business@tribunemedia.net
WEDNESDAY, FEBRUARY 1, 2017
$4.27 Broker principal targets expansion after court win By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Bahamian broker/ dealer’s principal yesterday said he plans to double staff to 60-80 persons by yearend, after a New Jersey court dismissed the US government’s securities fraud case against him. Guy Gentile, head of Swiss-America Securities, told Tribune Business that he was targeting 30 per cent top-line growth for the business in 2017, with Monday’s verdict enabling him to reactivate “stalled” expansion plans. Disclosing plans to build a Nassau-based broker/ dealer that eventually employed 300 persons, Mr Gentile expressed hope that the court’s rejection of the US authorities’ allegations would enable Swiss-America to rebuild relationships with Bahamian commercial banks - all of whom had cut him and the company off as a result of the legal battles.
Gentile ‘can’t put fraud case dismissal into words’ Swiss-America chief eyes staff ‘doubling’ by year-end Going for 30% growth, as plans reactivated “It’s a great day for me,” Mr Gentile told Tribune Business about the end of his year-long fight. “I don’t think it’s actually all hit me, but I will tell that when I first heard the news [of the verdict], it was hard to hold back tears for an hour. “It’s been going on for a year. I didn’t really know how much of a weight it was on my shoulders until I heard. I tried to hold up strong, not let it bother See pg b5
The Bahamas is “underperforming” rival Caribbean economies on the ‘ease of business’, with productivity, employment and GDP growth indicators “up to 50 per cent below” nations of comparable size. The grim verdict is contained in an Inter-American Development Bank (IDB) report on the ‘ease of doing business’ in the Bahamas, which notes that this nation is in the region’s “lowest quartile” in the annual World Bank rankings. The just-published report, authored by Allan Wright, says the Bahamas is ranked 25th out of 32 nations in the Latin American
IDB: Nation ‘underperforming’, needs ‘more effort’ ‘More than 50% below’ comparable nations Crime, power outages cost 5% and 1.5% of sales and Caribbean region as a result of its “weakened performance”. The IDB cited ‘trading across borders’ as particularly problematic, with the Bahamas ranked 31st or See pg b5
Exchange control changes to Govt during February By NEIL HARTNELL Tribune Business Editor and NATARIO McKENZIE Tribune Business Reporter
The Government will receive proposals for further exchange control liberalisation targeted at the private sector next month, in a bid to boost an “underperforming” economy that contributed to the Bahamas’ ‘junk’ downgrade. John Rolle, the Central Bank governor, yesterday said improvement in the Bahamas’ sovereign credit rating hinged on this nation overcoming long-standing structural problems to achieve faster GDP growth rates. “A major challenge for our country is achieving stronger growth,” he told Royal Fidelity’s Business Economic Outlook.
Underperforming economy drove downgrade $130m in bad mortgages taken off banks’ books Governor: Regulation for non-bank e-pay providers “Underperformance is a critical factor constraining the sovereign credit rating of the Bahamas. It is a structural challenge that can be surmounted most, through planning and execution, such as has been See pg b6
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$4.36
Bahamas squandering ‘Caribbean’s best VAT’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Royal Bank of Canada’s (RBC) chief regional economist yesterday accused the Bahamas of squandering the Caribbean’s “most successful Value-Added Tax” by failing to act in a fiscally prudent manner. Marla Dukharan, in a harsh verdict on the Christie administration’s fiscal policies and achievements, said it had failed to slash the Bahamas’ annual fiscal deficits “in the way it had planned”. Addressing Royal Fidelity’s Economic Business Outlook (EBO) conference, she called for the
Top regional RBC economist lashes Govt policies Says Christie administration ‘not fiscally prudent’ Calls for ‘fiscal rules’; warns on currency pressure Bahamas to implement socalled ‘fiscal rules’ to cap government spending and establish a debt ceiling. And she warned that the Government’s fiscal profligacy could ultimately im-
pose pressure on the Bahamian dollar, and its one:one peg with its US counterpart. Ms Dukharan, group economist for RBC’s Caribbean operations, said: “I am disappointed that despite having the most successful VAT in the whole region - despite getting more from this VAT than you expected to - the fiscal deficit was not reduced in the way it had planned to be reduced. Fiscal prudence had not been adhered to. “This is going to put pressure on the currency. It has already put pressure on your ratings. I believe that if you continue on this path of persistent fiscal deficits, which drive debt up, you will end up in a situation where it’s unsustainable
and you have to get help. That is where we consistently end up in the region.” There have been repeated calls for a Fiscal Responsibility Act to force the Government to be more accountable and transparent in the management of the public finances. This would require it to return to Parliament for approval to raise more money if it has to exceed the limits approved in the annual Budget. However, ‘fiscal rules’ would impose even more stringent discipline on the Government, as they would set spending and debt-toGDP ratio limits that it cannot breach. While many believe See pg b6
Gov’t ‘blind’ to 75% deficit rise By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Bahamas in region’s ‘lowest quartile’ on doing business ease By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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Branville McCartney
The Government was yesterday urged to “take off the blinders” and curb its spending, with Opposition politicians describing the fiscal deficit’s 75 per cent expansion as “eerily similar” to the prior year’s performance. K P Turnquest told Tribune Business that the Gov-
ernment appeared to be oblivious to the implications of the Bahamas’ ‘junk’ credit rating, given that it seemed to be introducing new social programmes “almost every day”. He added that the continued year-over-year increases in the fiscal deficit threaten “to saddle the Bahamian people with an unsustainable debt” burden, and proved Value-Added See pg b4
Full-year blow past ‘eerily similar’ to 2015-2016 Central Bank ‘telling’ on where VAT money went Bran: Next Gov’t must ‘grab fiscal bull by horns’
THE TRIBUNE
Wednesday, February 1, 2017, PAGE 3
Bahamas should be ‘cheered on’, not blacklisted By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Blacklisting threats towards international financial centres (IFCs) expose the “sheer arrogance” of developed coountries, a Forbes Magazine editor said yesterday, suggesting countries such as the Bahamas should be “cheered on” for their service to the global economy. “I think it’s sheer arrogance. Politicians don’t like the idea that their citizenry can shield some of their hard-earned wealth from their hands because they want to spend it,” said John Tamny, an editor at RealClearmarkets and political economy editor at Forbes Magazine. Speaking on the sidelines of the RoyalFidelity Bahamas Economic Outlook conference, where he was a presenter, Mr Tamny said: “They have ideas about
Forbes editor: IFCs play key global economy role ‘Blacklist’ threats show developed world ‘arrogance’ what they want to do with the wealth of others, hence they blacklist countries like the Bahamas. “In fact, what the world should be doing is cheering on counties like the Bahamas that say we are not going to be the country that takes the production of others, we’re going to let people keep it.” He added: “The global economy’s health is going to be driven by countries like The Bahamas who don’t have an income tax and other taxes, because these are countries where people can hide their
wealth from governments; not because they are bad people, but because they lack market discipline and almost invariably they are going to misallocate it to the global economy’s detriment.” European Union (EU) legislators last week rejected a proposed money laundering ‘blacklist’ on the grounds that it included no IFCs. The EU parliament rejected the 10-strong list presented to it, which included the likes of North Korea, Iran, Afghanistan, Iraq and Syria, because it was seen as “too limited” by not including IFCs. An Associated Press report even singled out the Bahamas by name as one country that EU lawmakers wanted to include on the ‘blacklist’. Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, said the private sector “will do all we can”
to ensure this nation does not appear on the threatened ‘blacklist’. The Bahamas and other IFCs have been in the EU’s cross-hairs for some time, with the continent’s governing body having previously announced plans to publish another ‘blacklist’ of socalled ‘tax havens’ by yearend 2017. The EU, in rating 81 different jurisdictions for their co-operation on tax matters last September, ‘red flagged’ the Bahamas and nine other countries - mainly its fellow IFCs - for having either no, or a zero rate, corporate income tax. The Brussels-based EU Commission also placed a ‘red flag’ against the Bahamas when it came to transparency and the exchange of tax information, although on the third and final criteria - the existence of a ring-fenced preferential tax regime - this nation received a clean bill of health.
Bahamians gain top Statoil roles By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net
TWO Bahamians have been appointed to top management roles at Statoil South Riding Point (SSRP) in east Grand Bahama. Tanya Rigby-Seymour is Statoil’s new country manager for the Bahamas and asset manager, while Kevin Stuart is the terminal manager at SSRP. Statoil, a Norwegian multinational oil and gas company headquartered in Stavanger, has operations in 36 countries. Statoil South Riding Point’s storage and transshipment terminal includes oil storage and transshipment facilities, as well
Tanya Rigby-Seymour as a 50 per cent interest in the Freepoint Tug and Towing Service tug boat busi-
ness. Ms Rigby- Seymour joined Statoil in May 2010, as health and safety (HSE) lead. According to Statoil executives, she has broad commercial and strategic competence, and leadership experience, both from the Bahamas and internationally. Prior to joining Statoil, she held various positions at Schlumberger Oilfield Services, including her last role as a team leader in Mexico.Ms Rigby-Seymour holds a Bachelor and Master’s degrees in Chemical Engineering from Howard University. Mr Stuart will report to Ms Rigby-Seymour. He joined Statoil in 2011 as
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oil movement planner and, more recently, served as leader for oil movement. Mr Stuart is a graduate from the University of West Indies where he studied port and maritime management, and from Florida Memorial University where he earned a Bachelor of Arts Degree in Business Administration. Mr Stuart previously worked at Bahamas Oil Refinery Company and the former Syntex. A spokesperson for Statoil said both Ms RigbySeymour and Mr Stuart “are proud local Grand Bahama island products and former collegiate and national athletic standouts”. Ms Rigby-Seymour excelled as a track and field athlete, while Mr Stuart shone at baseball.
Chamber chief: Beware false election promises By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas Chamber of Commerce’s chairman yesterday called for the separation of reality from political fanfare as the country moves towards the general election, warning against false expectations and promises raised by politicians. Gowon Bowe, who is also chief financial officer of the Fidelity Group of Companies, told Tribune Business: “I believe our political elections will create a distraction very much like the US elections did. “Very similar to the US elections, we have to look at how much of it is reality and how much is fanfare; how much of it is just to stimulate the crowd and to excite the voting base that you think you are appealing to as opposed to what is going to happen in reality.” Mr Bowe, speaking at the RoyalFidelity Bahamas Economic Outlook, added: “We are too small; we’re too tight in terms of our fis-
cal deficit, debt-to-GDP ratios and head room to carelessly do so. “We have to now focus our attention on saying while we can have the political speech and rallies, we have to ground that so that people can understand what they could and should expect, so that we don’t run into a situation of false expectations and, worse, false promises.” Mr Bowe said that while the Bahamas was still considered an attractive jurisdiction for investors, it must look to leverage its core business into new opportunities. “The Bahamas is still considered an attractive jurisdiction. There is obviously interest in the Bahamas still,” he said. “There are persons who gravitate to the Bahamas from a financial services perspective because of our trust environment, for instance. Our niche markets are still there and we have to leverage those into new markets. We have to step out of the box.”
PM affirms financial services commitment By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net
The 2017 International Business & Finance Summit (IBFS) brought leading financial services industry stakeholders to Freeport to discuss how the Bahamas can become a more competitive jurisdiction. The summit was hosted by the Bahamas Financial Services Board (BFSB), with discussions on Thursday and Friday followed by a banquet on Saturday. Prime Minister Perry Christie, the keynote speaker at the banquet,
said the Government was committed to speeding financial services legislation through the system faster than any other laws, in a bid to respond effectively to the ever-evolving environment. He stressed that growing the sector will require complex decisions around emotive issues, such as changes to Immigration policy, tax reform and the liberalisation of various industries. The Grand Bahama Port Authority was represented at by Derek Newbold, its senior manager of business development and Invest Grand Bahama, who joined See pg b7
PAGE 4, Wednesday, February 1, 2017
Gov’t ‘blind’ to 75% deficit rise From pg B1 Tax (VAT) was merely allowing the Government to “ratchet up” its spending. Mr Turnquest spoke out after Tribune Business revealed the contents of the Central Bank’s December 2016 economic developments report, which showed the fiscal deficit for the first four months of the 2016-2017 Budget year had grown by 75.3 per cent or $67.7 million compared to the prior year. The $157.5 million deficit at end-October 2016 was over 50 per cent higher than the Christie administration’s full-year forecast of $100 million, meaning the Government has blown past its Budget projection with just one-third of the current fiscal year gone. “This is eerily similar to last year, when we were faced with the same situation, the deficit having blown past the full-year projection,” Mr Turnquest told Tribune Business. The 2015-2016 mid-year Budget showed that the fiscal deficit for the first six months, of around $157 million, was higher than the full-year forecast of $141 million - a situation that has been repeated this time around, but in four rather
than six months. Mr Turnquest recalled how the Christie administration dismissed Opposition and private sector concerns then, arguing that the bulk of its revenue inflows - via Business Licenses and real property tax - would be collected in the fiscal year’s second half, enabling it to run a ‘balanced Budget’ for those six months. However, subsequent International Monetary Fund (IMF) estimates have suggested the 2015-2016 deficit came in between $250-$300 million, potentially double what the Government projected. Final figures for 20152016 have yet to be revealed, but Mr Turnquest recalled: “The Government was telling us we didn’t know what we were talking about then, but the end of year results proved we were on target in terms of government being behind on revenues and over in expenditure. “Now, here we are again, finding the same situation with expenditure out of control and revenue flagging. While some of that may be due to the hurricane, I don’t believe all of it is due to that. “The economy is sluggish, has not been growing
Peter Turnquest and is on pace for another year of negative growth. Meantime, the Government, to use their words, have been spending like drunken sailors. Every day they seem to be starting a new social programme and hiring new staff.” The Central Bank publication could not have come at a worse time for the Christie administration, and especially Michael Halkitis, minister of state for finance, who is already under intense scrutiny and pressure as a result of his ‘Where the VAT money gone’ address at last week’s PLP convention. The data provides further evidence that the $1 billionplus VAT revenues are financing increased spending, borrowing and debt for the Christie administration, rather than denting the annual fiscal deficit and rising national debt as promised. “I think we have to be very, very concerned,” Mr
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Turnquest told Tribune Business of the latest fiscal figures. “We’ve been downgraded to ‘junk’ status, but it appears as if everyone in government has blinders on as to what that means. “If we carry on the path we’re going on.... Every day there seems to be a new social programme, and they keep on spending and borrowing all over the place like nothing’s wrong. It’s unacceptable. “The Government has their blinders on, and seem incapable of understanding how serious the situation is that we’re in, and they’ve failed to rein in this expenditure and programmes such that the Bahamian people are not saddled with unsustainable debt. It’s just amazing.” As for what the Central Bank report says about ‘Where the VAT money gone’, Mr Turnquest added: “It’s telling is that it went to pay recurrent expenditure rather than fulfill the purpose it was implemented for. All they’ve done is ratchet up their expenditure and continue to overspend.” While some of the projects identified by Mr
Halkitis in his convention speech, such as the $232 million Royal Bahamas Defence Force re-equipping, and investment in education and healthy, are potentially worthy and justifiable, moves such as the net 4,500 increase in the public service’s size show the size of government has continued to increase. Branville McCartney, the Democratic National Alliance’s leader, yesterday told Tribune Business that the Central Bank data exposed the Minister’s ‘Where the VAT money gone’ address as “a big sham”. Arguing that Mr Halkitis and the Government would have already known the statistics in advance, Mr McCartney said: “It’s really again a slap in the face of Bahamians. “I think it tells us that certainly what was said by this government as to reducing the deficit by way of VAT has not happened. “If the monies from VAT were applied they way they ought to have been, we would not be in this position. The funds from VAT have been more than expected, and the deficit hasn’t come down while
THE TRIBUNE the national debt has increased,” the DNA leader continued. “We might as well have not had VAT. What was the use in taxing the Bahamian people more?” Tribune Business previously calculated that the Christie administration has already added more to the national debt, around $1.7$18 billion, than its FNM predecessor did in five years. Mr McCartney said the next government would have to “grab the bull by the horns” when it came to the Bahamas’s fiscal position, which he branded as “the worst financial state the country has been in”. “This tells us the new administration is going to have a lot of work on its hands,” the DNA leader added. “This government is going to leave the country in the worst financial state it has been in in recent years. “That tells us the next administration must grab the bull by the horns to reduce debt, get people back to work and ensure our credit rating improves. This government cannot be allowed to get back in to cause us to go back down this road.”
THE TRIBUNE
Wednesday, February 1, 2017, PAGE 5
Broker principal targets expansion after court win From pg B1 me, because I always knew I was innocent and going to win. Having the victory in my hands, I can’t even put it into words.” As to the impact on Swiss-America Securities and his other business interests, Mr Gentile said: “We have found a way to survive. All of my businesses are intact. “We have struggled with a lot of banks pre-judging me and believing I was guilty.... I really had to come up with ways to stay in business and make payroll, as we employ 30-40 people here. The impact on Swiss-America has been struggling with banks.” With all Bahamas-based commercial banks either severing ties, or unwilling to conduct business with Swiss-America due to Mr Gentile’s legal woes, the broker/dealer was forced to establish banking relationships with overseas providers, increasing the difficulties associated with its financial logistics. Tribune Business revealed last year how Mr Gentile, a US citizen, was
indicted by the federal authorities in March 2016 on criminal charges relating to an alleged securities fraud that occurred between 2007-2009. He and his Bahamian businesses had subsequently been “forced” to play key roles in undercover ‘sting’ operations targeting criminals earning millions of dollars from market manipulation scams, as the US government leveraged the 2007-2009 case to ensure Mr Gentile became a ‘cooperating witness’. However, the SwissAmerica Securities principal argued that the US federal authorities only resuscitated the 2007-2009 matter after he refused to continue acting as an ‘undercover agent’ for them. He was forced to spend almost four years in such a role, going ‘above and beyond’ what was required of him in 2012 in return for supposedly having the nowreborn charges against him dropped back then. Forced to continue playing that role, Mr Gentile yesterday confirmed that he became ‘a kept man’ as far as New Jersey prosecutors
Bahamas in region’s ‘lowest quartile’ on doing business ease From pg B1 next-to-last, with deficiencies also noted when it comes to registering property, obtaining electricity and credit, and starting a business. It added that Bahamian companies were complaining about “four major bottlenecks” - low workforce skills and productivity; crime and associated costs/ expenses for the private sector; poor governance; and the rising cost/limited access to finance. Some 40 per cent of Bahamian firms had been direct victims of crime, the IDB report said, which cost them sums equivalent to 5 per cent of annual sales. And this nation’s energy costs were the highest in the Caribbean outside of Grenada and Dominica, with the 2.2 outages per month suffered by Bahamian companies only just shy of the Jamaican regional lead. The report estimated that power outages cost Bahamian firms an average of 1.5 per cent of their annual sales. The IDB report also sug-
gested that the Bahamas “reevaluate existing labour mobility laws” to give the workforce a “short-term boost”, which it elsewhere admitted was a call for skilled expatriate workers to augment the labour force. “From productivity performance indicators derived from the World Bank, the Bahamas is underperforming relative to our Caribbean economies, and even other small economies within Latin America and the Caribbean,” the IDB report said. “Measuring the contribution of the Caribbean private sector, including Bahamian firms to the rest of small economies (ROSE), indicators for factor productivity, employment and output growth appear between one-fifth and less than half of the levels observed among ROSE countries, contributing to weaker productivity, lower cost competitiveness and delays in sales and output growth within the Bahamian sphere.” The IDB acknowledged that Bahamians’ standard
were concerned because he was ‘too good’, delivering evidence that resulted in numerous successful prosecutions, jail sentences and multi-million dollar fines against US federal targets. His work even extended to the ‘bugging’, both by video and sound, of SwissAmerica’s head office at Bay Street’s Elizabeth on Bay Plaza in a successful bid to gain evidence against a Canadian fraudster who subsequently pleaded guilty to the charges against him. In papers associated with his successful bid to dismiss the case, Mr Gentile’ said he was prohibited from ‘selling or transferring’ his ownership interest in SwissAmerica Securities to anyone else. The FBI was especially taken by his ownership of a Bahamian broker/dealer, viewing it as a “mouse trap” that would help draw in the international fraudsters it was targeting. His other Elizabeth on Bay plaza business, Sur Club Sushi Bar, was also seen by the FBI as a valuable part of the ‘sting’. It was viewed as a location where Mr Gentile could ‘wine and dine’ both its “targets” and those of the Securities & Exchange Commission (SEC). And Mr Gentile said
he also helped train the FBI agents responsible for cracking a $500 million securities fraud and tax evasion scam being operated from Belize. Among those charged as a result are two Bahamians, Kelvin Leach and Rohn Knowles, who formerly ran the Belize-based broker/ dealer, Titan Securities. The US case against Mr Gentile was dismissed on a legal technicality, as district court judge, Jose Linares, found that the action was effectively ‘out of time’ or estopped under US law. He agreed with Mr Gentile and his attorneys that the five-year ‘statue of limitations’ was in effect at the time of the alleged securities fraud, meaning that the March 2016 indictment against him was “untimely and must be dismissed”. Judge Linares found the latest date at which the case could have been filed was June 30, 2015. Mr Gentile yesterday told Tribune Business that “now this is behind me” he was preparing to move forward with expansion plans for Swiss-America Securities that have been in the pipeline for several months. These include a rebranding and plans to double the broker/dealer’s staff complement from the current
30-40 persons to between 60-80 by year-end. “My plan, when I came here in 2011, was to build a business with 300 employees, and I plan on still doing that,” Mr Gentile told Tribune Business. “I hired five people last week expecting this to go away, and expect to hire five people every month. “We expect to increase marketing internationally, and plan to bring in experts to train staff in customer service.” Mr Gentile said he was also exploring the creation of his own bank in Puerto Rico as a ‘fall back option’ in case he was unable to rebuild Bahamas-based relationships, and also mulling overseas expansion to Europe via a possible London office. He also indicated that Swiss-America Securities was likely to soon relocate from its current home at the Elizabeth on Bay plaza on east Bay Street, as increased staffing requirements meant it would soon outgrow its existing 3,500 square feet space. Mr Gentile said the broker/dealer would soon likely require 10,000 square feet, and added: “Since we started we’ve grown at 50100 per cent a year, with the exception of when this situ-
ation was going on. “That’s the first year, last year, that we did not have growth. It hurt our business but did not crush it, as it grew at the same pace as the prior year.” Mr Gentile said SwissAmerica Securities generated $13-$15 million in revenue for 2016, along with “a very healthy profit margin”. “We expect this year to have at least 30 per cent [revenue] growth; that’s what we’re anticipating,” he added. “I think we’ll get close to $20 million in revenue this year, and the bottom line should also grow by the same ratio. We expect great things to happen this year. “Having this behind us will hopefully make it easier for banking partners to do business with us, as they are not going to feel pressure from compliance on this because of the court case. It’s now time for me to get back to work and rebuild some of the banking relationships damaged because of this.” Mr Gentile added that the verdict also vindicated the decision by the Securities Commission of the Bahamas to take a ‘wait and see’ approach in relation to Swiss-America Securities, seeing how the court case would first play out.
of living, as measured by an annual $23,000 GDP per capita, was “among the highest in the Western Hemisphere at roughly $8,00 above the regional average”. This, though, has helped to mask structural economic deficiencies that were exposed by the 2008-2009 recession and subsequent years, with GDP per capita also failing to reflect the vast income disparity between rich and poor in the Bahamas. Referring to the World Bank findings, the IDB report said: “For the Bahamas, the results against major Caribbean economies show that greater efforts are needed in seeking to improve the trading across borders, ease the costs and the means of obtaining credit, reduce energy costs, register property and protect minority investors. “This weakened performance has resulted in the Bahamas measuring closer to the lower quartile rank (25th) among the 32 countries of Latin America and the Caribbean, below Jamaica (5th), St Lucia (9th), Trinidad and Tobago (12th), Dominica (14th) and Antigua and Barbuda (19th) in the World Bank ‘ease of doing business’ report. “Among the same group, the results within the sub-
indices [show] the Bahamas is ranked second to last (31st) in trading across borders, 29th on registering property, 27th and 23rd on obtaining electricity and credit, respectively, and 17th on the ease of starting a business. The islands, however, measured 14th in the paying of taxes.” While this may not be earth-shattering to either the private sector or the Government, the IDB report puts into stark relief just how far the Bahamas has fallen against its regional peers when it comes to facilitating business and economic growth, and creating an environment in which the private sector can thrive. The document shows that Bahamian companies are far more concerned about an “inadequately trained workforce” and “access to finance” than their Caribbean counterparts. Almost one-third of Bahamian companies, some 32 per cent, were concerned about workforce skills and productivity in 2014 compared to a 25 per cent regional average. And one-fifth, or 20 per cent, of Bahamian companies were worried about access to financing compared to a 15 per cent Caribbean average. “Bahamian firms com-
plained about four (major bottlenecks: The current low level of skill of the workforce; limited access to and rising cost of finance; crime and related expenses to businesses; and the existing macroeconomic conditions and governance environment in the islands,” the IDB report said. Despite the Government spending around 13 per cent of its annual Budget on education, the report added that just 50 per cent of public school students received graduation certificates. “The Vision2040 report, which outlines the national development plan, indicated that large portions of the workforce remain unskilled, lacking basic literacy, numeracy and soft skills to contribute to national development,” the report said. “It is small wonder that almost 32 per cent of firms complain that an inadequately trained labour force is one of the central issues they face, with roughly 37 per cent of firms offering formal training to their recruited staff.”
With lending rates above the 1998-2015 average, the report said this had combined with weak domestic demand and investment to shrink private sector credit. “The Government of the Bahamas must take effective measures to reduce the cost and increase access to credit by the private sector, probably through wider outreach of the Bahamas Development Bank (BDB) or encouraged through other programmes such as the Bahamas Entrepreneurial Venture Fund (BEVFL), if varied scale investment projects are to be undertaken to boost growth, productivity, and competitiveness,” the IDB report said. Whether the BDB and Entrepreneurial Venture Fund are the correct vehicles is open to debate, but the IDB report also called for the Bahamas to focus on the National Energy Plan’s “higher efficiency targets” in a bid to reduce costs and disruption.
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Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:-
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:-
TELMARK BUSINESS LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 7TH, DECEMBER, 2016.
AERO GROUP INVEST LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 28TH, DECEMBER, 2016.
Kim Thompson LIQUIDATOR
Dillon Dean LIQUIDATOR
PAGE 6, Wednesday, February 1, 2017
Bahamas squandering ‘Caribbean’s best VAT’ From pg B1 that the Bahamas, and the Government, require just such a strong dose of fiscal medicine, some observers believe that ‘hard and fast’ rules could create difficulties in an emergency - such as the need for urgent response in the aftermath of storms such as Hurricane Matthew. The Government is projecting that the GFS fiscal deficit will be eliminated by the 2018-2019 budget year, but in the meantime, notwithstanding VAT’s implementation, which has brought in almost $ 1 billion, the national debt has continued to grow - albeit at a slower pace in recent years.
At end-June 2016, Central Bank data pegged it at $6.695 billion or 74.9 per cent of GDP - a ratio in excess of the so-called 70 per cent debt-to-GDP ‘danger threshold’ established by the International Monetary Fund (IMF). Ms Dukharan said: “I think on a fundamental level in the region we have a problem where we have politicians, not statesmen; people who think only about five-year electoral cycles. Each government tries to do what it can to stay in power and get re-elected, and not think about the greater good for the longer term.” While there is growing public criticism over the Government’s accounting
for the VAT revenue, and how it has used these monies, Ms Dukharan said governments are often tempted to spend such funds in a way they believe will appease the electorate. “It’s easy to take the money and spend it on a mechanism that you think your electorate wants and will reward you for. We need to have ‘fiscal rules’ which limit how much you can spend, how big your deficit can be and how high your debt can go,” said Ms Dukharan. She added that the Bahamian economy was too heavily dependent on foreign direct investment (FDI). “When are you going to get another Baha Mar here?” she asked. “I don’t know that it is going to happen, so we have to figure out how to re-engineer the economy to not be so dependent on FDI
to supplement our foreign exchange reserves, and to maintain a strong enough level of reserves to keep confidence in the currency.” Ms Dukharan’s comments came after the Government’s fiscal deficit for the first four months of 2016-2017 increased by 75.3 per cent to $157.5 million, blowing past the full-year target of $100 million with two-thirds of the Budget period still to go. The Central Bank of the Bahamas’ report on December’s monthly economic developments, released Monday night, disclosed that the fiscal deficit was up $67.7 million year-over-year due to a combination of reduced revenues and spending increases. It added that Value-Added Tax (VAT) revenues for the four months to endOctober 2016 were off 6.7 per cent, or $15.4 million, at
$214.1 million due to tough prior year comparatives, which had been boosted by “ significant early payments”. Part of the widened deficit will have resulted from Hurricane Matthew’s impact in early October. With the Bahamian economy ‘shut down’ for several days following the Category Four storm, and economic activity subdued (apart from rebuilding), the Government will have lost substantial revenues flows. However, with the extra spending sparked by Matthew unlikely to be shown in the October figures, the concern is that the hurricane’s full impact on the Government’s finances and the extent to which they have been blown off course - has yet to emerge. And the $157.5 million worth of ‘red ink’ incurred during just one-third of the
Government’s Budget year already exceeds the fullyear forecast of $100 million by more than 50 per cent, a development that may catch the eye of international credit rating agencies. The Central Bank acknowledged that the Bahamas’ sovereign credit rating had “fallen markedly” since the ‘A-’ and ‘A3’ ratings it enjoyed from Standard & Poor’s (S&P) and Moody’s prior to the 2008 financial crisis, the former having dropped this nation to socalled ‘junk’ investment status within the space of eight years. However, the Central Bank consoled itself by saying the Bahamas’ sovereign creditworthiness remained “among the highest in the Caribbean region” when compared to the likes of Jamaica, Belize and Barbados.
John Rolle
equivalent to 3.9 months’ worth of imports, and well above the three-month minimum international benchmark, Mr Rolle said it also equated to 70 per cent of the Central Bank’s potential currency liabilities. He explained that these were what was left of the over $5 billion in foreign exchange that flows through the Bahamian banking system annually, but conceded that the Central Bank wanted to see further improvement in the external reserve ratios. Mr Rolle said this would come from greater economic growth, either in the foreign currency-earning sectors or those they could better conserve such earnings, leading into the ex-
change control reform debate. “These will consider increased access to foreign currency credit financing for local firms in targeted sectors that would strengthen the net foreign exchange earnings potential of the Bahamas,” Mr Rolle said of the latest proposed reforms. “The Government will receive these proposals for consideration in February.” Mr Rolle also reiterated plans to “strengthen the governance around the Bank’s lending to government” via legislative reforms, an initiative already agreed by both sides, and for which consultation will begin later in 2017. “It will complement work already began to introduce a market-based framework for pricing new [government] debt, and provide more flexible tools to manage bank,” the Governor added. He also pointed to the reduction in non-performing commercial bank loans, which had fallen to 12.3 per cent of total outstanding credit at year-end 2016, compared to 15.1 per cent in 2015 and a mid-2014 peak of over 16 per cent. Mr Rolle, though, acknowledged that much of the improvement had come from banks selling $130 million in non-performing mortgages to specialist recovery companies. Linking financial inclusion and consumer protection to the Central Bank’s efforts to prevent further loss of correspondent banking relationships, Mr Rolle added: “The strategy involves promoting a sustained reduction in the use of cash in local transactions
over the medium-term, and increasing the ease of access of all persons to accounts in the banking system. “Regulations will soon be issued to facilitate licensing of non-bank providers of e-payments solutions, with enhancements following that would position the local economy to adopt or participate more broadly in FinTech solutions. “These initiatives will also bring public education and non-price based regulations, which promote consumer protection, more to the forefront.” Mr Rolle added that legislation to create a Credit Bureau will make its way to Parliament following the Homeowners Protection Bill, noting that this is key to promoting healthier credit markets in the medium and long term. He said: “A key reform that will help promote healthier credit markets in the medium and longer term is the passage of the already drafted Credit Bureau legislation. We expect that the legislation will be considered soon, that is after Parliament takes up the Mortgage Relief or Homeowners Protection Bill.” Prime Minister Perry Christie last week said the long-promised Home Owners Protection Bill could be introduced to Parliament before the general election. The commercial banking industry previously expressed numerous concerns over the Bill, arguing that it would make institutions even more reluctant to lend, due to the increased difficulties associated with realising collateral security in the event of default.
Exchange control changes to Govt during February From pg B1 proposed in the National Development Plan (NDP).” Mr Rolle again defended the rationale for the Central Bank’s pre-Christmas decision to cut its Discount rate by 50 basis points to 4 per cent on the grounds that Baha Mar’s opening and improved tourism prospects would generate increased foreign currency inflows to support the exchange rate peg. “Currently, the outlook for the Bahamas is for improved economic performance over this year and the medium-term,” he ex-
plained. “Included in this is essential expansion in foreign exchange earnings capacity in the tourism sector, prospects for tourism growth tied to US markets in particular, and discounted oil prices from the relative highs of the last half decade. “These all point to the prospects for stronger net foreign exchange inflows. This is why the Central Bank undertook to lower interest rates at the close of 2016. The economy has the capacity for a gradual increase in domestic demand which can be accommodat-
NOTICE
ed without a drawdown in external reserves.” Mr Rolle said economic prospects would become even healthier in 2018 with a full year of Baha Mar, adding that the Bahamas’ foreign currency reserves had ended 2016 at a relatively healthy $902 million. Pointing out that this was
PUBLIC NOTICE
NOTICE is hereby given that LESLIE SMITH of Palm Beach St., Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ALLISON ALEXANDRIA MUSGROVE of #64 Jobson Avenue, Freeport, Grand Bahama, Bahamas mother of MARIHA TORI JEAN intend to change my child’s name to MYKEAL ALEXANDRIA SANDS. 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.
MARKET REPORT TUESDAY, 31 JANUARY 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,908.66 | CHG -4.06 | %CHG -0.21 | YTD -29.55 | YTD% -1.52 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.55 4.70 0.12 7.68 8.50 6.10 10.60 15.48 2.72 1.60 5.82 9.75 11.00 9.00 6.90 12.25 11.00
52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 4.10 8.05 5.50 7.72 11.00 2.18 1.31 5.60 6.70 8.56 6.12 6.35 11.81 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
MUTUAL FUNDS 52WK HI 2.03 3.92 1.94 169.70 141.76 1.46 1.67 1.56 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 4.48 8.50 5.83 10.50 11.93 2.02 1.60 5.82 9.75 10.95 9.00 6.90 11.93 10.00 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 LAST SALE 100.00 100.00 100.00 107.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 4.25 8.50 5.83 10.50 11.93 2.06 1.60 5.82 9.75 10.95 9.00 6.90 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.23 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 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
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
107.56 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME 7,000 115
2,000
VOLUME
NAV 2.03 3.92 1.94 168.44 141.76 1.46 1.66 1.56 1.07 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 151.0 15.8 N/M 20.7 N/M N/M -141.7 14.0 13.6 23.3 108.5 20.2 20.0 19.4 18.8 11.4 11.0 23.5 19.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 1.83% 6.31% 0.00% 5.97% 0.00% 0.00% 2.12% 3.53% 3.77% 3.43% 4.11% 2.91% 3.75% 4.12% 4.10% 0.00% 3.67% 2.03% 5.36% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 3.56% 3.91% 2.22% 2.79% 2.80% 3.18% 2.99% 2.26% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
THE TRIBUNE
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
NOTICE
NOTICE is hereby given that FEDELINE MELIDOR of Alley, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that MIRLANDE PAUL ALPHONSE of Sixth Terrace, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 25th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that WILLBEN FRANCOIS of Laird Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 1st day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that ROSENA ESPERANCE of Sunset Park, Alexandria Dr.,New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Wednesday, February 1, 2017, PAGE 7
PM affirms financial services commitment From pg B3 Edison Sumner, the Chamber of Commerce’s chief executive, in addressing how the Bahamas’ ‘ease of doing business’, and competitiveness in attracting foreign direct investment (FDI), could be improved. To make Freeport a more business-friendly environment, Mr Newbold said the GBPA has introduced a Business Concierge Service to assist new investors, both foreign and domestic. “The programme provides assistance from the application process all the way through to ground breaking or commencement of operation,” he explained. “Further, once you’ve opened your business, our business retention programme then kicks in where we conduct regular health
check-ups to ensure that we are doing everything we can to help your business become sustainable and grow.” Mr Newbold said the GBPA received several awards in the Financial Times Global Free Zones (FTZs) competition in 2016. “In 2010, GBPA entered Freeport into a Global Free Trade Zone competition to gauge how we compared to competing free zones. We did not fare well in that competition but we used that experience as a learning opportunity,” he said. “After making a number of radical changes, we decided to re-enter Freeport into The Financial Times’ Global Free Zone competition in February 2016. “This time we won top awards in four categories,
Derek Newbold, the GBPA’s senior manager of business development and Invest GB, speaking to participants attending the three-day conference in Freeport.
including the best FTZ overall in Latin America and the Caribbean for SMEs. Freeport is now in a much better position to confidently move forward with its promotional and investment attraction efforts.” Ian Rolle, the GBPA’s president, said: “The entire GBPA team is excited about the FDI Free Zone award; it is a great accomplishment and confirms that we are moving in the right direction with respect to our initiatives and investor-friendly programmes. “Further, it has also helped to define our strategies for critical next steps for attracting FDI, such as aligning local education and training programmes with the vision and goals of our Investment Promotion/Attraction efforts. This way, we are positioning our workforce, local businesses, etc. to capitalise on the types of industries we are targeting for economic growth.”
Stocks battle to a mixed finish as drugmakers rally NEW YORK (AP) — U.S. stocks fought their way to a mixed finish Tuesday as drugmakers rallied, which mostly canceled out losses for industrial companies. Investors shifted their money to less risky investments for the second day in a row. For the second straight day, stocks started with substantial losses. Industrial companies, which have climbed lately, fell the most as UPS tumbled after a weak fourth-quarter report. Banks also slipped. Investors bid up assets that are traditionally seen as less risky, including gold, government bonds, and stocks that pay big dividends. Drug companies also rallied after President Donald Trump met with industry executives and discussed ideas including faster drug approvals and lower taxes. Jim Paulsen, chief investment strategist for Wells Capital Management, said
investors are looking for safer investments because the change from Barack Obama’s administration to Donald Trump’s has created so many changes in government. “More than anything right now, it’s just the pace of news,” he said. “It is so dramatic.” The stock market made huge gains after Trump was elected last fall, and Paulsen said it’s not a surprise that investors would sell some of their holdings, take some profits, and move to lowerrisk investments at some point. The Dow Jones industrial average sank 107.04 points, or 0.5 percent, to 19,864.09 as companies like Goldman Sachs and Boeing returned some of their recent gains. The S&P 500 lost 2.03 points, or 0.1 percent, to 2,278.87. It fell as much as 13 points early on. The S&P 500 has fallen for four days
in a row. While that is its longest losing streak since before the presidential election, the losses have been small. The Nasdaq composite gained 1.07 points to 5,614.79. The Russell 2000 index of small-company stocks rose 9.49 points, or 0.7 percent, to 1,361.82. On the New York Stock Exchange, more stocks rose than fell. Athletic apparel maker Under Armour plunged after investors were disappointed with its fourthquarter report, which included higher expenses. Under Armour also issued a weak full-year forecast and said its chief financial officer is leaving. The stock tumbled $7.45, or 25.7 percent, to $21.49. It dropped 30 percent last year and is now trading at its lowest price in two years. United Parcel Service sank after the package delivery company forecast an
the facade of the New York Stock Exchange. European stock markets eked out some modest gains yesterday, after encouraging economic figures boosted hopes that the region’s recovery is gathering pace. (AP Photo) annual profit that was far smaller than analysts expected. UPS expects to earn no more than $6.10 a share this year while FactSet says experts expected $6.15 per share. UPS gave up $7.90, or 6.8 percent, to $109.13 and FedEx fell $4.14, or 2.1 percent, to $189.11. That helped pull industrial companies lower.
Drug companies jumped after Trump said he wants less regulation on prescription drugs because that could speed up drug approvals. While Trump again said he wants to reduce drug prices, investors seemed pleased with proposals that could reduce drugmakers’ costs and boost their profits, as well as with the tone of
the meeting. Just three weeks ago Trump said drugmakers were “getting away with murder” on prices. The Nasdaq Biotech index climbed 2.8 percent. Companies that make both generic and namebrand drugs traded higher, as did prescription drug distributors.
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