholes and we started taking steps right away.” A newly-released Auditor General’s report, which examined the Port Department’s accounts over a twoyear period to end-June 2016, expressed “great concern” over “weak internal controls” and its failure to enforce the law. Glenys Hanna Martin, minister of transport and aviation, told Tribune Business: “These are longstanding issues that successive administrations have faced. We are building capacity and bringing on new administration in islands which never had them. This is unprecedented. “Additionally, they are going into an automated system. They have just completed the RFP. We have sought to decentralise the operations of the Port to the extent that we bring about regulatory oversight, and to the extent that we can facilitate revenue collection.” The Auditor General’s report revealed that at endJune 2016, some $3.868 million in annual fees and tar-
Glenys Hanna Martin iffs for services provided by the Port Department had not been collected in New Providence or the Family Islands. And a further $921,390 in due revenues was outstanding at Potter’s Cay, with the monies due including pierage fees for mailboats and fishing vessels, plus water provided by the Port Department. The Auditor General urged the Port Department to “vigorously pursue the collection of the amounts outstanding”, and either establish a collections centre or enforce penalties against defaulters.
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Monday, November 7, 2016, PAGE 3
Govt ‘bites off more than it can chew’ on $2bn China proposal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The organiser of an online petition that has obtained almost 4,000 signatures against the $2.1 billion Chinese agriculture/ fisheries proposal yesterday expressed confidence the Christie administration has “bitten off more than it can chew”. Sam Duncombe, head of environmental group, reEarth, told Tribune Business that the proposal crafted by Paul ‘Andy’ Gomez, the Bahamas’ ambassador to China, was “absolute insanity”. She argued that had it little regard for the potential consequences of giving 10,000 acres of Crown Land, and fishing rights in Bahamian waters, to a “voracious nation” which was already struggling to feed its 2 billion-strong population. Warning that the ambassador’s proposal threatened to expose the Bahamas’ already-depleted, and “under pressure”, fisheries stocks to even more harm, Mrs Duncombe also queried the identities of the Bahamians who would hold a 50 per cent equity stake in each of the 100 ‘joint venture’ companies with the Chinese. “I am hoping that the Government has bitten off more than it can chew,” Mrs Duncombe told Tribune
Environment campaigner: Plan ‘total insanity’ Fears Bahamas ‘selling out natural resources’ Business. “The one thing I am very heartened about is that the one area where we stand together is protection of our fisheries. “We’re just selling every natural resource out for cash. Everything is for cash. We cannot replace these resources once they’re gone.” Mr Gomez’s proposal, for which he received permission from V Alfred Gray, minister of agriculture and fisheries, to initiate discussions on, is seeking to access $2.1 billion in financing from a $35 billion Chinese grant fund. These monies would be injected into the 100 Bahamian/Chinese joint venture companies, which would collectively lease 10,000 Crown Land acres on Andros - with a further 10,000 to follow should key performance benchmarks be hit. The Bahamian shareholders in these companies, who could either be individuals or corporations, would then contribute capital of $25,000 each, with the companies then supposedly list-
ed on the Bahamas International Securities Exchange (BISX). The proposal also acknowledges that fisheries would be key to generating initial cash flow and profits for these companies, as the ‘pay back’ period for agricultural investments is relatively long, even though the sector is supposedly reserved for Bahamians only. Mrs Duncombe, and her online petition website, suggested that the Bahamian ‘investors’ were likely to be friends, family and political supporters of the governing party. Suggesting it would be “50 per cent government cronies” and 50 per cent Chinese, she concluded that it would result in Bahamians being “100 per cent screwed”. “We all know how the ‘100 Bahamian businesses’ are going to work,” Mrs Duncombe said, “and as a country that has zero food security, the notion that the Government could open up our fisheries and farming to a country as voracious as China is down right unconscionable.” “How many Bahamians have got $25,000 to invest,” Mrs Duncombe told Tribune Business. “It’s going to go to the same hopeful schmoozers of the elite. “They [the Government] say they reached out to stakeholders on this. No,
they haven’t. Who heard about this till now? It’s absolute insanity. It’s a ridiculous proposal, not given any thought, as it was shown to a handful of people without any regard to the consequences.” While the likes of the Bahamas National Trust (BNT) confirmed that Mr Gomez had ‘floated’ the proposal to them informally, this had occurred on the sidelines of another event, and there had been no indepth discussions. The BNT added that it had indicated it could not support such a plan. “The resources are under major pressure, and to open up any species without safeguards in place to prevent exploitation is insanity” Mrs Duncombe said. “To say they’ve [the Chinese] driven me insane is probably an understatement. The reality is they don’t care about us. They say they care about all Bahamians, and are doing the best for the Bahamian people, but I cannot see how they’re going to help Bahamians.” Mrs Duncombe also hit at the amount of Androsbased Crown Land that the proposal contemplated leasing to the joint venture companies, recalling a recent conversation with someone who had been waiting five years to hear about the fate of their Crown Land appli-
Crawfish season is branded ‘productive’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas Commercial Fishers Alliance’s (BCFA) president has described the 2016-2017 crawfish season as “productive”, telling this newspaper: “We hope the trend continues.” Adrian LaRoda said: “So far this season has been productive. Year-over-year, it’s been more productive than last year. We hope that
trend continues. “We suspect that this is because of a number of factors, primarily the law enforcement presence evidenced by the latest arrest of Dominican fishermen.” The BCFA has long voiced concerns over poaching by foreign fishermen, primarily Dominicans, and particularly during the closed period. The 20162017 crawfish season runs from August 1, 2016, to March 31, 2017.
Sandals confirms 400 newcomers for Royal Bahamian property Sandals has confirmed 400 new hirings at its just-reopened Royal Bahamian property, with “at least” 194 of the former terminated workforce set to be reengaged. The resort chain has restructured its workforce following the August 2016 terminations and subsequent job fair that attracted
almost 1,000 candidates. It plans to take on around 620 persons at Royal Bahamian. Among the departments that absorbed the new recruits are food and beverage, housekeeping, concierge, front office and entertainment. Jackson Weech, Sandals Royal Bahamian’s hotel
The Royal Bahamas Defence Force last week apprehended two Dominican fishing vessels while on routine patrol in the southern Bahamas. Both vessels reportedly attempted to flee the area and warning shots had to be fired across the bow of the Dominican vessels by after all attempts were made to stop and board them. One of the fleeing Dominican vessels reportedly rammed HMBS Madeira to manager, said: “The energy and genuineness in these young people is infectious. Looking at my fellow Bahamians enjoying what they do, and really embracing what is truly our tourism product, has even given me a renewed love for my job and my islands.” Mr Weech added that a five-week training period continues even today for most workers. Around 115 managers and supervisors See pg b5
NOTICE
The public is advised that on the historic occasion of the University of The Bahamas Charter Day, the academic community will assemble at the Oakes Field Campus at 9:00 a.m. on Thursday, November 10th, 2016 for the plaque unveiling and will march in procession to the Thomas A. Robinson National Stadium where the Charter Day Ceremony and Inauguration of the President will commence at 10:30 a.m.
All College of The Bahamas campuses WILL BE CLOSED and classes will be suspended on Thursday, November 10th, 2016. This includes the Oakes Field, Grosvenor Close and Northern Bahamas Campuses and the Gerace Research Centre. Operations and classes will resume on Friday, November 11th, 2016. We invite the public to join us at the Thomas A. Robinson Stadium for this momentous occasion including former faculty, staff and administrators, parents of students, donors, friends, and alumni of the College. This includes graduates of The Bahamas Teachers’ College, San Salvador Teachers’ College, C. R. Walker Technical College, the sixth form programme of The Government High School and the Bahamas Tourism Training Centre.
prevent capture but was unsuccessful. “When you look at the level of aggression being displayed by illegal fishermen toward our military, it is a serious concern to us. These are things we have been speaking to for years,” said Mr LaRoda.
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cation. “How is that possible when Crown Land is being given away to foreigners left, right and centre?” she asked. The Government, through Mr Gray and others, has repeatedly stated that Mr Gomez’s proposal is just that - a proposal - and nothing has been submitted to the Government for approval. They have also emphasised that certain details, such as the Crown Land leasing, will never be approved. This has done little to calm the increasing public furore, which has resulted from growing mistrust of the Government and the Chinese as a result of the situation at Baha Mar, and suspicions the two sides have ‘cut a deal’ behind the scenes with respect to the property’s completion and opening. Many view Mr Gomez’s proposal, which is ambitious to put it mildly, as another indication that China has received other benefits from the Christie administration, and that Beijing is becoming too powerful and amassing too much influence over this nation. The Government’s defenders, such as PLP chairman Bradley Roberts, are arguing that its opponents are deliberately stoking xenophobia, and ignoring the fact that China and
the United Arab Emirates (UAE) are currently the only investment sources for a capital-starved Bahamas. Yet Mrs Duncombe told Tribune Business: “When they built the stadium, did we think it was coming for free? A lot of us did, and it now looks like they’re coming to collect on that and God knows what else. “China is looking out for its own nation, but I don’t see the Bahamian government doing too much to look out for food security and how that’s going to work for us.” One respondent to Mrs Duncombe’s petition, Mark K, said: “As a permanent resident living in the Bahamas for 25 plus years, actively involved in environmental issues, this is a scary prospect. “The Chinese factory ships will make the Dominicans, and local poachers alike, look like fair weather amateurs . They will leave barren sea beds, and fish out pelagic stocks. Think they would travel half way around the world, at great expense, if they had any fish left in their own waters?” Another, Manex N, added: “I have been trying to get into commercial fishing for two years now, and my government has not helped no matter how much I ask. We Bahamians need to be able to survive as well. This is wrong.”
PAGE 4, Monday, November 7, 2016
Sandals praises local contractors Sandals has hailed the expertise and workmanship of the 48 Bahamian contractors that handled the $4 million, 10-week upgrade of its Royal Bahamian property on Cable Beach. Gary Williams, the property’s general manager, said: “They have proven their competence in the construction arena, and also shined remarkably as it relates to them understanding the importance of maintaining as much of the essence of Sandals Royal Bahamian as possible. I am truly impressed.” Among the main contractors were Top Builders International; Ken’s Plumbing & Maintenance with Edwin
Bowles; I.J’s Electrical with Ian Johnson; Unique Painters with Anthony Bartlett; Commonwealth Building Supplies; Mechanical Aces with Streisund Rox; Swaby’s Fencing; Blake Construction; Heritage Original with Jeff Brown; 21st Century Welding Limited; Island Manufacturing Company; ILS; ETS Engineering with Lambert Knowles; Bahamas Waste; and Sherman Executive Janitorial Services with Lashan Sherman. Mr Williams said several line workers from the project have been considered for full-time employment with the resort’s on-site maintenance team.
Free trade push ‘irresponsible’ with exchange controls From pg B1 comes to capital markets liberalisation. “We are encouraged that the Central Bank is considering such reform as banking liberalisation in the Bahamas has been sorely lacking, and is well behind all but a few Caribbean nations like Cuba and Barbados,” Mr Myers told Tribune Business. “We have maintained for many years that if the Bahamas is to fully subscribe to the World Trade Organisation (WTO) and Economic Partnership Agreement (EPA), which it is pursuing and is on track to do, then it must remove its exchange control restrictions on local companies, or it seriously impedes and disadvantages all such Bahamian companies who will be forced to compete with foreign companies locally and abroad.” The Bahamas is already a signatory to the EPA with
the European Union (EU), and is continuing to negotiate for full WTO membership - thereby fully integrating its economy with the world’s liberalised markets, and potentially opening up certain sectors to foreign ownership, companies and workers. Mr Myers added: “It is irresponsible of any government to move forward with trade liberalisation through WTO and EPA while maintaining exchange control, as doing so will significantly advantage foreign companies who - easily and freely trade and borrow in US dollars with low interest rates, low transaction costs and unrestricted seamless access across multiple borders. “There is no way that Bahamian companies would be able to compete in the trade of goods and services while being forced to deal with the inequitable and unreasonable economics caused by Ba-
Port Dept’s $600k tug boat repairs are ‘exorbitant’ From pg B1 inoperable for the past six months.” The Port Department’s tug boats provide vital services in Nassau harbour, especially when it comes to guiding cruise vessels safely in and out of Prince George’s Dock. Alive to the financial consequences, the Auditor General’s report said: “Exorbitant spending on repairs of the aged tug boats could result in the Department overspending. “Therefore, we recommend that management seriously consider the following options: The feasibility of continuing to repair the tug boats; the option of outsourcing the tug boats; or the purchasing of new tug boats.” Tribune Business exclusively revealed last week how the Port Department has failed to collect almost $5 million in due revenues, the Auditor General revealing that some of the Bahamas’ wealthiest investors
- Atlantis and the cruise lines - are among the biggest debtors. The report also highlights gaps in the “audit trail” and reporting procedures, which undermine accountability and expose the Port Department to “possible misappropriation of funds and/or fraudulent activities”. The Port Department itself even confessed to the Auditor General its suspicions that funds were being stolen, and criminal activity occurring. However, the latter was unable to verify this because of the agency’s poor systems and recordkeeping. “During our review, we were informed of misappropriation of funds,” the Auditor General’s report said. “However, they were unable to supply documentation of the same. Hence, due to inadequate recordkeeping, we were unable to substantiate their claims.” The report also highlighted how the Customs Department was responsi-
THE TRIBUNE
The contractors worked in areas such as builders work, plumbing, electrical and information technology, painting, doors and windows, fencing, flooring, upholstery, metal fabrication, awning fabrication, fire alarm systems, engineering services, waste disposal and trucking, and cleaning services. Adam Stewart, Sandals’ deputy chairman and chief executive, said of the contractors: “They have managed to deliver excellence for us. Our returning guests are absolutely in love with the changes, and first time visitors are equally in awe. “They have done a great job in bringing together the
vision of our design team without losing the true essence of this Bahamian gem, and for that we really must thank them all.”
Sandals Royal Bahamian officially resumed welcoming guests on October 25. The grand reopening is set to take place on November
18, where members of the key contracting team will be in attendance to discuss existing and future partnerships with Sandals.
hamian exchange control.” Mr Myers said ORG had made these concerns and objections “abundantly clear” to Government officials and consultants during recent EPA implementation meetings. “ORG suggested that if implementation was a priority to the Government and the EPA consultants, then it must remove all such hurdles in front of Bahamian businesses and professionals well before further implementation,” he added. “It was also suggested that if the Government and EPA really care about the success of Bahamian businesses in the free trade future, then they must fund and form a collaborative public-private partnership (PPP) committee that focuses on the education and implementation of Bahamian businesses and professionals into such a market.” Tribune Business reported last week how the Central Bank is eyeing further exchange control liberalisation measures that would allow Bahamian companies to obtain capital and financing overseas, while also removing remove obstacles to
their participation in, and the financing of, investments overseas. The need for such reforms was further highlighted by Central Bank data released yesterday, which showed that Bahamas-based commercial banks appear to be pulling further and further back from business lending, and focusing only on consumer (personal) loans. The Central Bank figures showed lending to businesses had contracted by $51.5 million for the first nine months of 2016. Residential mortgage lending also contracted by $18.3 million over the same period, while consumer lending expanded by $39.3 million. Overall, private sector credit contracted by $30.4 million in the nine months to end-September 2016, accelerating the $21.5 million decline the year before. And the figures show that Bahamas-based commercial banks are concentrating lending away from the economy’s most productive sectors - industries that could expand and create jobs. “The Bahamas is in desperate and dire need of GDP growth, and so it is an
opportune time to seriously examine - and remove - any number of antiquated restrictions imposed on our businesses and economy,” Mr Myers told Tribune Business, praising the Central Bank’s proposals. “The Government must encourage Bahamian businesses to seek out new opportunities abroad, and provide them every incentive and opportunity to be successful in doing so.” Mr Myers also called on the Government to ‘make a better case’ for why the Bahamas should agree to become a full WTO member, and join other rules-based trading regimes, arguing that potential benefits had not been well defined. “Successive Bahamian governments have been pressured by first world powers, and they continue to succumb to global tax, trade and banking treaties and agreements with no clear benefit to the Bahamas, and its citizens, being planned out and or articulated,” Mr Myers argued. “It is more and more difficult for small island nations, like the Bahamas, to compete in a global marketplace
with first world countries that have significantly more resources and greater capacity within governance and public and private sector management. “If the Bahamas and the Caribbean wish to enjoy continued prosperity, then its leadership and governments are going to have to be far more nimble and visionary in their thinking and output. To remain static is to be left behind.” Mr Myers even suggested that the Bahamas should consider doing away with its own currency, and consider ‘dollarising’ to the US dollar. “The Central Bank Governor is to be commended for his leadership and vision on the matter of exchange control liberalisation,” Mr Myers said of John Rolle, “and should perhaps seek to remove it all together. “Progressive as the idea may be, perhaps US dollarisation would provide an even greater boost to investor confidence, drive lower interest rates, stimulate the economy and ward off the threat of devaluation?”
ble for billing and collecting cruise ship pierage fees, yet did not produce revenue reports to the Port Department. “We recommend that the Customs Department generate and forward timely revenue reports to the Port Department to ensure accountability and transparency of government revenue, and to facilitate a clear audit trail,” it said. The Auditor General’s report, in particular, suggested that breakdowns in financial reporting were occurring between the Port Department’s Nassau head office and the Family Islands, creating gaps that could be exploited for fraud and other financial abuses. Cat Island, Long Island, San Salvador, the Berry Islands and Inagua are just some of the islands where the Port Department has no presence, leaving it reliant on the island administrators to collect due revenue. “We noted that in many instances, the revenue reports (whether produced monthly, quarterly, bi-annually or annually) were not submitted by the Family Island administrators,” the Auditor General’s report
said. “Further, we were unable to determine the amounts of revenue collected on the Family Islands, or the amount outstanding.” And, while the Port Department had revenue collecting offices on the larger Family Islands, such as Abaco, Grand Bahama, Eleuthera, Exuma and north Andros, monies were still being taken to the local administrator for deposit to the Consolidated Fund. “Freeport and Abaco are the only offices that generate monthly revenue reports for onward transmission to the Port Department’s head office in Nassau,” the Auditor General’s report said. “The last revenue report from Freeport was May 2016, which amounted to $7,750, and Abaco was January 2016, and amounted to $75,968.. “Bimini has a port office. However, no revenue is collected. We were informed by management that revenue is not collected due to the lack of trained staff.” Calling for the Port Department to ensure it received monthly revenue reports from the Family Islands, and that officers were trained, the Auditor General also demanded more accountability from Family Island administrators. “During our review of boat registrations, we were
informed that there is inadequate communication between personnel responsible for collecting revenue for boat registration in Nassau and the staff with similar responsibility on the Family Islands,” the Auditor General’s report added. “This lack of internal controls enables the possibility of malfeasance and lack of accountability.... We recommend that a supervisor be engaged with the responsibility for the Family Island port offices to ensure that port officers are adequately trained for their job responsibilities and writing up revenue reports.” Other concerns included a supervisor’s fear, expressed to the Auditor General’s team, about “the lack of adequate security personnel to cover the Prince George Wharf, ferry boats and Paradise Island”. This could have major ramifications for the cruise tourism business and the Bahamas’ international standing, especially given that all nations are supposed to be in compliance with the International Ship and Port Facility Security (ISPS) Code, which was introduced in the wake of the 9/11 terror attacks. The Auditor General’s report also noted the Port Department’s desires to be upgraded to an ‘Authority’ so it could cope with the demands imposed by a “dy-
namic maritime industry”. Other goals were for the Department to become computerised via one central database, and to increase its fee structure - the latter of which has already been approved by Cabinet. “We were informed by management that they are in possession of approval from Cabinet to increase their fees,” the Auditor General’s report said. “However, they were advised that they must make the necessary update to the docks and ports before implementing the fee increases.” The Auditor General also noted that the Port Department had outstanding electricity and water bills, respectively, of $232,548 and $140,744, that were owed to Bahamas Power & Light (BPL) and the Water & Sewerage Corporation. It warned that monthly rental allowances of $1,800 and $3,000, paid to two employees on Abaco and Eleuthera, were “exorbitant” - especially as no ceiling had been set for such allowances. And, as at end-June 2016, Port Department employees were owed a collective $37,340 in outstanding overtime payments, which were due for the period MarchMay 2016.
Bahamian contractors worked around the clock to bring back the “grandeur and style” Sandals Royal Bahamian has become known for and also delivering “the standard” Sandals guests have come to expect.
THE TRIBUNE
Monday, November 7, 2016, PAGE 5
Bahamian attorney is arbitration fellow A Bahamian attorney has been appointed as a Fellow of the Chartered Institute of Arbitrators (FCIArb). Dr Peter Maynard was approved as an experienced pactitioner. Applicants must demonstrate knowledge of the law of obligations and evidence, and knowledge of the law of arbitration or construction adjudication. They must have at least 10 years’ experience in arbitration or construction adjudication, and experience of writing directions and final, reasoned
awards or decisions. Dr Maynard underwent an intensive interview, after which the Chartered Institute of Arbitrators (CIArb) Board decided he met the requirements of Fellowship. The appointment authorises him to write the letters FCIArb behind his name. Dr Maynard said “A lesson of BahaMar is that the Bahamas cannot afford to function without the timely adjudication of construction and other disputes as they arise. “If those particular disputes were resolved in a
Sandals confirms 400 newcomers for Royal Bahamian property From pg B3 have undergone training at other Sandals Resorts throughout the Caribbean. “The training and experience they will gather and bring back to the Bahamas and Sandals Royal Bahami-
an is invaluable. Academics itself gets you one thing, but practical training and experience really strengthens you as a professional, especially in an industry like this,” Mr Weech said. Sandals Royal Bahamian’s general manager, Gary
timely manner, we would not have had to go through that costly ordeal. We cannot afford to have situations like Baha Mar happen again. “Therefore, I intend to suggest additional legislation in this area to provide for dispute adjudication. Appointments like this may help to make my proposals even more compelling and attract even more support for their early implementation.” Dr Maynard, senior partner at Peter D. Maynard, Counsel & Attorneys, has Williams, said the property is poised to relaunch its Corporate University (SCU) campus, standing beside sister resorts throughout the Caribbean. The campus will allow for greater “change included’ education and training advantages for Bahamians, with annual access to global university scholarships. More than $900,000 has been awarded in scholarships since the inception of the SCU.
practiced as an arbitrator and arbitration counsel for more than three decades. He added: “Moreover, in other spheres of our society, there is a real opportunity for progress and for the Bahamas to take the lead, such as case management in our court and tribunals, community mediation and restorative justice in our urban renewal settings, domestic commercial arbitration and mediation and, of course international commercial arbitration and me-
diation. “That is why I sent to the Government a draft bill to form an International and Western Hemisphere Arbitration and Mediation Centre (IWHAM). Once we have a strong domestic dispute settlement infrastructure, the international business will follow. We have the most important assets – the professionals to make it happen - and many more important assets as well, such as a strategic location”.
Dr Peter D Maynard
Senior Client Document Specialist REQUIRED SKILLS:Excellent knowledge of trust, foundations and corporate documentation Detailed knowledge of KYC rules Full understanding of QI and FATCA rules Strong proficiency in a variety of software applications, particularly: MS Word, Excel and PowerPoint Strong organization skills Excellent oral and written communication skills Excellent problem solving skills Ability to work under pressure and to meet strict deadlines Ability to work independently Commitment to excellent customer service Must be a team player EDUCATION AND EXPERIENCE: Bachelor’s Degree in Business Administration or related subject STEP Qualification At least five (5) years’ experience in a similar environment Proficiency in French would be an asset ABSOLUTELY NO TELEPHONE CALLS WILL BE ACCEPTED Please email resume as follows:
DDMBahamas@gmail.com
Sandals Royal Bahamian therapists and technicians gather at the Balmoral Building moments before welcoming new guests to the Red Lane Spa.
NO LATER THAN 21ST NOVEMBER, 2016
PAGE 6, Monday, November 7, 2016
Fishermen blast $2.1bn China deal From pg B1 fishermen,” Mr LaRoda told Tribune Business. “While the Minister [V Alfred Gray] did say this is just the discussion phase, the fact of the matter is that this is the final draft of an agreement, which means it has long passed the discussion stage. “If they are going to be doing aquaponics and that sort of thing, we would not have any major objections, but this agreement seems to be so open-ended. We will not support any foreigners getting involved in the commercial harvesting of any
traditional fish in the Bahamas.” Mr LaRoda’s comments come amid an ever-increasing public backlash to the proposal, which was developed by the Bahamas’ ambassador to China, Paul ‘Andy’ Gomez, and pitched to the Chinese government. The mounting outcry had by last night seen 3,923 signatures (2,268 from the Bahamas) attached to an online petition, created by Sam Duncombe, founder of environmental group, reearth, that is headlined ‘Bahamians against Chinese fishing’. With the Bahamas’ fish-
Matthew ‘doubles’ building supplier’s solar enthusiasm From pg B1 energy bills.” Mr Roberts said the solar PV system would likely pay for itself within 10 years, a slight reduction on the anticipated return on investment (ROI). He had forecast a fiveseven year payback period, but explained that the longer duration was due to internal issues rather than
problems with the renewable system. FYP’s building was drawing an unexpected 30 kilowatts (kW) of power every night, he explained, adding $250,000 to its energy costs annually due to a connection that should not be in place and which has yet to be tracked down. “We’ve not had a glitch yet,” Mr Roberts told Trib-
THE TRIBUNE
eries stocks already under severe pressure from Dominican poachers and environmental changes, many fear the Chinese ‘proposal’ could open the doors to factry-style methods that would deplete them further. There are also concerns that the methods the Chinese would adopt may be detrimental to the sea and wider Bahamian environment, for which this nation relies upon not only for fishing but its tourism industry. Mr LaRoda told Tribune Business that the BCFA has been pushing for the enactment of revised fisheries legislation that speaks, in particular, to the prohibition of any foreign interest in the Bahamas’ fisheries sector. “The Government has
been slow in bring the revised fisheries legislation to Parliament,” he said. “As the law currently exists there is a provision in the Act that provides for a special permit for foreigners to be involved in the fishing industry for exploratory and scientific purposes only. There has been some abuses in that regard.” Mr LaRoda added of the Chinese proposal: “This matter just raises too many questions. From the feedback and communication I have gotten, Bahamian fishermen are not going to support something like that. “It’s very worrisome for the commercial fishermen and for the industry. There are some grave concerns over whatever their intentions are, and whatever the
end result is going to be. “The fishermen are not going to sit back and allow any government to allow fishing rights to be handed over to any foreign government because of the abuses that the entire industry could be subject to.” Mr Gomez’s proposal, for which he received permission to initiate discussions from V Alfred Gray, minister of agriculture and fisheries, targets a $2.1 billion injection into the Bahamian economy over 10 years. The financing would come from a $35 billion regional grant facility that the Beijing government has made available for infrastructure investments and such-like. The initiative envisages a ‘partnership’ between
Bahamians and the People’s Republic of China, involving the incorporation of 100 companies and the option to lease 10,000 acres of Crown Land in Andros. The agricultural products and seafood produced will be used for local consumption, and exported to China and the US. Mr Gray, while confirming that he gave Mr Gomez permission to have discussions on the matter, has continued to emphasise there is currently “no proposal before the Government” for approval. He recently told Parliament that there is no way, under any circumstance, that the Government would give foreigners, no matter who they are, a license to fish in the Bahamas.
une Business. “I’d been looking at solar for five years, and one of the things I like is that when you put solar panels on the roof, they act almost like an umbrella against the sun. “The heat transfers in here despite the insulation. I also wanted solar because I wanted to save some money, and thought it would be cool to go green. It’s a small amount we can do for the environment, and gives a certain warm and fuzzy feeling.” The system, designed and engineered by Germanheadquartered company, Euro-Consult Network, is
one of the first businessscale solar PV systems to be installed in the Bahamas. Mark Popovic, the project manager for the FYP installation, told Tribune Business that “from scratch to the last screw finish” it had taken around six months to design, engineer, test and install. The FYP system is EuroConsult’s Bahamas prototype, and Mr Popovic explained that this nation’s climate - humid weather and salt air, combined with the threat of hurricanes presented unique design and engineering challenges.
He added that extensive wind tunnel and a battery of other climate-related tests were conducted before the system arrived in the Bahamas, where it was installed by a Bahamian team working under the supervision of EuroConsult. Mr Popovic said there are no water leaks despite FYP’s solar PV system being fastened to the roof via 900 holes, which help to secure the 700 panels. While able to produce 160-170 kW of electricity, FYP’s system typically generates between 120-140 kW. It is configured to ensure no solar energy goes back
to the Bahamas Power & Light (BPL) grid, and regulates/merges the latter’s energy supply with its own. “We were the first of this size in the Bahamas,” Mr Roberts told Tribune Business of his solar PV system. “I’ve made better investments, but I’ve made worse investments, too, and a 10year payback is not bad at all. “It makes all the sense in the world from a number of fronts. We’re making a positive contribution to the environment, that’s a major feeling for me. I love that part, and it does save money.”
Americans go to polls against backdrop of an uneven economy WASHINGTON (AP) — The U.S. economy is lifting job growth and wages but not voters’ spirits. Americans are choosing a president against a backdrop of slow but steady growth that has managed to restore the economy from the crushing setback of the Great Recession. The government’s October jobs report , released Friday, showed that hiring remains solid, with 161,000 jobs added. The unemployment rate is a low 4.9 percent. Yet the recovery, the slowest since World War II, has left many Americans
feeling left behind, especially those who lack high skills or education or who live outside major population centers. "The (typical) U.S. household is in a much better spot than they were eight years ago," said Mark Zandi, chief economist at Moody’s Analytics. "But it hasn’t been a great decade for anyone either. You’ve still got a big chunk of the population who feels this hasn’t worked for them." The economy’s weak spots are a top concern for a majority of voters, who say the U.S. economy is in
poor shape, according to an Associated Press-GfK poll. At the same time, they say their own personal finances are good. Fifty-three percent of voters say the economy is "poor," while 46 percent say "good," according to the poll, conducted Oct. 20-24. Yet 65 percent say their own finances are good, versus 34 percent who rate them poor. Seventy-three percent of Hillary Clinton supporters say that the economy is good; just 16 percent of Donald Trump supporters say so. And while 60 percent of
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT
2016/CLE/gen/00665
Common Law & Equity Division
IN THE MATTER OF property comprised in an Indenture of Mortgage dated 5th day of August A.D., 2004 between Deidre Miller of the one part and FirstCaribbean International Bank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9108 at pages 500 to 510. IN THE MATTER OF property comprised in a Certificate of Upstamping 21st day of October A.D. 2010 between Deidre Miller of the one part and FirstCaribbean International Bank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 11248 at pages 296 to 307. BETWEEN FIRSTCARIBBEAN INTERNATION BANK (BAHAMAS) LIMITED Plaintiff AND DEIDRE F. MILLER Defendant TO: DEIDRE F. MILLER TAKE NOTICE that: 1. An ORIGINATING SUMMONS AND AFFIDAVIT OF TAMIKA LIGHTBOURNE filed on the 4th day of May A.D. 2016 have been issued against you in the Supreme Court of The Bahamas being Action No. 2016/ CLE/gen/00665 by First Caribbean International Bank (Bahamas) Limited, the Plaintiff herein. 2. AND THAT by an Order made in the Supreme Court by Deputy Registrar Stephana Saunders in Supreme Court Action No. 2016/CLE/ gen/00665 Common Law and Equity Division, it was ordered that service of the said Originating Summons and Affidavit and all other pleadings against the Defendant, Deidre F. Miller be effected by way of this Advertisement. 3. That the Court further Ordered that the existence of further proceedings be deemed to be served on you by way of similar advertisements 4. You must within 14 days from the publication of this advertisement inclusive of the day of such publication, acknowledge service of the Originating Summons and Affidavit of Tamika Lightbourne by filing a Memorandum of Appearance on the Attorneys, Messr. GrahamThompson whose name and address appear below, otherwise judgment may be entered against you. Dated the 4th day of November A.D. 2016 GRAHAMTHOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, Bahamas. Attorneys for the Plaintiff
whites say the economy is poor, 60 percent of nonwhites call it good. Yet whites and nonwhites are about equally likely to say their own personal finances are good. Consider 73-year-old Charles Muller, who lives outside Trenton, New Jersey, and describes his personal finances as fine. He has a pension from 26 years as a state employee and receives Social Security. But the broader economy seems fairly weak to Muller. A friend was laid off during the recession, then earned a teaching certificate, and yet still can’t find a full-time teaching job. And a friend’s daughter who recently graduated from college is stuck as an assistant manager of a dollar store. "I know a lot of people who are struggling and have been unable to find jobs commensurate with their education levels," Muller said. He is supporting Trump, though he sees the major presidential nominees as "the two worst candidates I’ve ever been given a choice of." Here’s a snapshot of the U.S. economy of the eve of the elections: SLOWER BUT STILLSOLID HIRING The job market has proved itself resilient. Employers have added
an average of 181,000 jobs a month this year. That’s down from last year’s robust 229,000 average. But it’s nearly double the monthly pace needed to lower the unemployment rate over time. The number of people seeking unemployment benefits is near a 40-year low — evidence that layoffs are scarce and most Americans are enjoying strong job security. Blake Zalcberg, president of OFM, a furniture manufacturer in Raleigh, North Carolina, hopes to add nine employees to his 58-person company, including graphic artists, photographers and sales staff. He expects sales to grow by a third next year. "It’s a fairly robust furniture market," he said. PAY FINALLY ACCELERATING With the unemployment rate down to 4.9 percent from a peak of 10 percent in 2009, businesses have been forced to compete harder for new employees. That’s giving workers more bargaining power when they seek new jobs and finally boosting pay. Average hourly wages grew 2.8 percent in October from a year earlier — the fastest 12-month pace in seven years. Still, historically speaking, that’s not great. Wages typically rise at about 3.5 percent each year in a healthy economy.
CAUTIOUS CONSUMERS Steady hiring and modest pay increases have emboldened more Americans to buy high-cost items like new cars. Auto sales are running near last year’s record pace of more than 17 million vehicles. Yet caution still reigns: Americans’ spending grew just 2.1 percent in the JulyAugust quarter, down from a much healthier 4.3 percent in the previous three months. HOUSING HAS NEARLY RECOVERED The bursting of the last decade’s housing bubble wiped out trillions in household wealth, cost more than 5 million Americans their homes and triggered the Great Recession. Yet the home market has mostly recovered, with nationwide average purchase prices just 7 percent below their 2006 peaks. Greater home values have helped many families recoup some of their lost wealth. Sales of existing homes have plateaued this year at a nearly healthy level of about 5.4 million. Doug Duncan, chief economist at Fannie Mae, foresees sales growth slowing next year. But younger Americans are increasingly likely to buy homes, suggesting that millennials are tiring of living in apartments — or in their parents’ basements— and are starting to move out.
THE TRIBUNE
Monday, November 7, 2016, PAGE 7
$7m sale impasse holds up Gulf Union closure From pg B1
Despite offering to place the full $7 million purchase price for the 1,407-acre Anguilla Beach Resort property, located in north Cat Island, into escrow and close the deal within 30 days, Mr Moore said Gulf Union’s liquidators were repeatedly insisting that he instead pay just a $700,000 deposit. Having negotiated with the duo for more than a year, Mr Moore said the liquidators were also demanding conditions and terms that will allow them to “drag out” any transaction with Mountain West. Expressing concern that any resulting delays would allow the liquidators to seize his deposit, Mr Moore said the ‘stop-start’ nature of their negotiations had already seen one investor/ development team he put together fall apart. He also questioned why talks had been so protracted, given that Anguilla Beach was the biggest remaining obstacle to Gulf Union Bank’s liquidators closing what has been a near two-decade winding up process. Mr Winder, Deloitte & Touche (Bahamas) managing partner, confirmed to Tribune Business that negotiations with Mr Moore and Mountain West had reached an impasse. He argued, though, that the next move was Mr Moore’s, and depended on the latter’s willingness to pay the $700,000 deposit as evidence that his purchase offer was serious. Mr Winder, who is also the receiver for the $3.5 billion Baha Mar project, explained that it was useless to accept the full $7 million purchase price from Mr Moore given the uncertainty surrounding required government permits and proposals. As a foreign investor, Mountain West and other members of a purchase group will need various approvals from the National Economic Council (NEC), Investments Board and other government agencies to complete the deal something that was outside the liquidators’ control. Until these questions were answered, Mr Winder said it made no sense for himself and Mr Garner to complete a transaction with Mountain West. Acknowledging that Anguilla Beach’s sale would pave the way for the liquidators to close Gulf Union’s winding-up, Mr Winder
said he and Mr Garner had “exceeded expectations” in terms of recoveries for large depositors and creditors. That, though, is unlikely to impress Mr Moore, who told Tribune Business that he first became involved with Anguilla Beach in June 2014, when he was approached by persons he knew who had a connection with the property’s thenowner, Erwin Knowles. The latter had been seeking financial assistance to purchase the property back from Gulf Union’s liquidators. Mr Moore said subsequent investigations showed Mr Knowles remained the “legal owner” of the Anguilla Beach property, but the liquidators were seeking to sell it via a lien the bank had taken out prior to its late 1990s collapse. Mr Moore said he eventually obtained $50 million in financing, which would have allowed Mr Knowles to reacquire the property, pay off all outstanding debts and have $34 million left over to properly develop Anguilla Beach. While Mr Knowles “had his plans all drawn up”, and at one point “had everything in place” in terms of the necessary government permits, Mr Moore said Anguilla Beach was still a ‘dream’ laid out on paper only. Besides condominiums, hotels, lodges, a marina and residential homes, the original vision also included a golf course, community centres and sports facilities. Mr Knowles lacked only the capital to make this happen, but with “the project sitting there”, he and Mountain West were unable to agree terms. “He wants things to be done exactly his way, and that’s not going to happen,” Mr Moore said of Mr Knowles. He explained that his plans for Anguilla Beach would be a phased development, starting with the hotel and coastal amenities, then working inland. As a result, Mr Moore and Mountain West terminated their relationship with him, and in summer 2015 approached Mr Winder, in his capacity as Gulf Union Bank’s co-liquidator, to begin negotiations about directly purchasing Anguilla Beach. “One of my reasons for pursuing this is that the project could be done, jobs would be created and this is something that could be done, needs to be done,” Mr Moore told Tribune Business. “By July 2015, we’d
formed an investment group, were ready to proceed and really started negotiating with Mr Winder and Graham Garner. We initially offered $5.5 million. They hummed and hawed, and never made a decision.” Mr Moore said this offer was increased to $6.5 million in October 2015, and after conference calls and e-mail exchanges, Mountain West and its investor associates were prepared to close quickly despite knowing about the need for Bahamian government approvals. With his investors becoming twitchy. Mr Moore said he was then informed that the liquidators needed to obtain an updated appraisal on Anguilla Beach to determine its valuation. Then, on November 10, 2015, he received an e-mail from Mr Winder which said: “I am OK accepting the $6 million.” Mr Moore then sought clarification and completion of the sales agreement, only to be told four days later that the email was mistakenly sent to him and “not for my eyes”. Mr Winder confirmed the e-mail mistake, explaining that it was intended for Mr Garner, and that as coliquidators they needed to agree everything before presenting it to the Supreme Court for approval. He added that Mr Moore’s initial offers may not have “been good enough”, with the price below the appraised values for Anguilla Beach. However, Mr Moore said that after upping his offer to $7 million, and a $700,000 payment into an escrow account, the liquidators accepted the price with the proviso that this had to be approved by the Supreme Court. While told this would happen early in 2016, Mr Moore said the next time he heard from the Gulf Union liquidators was March 22, when they presented him with another agreement they wanted signed. By then, his original investors and development group had pulled out. “In summer 2015, not only did I have an investor team in place, but a development team, with a builder ready to move,” Mr Moore told Tribune Business. “We lost all that. “There’s a big hole in my plans right now. I don’t have these things completely plugged in, as I don’t have a developer to go on the project. Last year, we had a team ready to move on the whole thing.” As a result, wrote to the liquidators’ attorney, Gail Lockhart-Charles, on May 16, 2016, to seek assur-
ance that they were serious about reaching a deal with him. Pledging that Mountain West had 100 per cent financing, Mr Moore offered a $7 million price, and sought a thirty-day close. Deciding that he would not pay a $700,000 deposit, Mr Moore said he eventually received an e-mail from Mrs Lockhart-Charles conveying concerns that he had failed to sign the March 22 sales agreement. Despite further communications since then, the two sides have remained steadfast in their positions and refused to budge - Mr Moore offering to place the full $7 million into escrow with a 30-day close, and the liquidators seeking a $700,000 deposit into escrow and longer closing period. “Why keep dragging this out? I’m back at the point where I’m not willing to draw investors in again,” Mr Moore, a 27-year veteran of projects in Seattle, California and Oregon, told Tribune Business. “They have dragged it out for some reason that makes no sense. I just don’t know what they’re thinking. They keep sending me purchase agreements with months to close, and want this deposit. “I ‘m not willing to go back and make it happen until I have some assurance that these guys are on board, and willing to make it happen.” Mr Moore said he thought the fact that Anguilla Beach was the largest major obstacle to completion of Gulf Union’s liquidation “would have worked in our favour, but it hasn’t”. Mr Winder, though, told Tribune Business that the liquidators had “no basis” to negotiate with Mr Moore until he made the $700,000 (10 per cent) deposit to indicate he was a serious, legitimate buyer. Emphasising that the liquidators could not control, or get their hands on, money placed into escrow, Mr Winder said of Mr Moore’s concerns: “He’s basically
refusing to pay a deposit. It doesn’t make any sense at all. “We don’t know whether this guy, like a lot of persons, will reach an agreement with you, hold you to it, and then go shopping for financing. We try to have them demonstrate they have the capacity when they come to us. “It’s not a lot of money. We ask for 10-20 per cent. What real estate transaction do you know where 10 per cent is not required in escrow?” Mr Winder added that even if Mr Moore did pay a deposit, it was “not a quid pro quo” in ensuring that he and his investors obtained all the necessary government approvals. “He may not qualify to buy the land,” the Deloitte & Touche (Bahamas) managing partner added. “I can’t complete the sale to him until that process is completed. It’s no use me taking his $7 million until then. “If he’s not going to pay a deposit, then we have no basis to move forward. If he comes up with his deposit now, we’re prepared to execute a deal with him until the situation is confirmed or denied.” Mr Winder said the Gulf Union liquidators would also have to do their own due diligence on Mountain West, but emphasised that they could not agree a specific closing date with Mr Moore as several issues were outside their hands Supreme Court, as well as
government approvals, for any sale. Emphasising that the liquidators remained keen to dispose of Anguilla Beach, Mr Winder said it was the largest remaining Gulf Union asset, and that its sale would mark the beginning of closure to a process that began in 1997-1998. “We have eagerly tried to sell the property; there’s no question about that. Once we complete that sale, we will be pretty close to closing the liquidation,” he told Tribune Business. “That is the largest asset that is left. Once we have sold that property, we will begin the process of winding it up. Whatever’s left outstanding we will divided out or transfer to the various depositors that are due funds.” Mr Winder said any remaining Gulf Union mortgages would be sold to another institution, and added that the liquidators’ recovery efforts had exceeded expectations. “We would have substantially paid dividends that exceeded what we were originally expected to yield from this liquidation process,” he told Tribune Business. “We’ve exceeded the expectations that the creditors committee originally had for us. It’s been a long haul, but this sale [Anguilla Beach] will give the larger depositors an even better position.”
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EMPLOYMENT OPPORTUNITY
Restaurant Managers
A food service industry leader is seeking to employ Experienced Managers for its restaurants. The successful candidates must possess effective leadership skills and will be expected to work closely with the Restaurant Manager in managing the overall restaurant operations. The individuals should have a solid understanding of the food and beverage industry and possess a minimum of 3 to 5 years experience in the related field with a proven track record of exceptional customer service. Primary Duties and Responsibilities: • Ensures the company’s customer service excellence standards are exemplified consistently and that all team members are held accountable to same • Facilitate a high level of customer satisfaction by obtaining regular customer feedback • Identifies and resolves “bottlenecks” in food preparation and delivery to increase speed of service without sacrificing accuracy of orders • Ability to maintain a safe, clean and high quality restaurant operation at all times • Supervises and trains team members on all restaurant systems • Ability to effectively communicate, both orally and in writing, on a consistent basis with Restaurant Management team, superiors and support staff • Practical knowledge of inventory control management • Ability to coach, train and develop team members as well as delegate work in a way that encourages teamwork during shift to ensure smooth restaurant operations • Proven ability in handling of customer complaints, ensuring speedy and satisfactory resolution • Ensures the awareness and knowledge of all of the company’s systems, policies, procedures and operations through training and development • Provides productive direction to team members in a clear and concise way, and sets an example for team members by working hard to ensure swift and smooth food production and quality service • Sets challenging goals for self and team, provides timely performance feedback and ensures accountability Qualifications and Experience • Minimum of three to five years experience in the food and beverage and hospitality industries in a managerial or supervisory role • Working knowledge of computerized information systems used in restaurant operations, e.g. Point of Sales (POS) systems • Proficiency in various software applications, e.g. Microsoft Word, Excel, PowerPoint Salary will be commensurate with qualifications and experience. Interested candidates should submit their resumes in confidence to the following email address:
submityourform@gmail.com
PAGE 8, Monday, November 7, 2016
THE TRIBUNE
Samsung to offer digital assistant service in Galaxy S8 SEOUL, South Korea (AP) — Samsung Electronics said Sunday it will offer an artificial intelligence assistant service in the upcoming flagship smartphone, as the South Korean firm seeks recovery from its global smartphone recalls. The Galaxy S8 will let users order food or perform other tasks without going through a third-party application but by simply asking the phone’s virtual assistant, Samsung said in a statement. The artificial intelligence service will also be made available in Samsung’s other consumer electronics products, such as refrigerators. The company declined to disclose what specific tasks the S8 phone will perform through its artificial intelligence feature. Samsung is expected to unveil the next iteration for its flagship Galaxy device in spring as it has typically
done in the past. Sales of the Galaxy S8 will be crucial for the recovery of Samsung’s mobile business, which saw its latest quarterly profit nearly wiped out by two global recalls of the Galaxy Note 7 smartphone. Samsung estimates it has lost at least $5.3 billion as it discontinued the model, which overheated and caught fire. The company said last month that it has not figured out what went wrong with the Note 7 phones. The South Korean company joined the race to create the digital assistant service when it acquired in October Viv Labs Inc., a Silicon Valley startup launched by the same entrepreneurs who sold Siri to Apple. Past and current Samsung phones offer a voice assistant service called “S Voice” developed internally, but the feature did not gain much traction. Samsung’s acquisition of
the Silicon Valley firm was seen as its taking another step to seek independence from Google, which offers its brand of virtual assistant service in Android-powered devices. Executives at Samsung and Viv Labs said that the biggest difference between the existing digital assistant and the one they are jointly developing is that the latter will be an “open AI platform,” meaning that thirdparty developers will be able to offer their services through Samsung’s AI platform. “Our Galaxy smartphones don’t provide services that enable consumers to order pizza or coffee, but does provide third party applications. But the new AI platform will enable consumers to do things that they would usually do through a separate third party application,” Samsung’s statement said.
a Samsung Electronics’ Galaxy S7 is displayed as customers wait in line to buy Apple’s iPhone 7 at a mobile phone shop in Seoul, South Korea. Apple Inc. began selling the iPhone 7 in South Korea on Friday. The South Korean company said yesterday, that the Galaxy S8 smartphone will let users order food or perform other tasks without going through a third-party application but by simply asking the phone’s virtual assistant. (AP Photo)
Trump, GOP paying consultant dogged by voter fraud charges WASHINGTON (AP) — Donald Trump’s campaign and the Republican National Committee have paid at least $1.8 million to a political operative whose roster of companies include several that have been repeatedly investigated for voter registration fraud, even as Trump has complained that the election is rigged against him. Three employees of Strategic Allied Consulting, a firm owned by conservative operative Nathan Sproul, pleaded guilty in Florida four years ago to felony charges related to altering and destroying scores of voter registration forms. There were no formal actions against the firm. Yet recent federal campaign finance reports reviewed by The Associated Press show Sproul is now back on the RNC’s payroll, this time with a firm named Lincoln Strategy Group, a renamed version of his former firm Sproul & Associates, an Arizona-based firm that was investigated for alleged voter registration misconduct in Nevada and Oregon. Although Sproul was never charged in the 2012 Florida case, GOP officials and Mitt Romney’s presidential campaign considered the charges against his employees alone serious enough to fire his company in 2012. The chairman of the RNC said this week he didn’t know Sproul’s firm has been rehired. Neither the Republican Party nor
Republican presidential candidate Donald Trump addresses the crowd during a campaign stop at the Minneapolis International Airport yesterday, in Minneapolis . (AP Photo) the Trump campaign would discuss the specifics of the work Sproul or the firm is doing and in what states. “We have zero tolerance for any threat to the integrity of elections,” Sean Spicer, spokesman for the Republican National Committee, told the AP in September 2012. “When we were informed of an alleged
Employment Opportunity
incident we immediately cut all ties to the company.” The RNC paid Sproul’s company a total of $1.2 million in October for get-outthe-vote efforts. Records show Donald J. Trump For President, Inc., paid another $600,000 to Lincoln Strategy on Oct. 27. RNC Chairman Reince Priebus said he didn’t know
his organization was still doing business with Sproul. RNC spokeswoman Lindsay Walters declined to provide specific details about Sproul’s current work for the party. In past years, RNC’s full spending with Sproul’s firms wasn’t disclosed in campaign finance reports until after the election. “This is a coordinated expenditure with the campaign,” Walters said, referring to the practice of political parties working with campaigns to raise and spend money. “Similar to 2012, coordinated expenditure decisions are joint decisions, the RNC does not have sole decision authority.” Trump campaign spokeswoman Hope Hicks said, “This is a firm that we work with to execute door knocking.” Sproul, 44, said in a statement Friday that his companies had been “cleared of any and all wrongdoing,” and that any past accusations against his firms had been “utterly discredited.” “Lincoln Strategy upholds the strictest antifraud standards,” Sproul said. “Because of our strict standards, our company immediately refers people to law enforcement and election officials when there is any indication of improper activity.” In the 2012 Florida case, three employees of Sproul’s firm pleaded guilty to forging voter registrations, say-
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
UNICORN ASSOCIATES LIMITED In Voluntary liquidation
MAINTENANCE WORKERS A leading Fast Food franchise is looking for mature, clean-cut individuals to join its Maintenance (Janitorial) Team. Job Summary To be responsible for the general cleanliness and upkeep of the entire Store and its surroundings, so as to facilitate the smooth, efficient operation of the Store. Requirements • Must be a high school graduate. • Must have excellent inter-personal skills. • Must have excellent oral and written communication skills. • Professionalism required. • Must be able to work flexible hours including early mornings, late nights, weekends and holidays. • A basic knowledge of kitchen equipment and electrical and air conditioning repair skills would be a plus. • Must have a clean police record. McDonald’s offers excellent benefits! Please submit Resume to: Human Resources Department McDonald’s Head Office 111 Market Street North P. O. Box SS-5925 Telephone: 325-4444 Nassau, N.P., The Bahamas
Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), UNICORN ASSOCIATES LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 20th day of October, 2016.
Mr. John Collins M.B.E., F.C.I.B Suite 1, Artemis House, 67 Fort Street George Town, Grand Cayman Cayman Islands Liquidator
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
AUTOMACION GRAFICA S.A. In Voluntary liquidation
Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), AUTOMACION GRAFICA S.A., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 13th day of October, 2016.
ROCKWELL LTD., 25 Mason Complex, Stoney Ground, The Valley, Anguilla, Liquidator
ing their supervisors had demanded it. But after a two-year investigation, the Florida Department of Law Enforcement said it found no evidence that Sproul’s firm specifically directed its employees to turn in the faked forms. Sproul has said the firm employed about 2,000 people. A search of online helpwanted ads shows Lincoln Strategy Group is now hiring in North Carolina, Colorado, Missouri and other swing states, offering “Great Pay!” to those available to go door-to-door to canvass voters for conservative causes. “Make America Great Again $20/HR Canvassing,” reads a recent ad posted on Craigslist in Raleigh, North Carolina, offering full-time and part-time jobs through Election Day. A veteran Republican operative from Arizona, Sproul has worked closely with dozens of state and national GOP campaigns, specializing in organizing voter registration drives and outreach efforts targeting evangelical Christians and social conservatives. He told AP his companies have employed more than 10,000 grassroots campaign workers over the last decade. Operating under numerous corporate names, Sproul’s firms also have a history of allegations of voter registration fraud. In a 2012 interview with the Los Angeles Times, Sproul acknowledged he set up multiple companies at the
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RNC’s request, because the Republican Party wanted to obscure its ties to what he called baseless allegations of his firms. In California, Oregon, Nevada and Florida, Sproul’s workers were sometimes investigated on suspicion of forging signatures, destroying Democratic voter registrations or changing the addresses of legitimately registered voters without their consent, according to former employees, state investigations and news reports. Workers said they were paid for collecting only Republican registrations, providing no incentive to turn in those from Democrats. There was never a formal state legal action against his firms. In an FBI interview related to a 2012 investigation of illegal campaign coordination in Arizona, however, Sproul acknowledged a pattern of law-breaking involving dozens of people hired by his firms, according to a transcript reviewed by the AP. The number of his employees who have been referred to prosecutors for possible criminal activities over the years “is closer to 100 than it is to zero,” he told the FBI agent, according to the transcript. The Federal Election Commission has also found “there is reason to believe” Sproul violated election law by spearheading a Republican effort to get Ralph Nader on Arizona’s ballot in 2004, according to a public FEC letter to Sproul. The commission ultimately dropped the matter without imposing any punishment.
THE TRIBUNE
Monday, November 7, 2016, PAGE 9
Clinton has a lot of promises to keep DES MOINES, Iowa (AP) — If Hillary Clinton makes it to the White House, a whole lot of eyes will be on her list of do’s and don’ts. Throughout the presidential campaign against Donald Trump, Clinton has made some very specific pledges about what she would and wouldn’t do. Those could come back at Clinton if she’s elected, because she could be governing in a politically polarized environment. Republicans and liberal Democrats would keep watch to see whether she keeps her word. “I think Republicans are going to be dogging her any time she flirts with something that sounds like a campaign pledge that’s been broken,” said Republican strategist Katie Packer, who isn’t backing Trump. Charles Chamberlain, executive director of Democracy for America, said liberals would look at how Clinton tackles issues, saying “the key is seeing if she actually fights, rather than insisting that she has to achieve that goal.” Complicating Clinton’s path is the reality that the
best-laid plans can change. President George H.W. Bush, for example, pledged “no new taxes,” but eventually agreed to a budget compromise with Democrats that did include some tax increases. He lost his re-election bid to Democrat Bill Clinton. A look at some pledges Hillary Clinton made in the final presidential debate and what they could mean for her as president:
TAXES “I will not raise taxes on anyone making $250,000 or less. I also will not add a penny to the debt.” Clinton has focused her campaign on working- and middle-class families, and promised to tax the wealthy to pay for more social programs, but repeatedly said those making $250,000 or less will be exempt. That’s the cutoff her campaign has identified to protect the middle class. Clinton says that by taxing the wealthy, she won’t create any new debt, though she has not said she would cut the current debt. This tax pledge means
any new fees or costs for lower-earning families will be scrutinized. When it comes to the national debt, Packer notes “there’s a lot of different ways you can do the math that make that a very hard promise to keep.”
TRANS-PACIFIC PARTNERSHIP “I’m against it now. I’ll be against it after the election. I’ll be against it when I’m president.” This is a big one for Clinton. She came out against the trade deal last year amid mounting pressure from liberals. She previously praised the deal as secretary of State, calling it the “gold standard” of trade agreements. In the past, she has supported some trade deals and opposed others. So progressives will watch Clinton if she wins, not just after Jan. 20, but during the transition as well, to see if she mounts opposition to a vote in the lame-duck Congress. “It’s going to be critically important that she steps up, she stand up and says it’s not going to be passed in the lame duck,” said
Democratic presidential candidate Hillary Clinton speaks at a rally at Eastern Market in Detroit. If she gets to the White House, Clinton has a daunting to-do list. And it’s made more complicated because she’s laid out some very specific promises. (AP Photo) Chamberlain, adding that if Clinton does not take such a stand “in many people’s eyes that would be breaking a promise.”
MILITARY “I will not support putting American soldiers into Iraq as an occupying force.” Clinton has made it clear that she does not want more American soldiers to serve on the ground in the Middle East. There are several thousand U.S. troops in Iraq now serving as trainers and advisers to the Iraqi military. She has made sim-
ilar statements about Syria, where dozens of U.S. special operators are helping. Still, Chamberlain said that on this pledge, liberals see “a lot of wiggle room there. The progressive movement wants to see less military action period.” Republican strategist Rick Tyler, who advised Texas Sen. Ted Cruz’s presidential bid, said that this is the type of promise that could be hard, depending on world events. “You could claim you were never going to drop a nuclear bomb. I hope not, but what is it there for,” Tyler said.
COLLEGE COSTS “I want to make college debt-free and for families making less than $125,000, you will not get a tuition bill from a public college or university if the plan that I worked on with Bernie Sanders is enacted.” Clinton enhanced her college affordability plan with the Vermont senator, her rival in the presidential primaries, in an effort to win over his supporters. Bringing down college costs was a rallying cry for his younger supporters. It’s also an issue increasingly discussed on the left.
British PM May says country should unite on Brexit plan LONDON (AP) — British Prime Minister Theresa May has shrugged off an adverse court ruling on her government’s plans to leave the European Union and maintains that Brexit will be carried out in full. She used a Sunday Telegraph column to say her government will “get on with the job” despite a High Court ruling requiring her to seek parliamentary approval before triggering the exit process. May says the government hopes to win a reversal of that decision before the Supreme Court because an important principle is at stake. She says Parliament voted to put the decision on EU
membership “in the hands of the people” in the June 23 referendum, the vote was decisive in favor of leaving the 28-nation bloc and that choice must be respected. Brexit offers a “great national opportunity” to “forge a bold, confident global future for Britain,” said May, who spoke out in favor of staying within the EU during the hard-fought referendum campaign. She was travelling to India on Sunday with a delegation of business leaders to conduct her first trade mission as prime minister in order to emphasize the importance of “the relationships we have with our friends and allies overseas.”
Despite May’s optimism, the High Court ruling risks delaying the Brexit process that May has pledged to formally begin by the end of March. Some in Parliament are pressuring her to spell out Britain’s negotiating position before Parliament, which she refuses to do. May’s plan to invoke Article 50 to formally begin the divorce from the EU before April is almost certain to be opposed in Parliament by Scottish National Party lawmakers, Scotland’s Brexit minister said Sunday. Unlike much of the UK, Scottish voters expressed a preference for staying inside the EU.
Michael Russell said the pro-independence party with 54 members in Parliament has a strong mandate to protect Scotland’s place in the EU, which could justify blocking the government’s plans. He said his party believes that keeping Britain inside Europe’s single market of over 500 million people must be a top priority of any Brexit negotiations. “At the very least, membership of the single market must be paramount in our position,” he said. U.K. Independence Party acting leader Nigel Farage said Sunday there’s a risk of unrest if British voters feel their will is being thwarted
MARKET REPORT FRIDAY, 4 NOVEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,930.14 | CHG 0.32 | %CHG 0.02 | YTD 106.19 | YTD% 5.82 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 5.82 9.00 11.00 8.42 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 7.66 13.05 2.18 1.31 5.60 6.60 9.85 6.12 6.23 11.81 10.00
PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00
900.00 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 5.83 8.50 5.83 10.50 13.98 2.22 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 13.98 2.32 1.55 5.82 8.78 10.00 8.41 6.61 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.00 0.02 0.00 0.00 0.01 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
115.10 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.20 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.10 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
13,325 500 7,050
190
VOLUME
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 24.7 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% 2.59% 2.58% 4.12% 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 2.01 3.91 1.93 169.70 140.34 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 2.01 3.90 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.59 11.15 9.57
YTD% 12 MTH% 3.11% 4.17% 3.28% 4.34% 2.07% 2.93% 4.73% 5.64% 5.70% 7.66% 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 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-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
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
Some of the front pages of Britain’s newspapers after the High Court determined that MPs must have a say on triggering Article 50 to begin the UK’s exit from the European Union, in London, Friday Nov. 4, 2016. A High Court ruling that Britain’s Parliament must give approval before Prime Minister Theresa May triggers the formal process of taking Britain out of the European Union has cast some uncertainty over Brexit. (AP Photo)
NOTICE
NOTICE is hereby given that Marthial Paul of Miami Street, P.O. Box SS-19812, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31st day of October, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that MAROLANDY PETIT-HOMME of Rahming Street, Fox Hill, P.O.Box GT-2587, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that PIERRE PHILIPPE of #3 Columbus Drive, Freeport, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that JULIENNE BEAUCHAMP of Bailey Town, Bimini, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PAGE 12, Monday, November 7, 2016
THE TRIBUNE
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