06282016 business

TUESDAY, JUNE 28, 2016

business@tribunemedia.net

Provider: We can support asset ‘doubling’ to $900m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN financial services provider yesterday said it has the infrastructure to support a “doubling” in size to over $900 million in assets under administration, as it seeks to avoid being “pigeon-holed” in the corporate market.

Kenwood Kerr, Providence Advisors’ chief executive, told Tribune Business that it was broadening its product menu to attract retail clients with the 10th anniversary of its founding just days away.

The firm, which is based in the Goodman’s Bay Corporate Centre, has seen assets under administration increase by around 170 per

Kerr: Providence doesn’t want to be ‘pigeon holed’ Targeting retail clients with broader product menu Expands into ‘offshore’ with bank equity investment cent since its creation out of S G Hambros (Bank & Trust’s) domestic financial services operation on June 30, 2006.

And Mr Kerr said it now possessed the information technology (IT) and staff

KENWOOD KERR infrastructure to again support a ‘doubling’ in its client asset base, should the opportunity arise.

“Our current infrastructure could allow us to double our size in terms of assets under administration,”

Mr Kerr told Tribune Business.

“Originally, we had one person and two clients.

Now, we have 16 staff and 45 clients. In our early years, we had a more rapid accumulation in assets under administration, and now probably have between $450-$460 million in our care. We started with $170 million.”

While Providence Advisors now has the ability to support more than $900 million in client assets under administration, Mr Kerr said the economy and increased competition were factors acting as a barrier to such growth.

“The fact of the matter for us is that on the revenue side, the marketplace has See PG B5

Price Control: Our FNM deputy fears 2-year plea was fruitless ‘bubble pop’ over

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Price Control Commission’s chairman yesterday reiterated warnings that it may seek to dictate business prices via legislation, arguing that many had failed to respond to two years’ worth of pleading by himself.

E. J. Bowe said his calls for Bahamian merchants to reduce product prices in line with import duty reductions and exemptions had largely fallen on deaf ears, something that would force the Commission to recommend legislation if the private sector did not yield.

Mr Bowe told Tribune Business that although “there is nothing on the drawing board right now”, the Commission would recommend changes to the Price Control Act to force merchants to comply.

“We are talking about items which the Government reduced duties on or slashed drastically,”he said.

“The intention was for the merchant to pass those savings on to consumers.

“We were hoping, and pleaded with them when I took over the second time, to pass those savings on to consumers.

Apparently, only in a very few cases was this being done.

“I have said that my recommendation would be that we amend the legislation so that they be compelled to pass on the savings to the consumers.”

While such a measure would seek to ensure businesses pass reduced/eliminated taxation on to Ba-

Bowe’s frustration at lack of merchant response Warns legislation an option to force tax cut pass on But ‘nothing on drawing board right now’ hamian consumers in the form of lower prices, many in the private sector will likely view the proposal as a further example of Government over-reach.

They are likely to perceive it as tantamount to See PG B4

$4.15 $4.20 $4.21

$4.21

infrastructure spend

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s lack of investment in infrastructure will be “a bubble that pops” on the next administration, the Opposition’s finance spokesman warned yesterday, adding that this was contrary to the International Monetary Fund’s (IMF) advice.

K P Turnquest said the Christie administration’s decision to cut capital spending by 21.5 per cent, or $52 million, from 20152016 Budgetary estimates threatened to create “pentup demand” for much needed investment in the Bahamas’ crumbling infrastructure.

And he warned that the move ran counter to the IMF’s advice in its recently-completed Article IV consultation, which was for the Government to restrain recurrent spending - espe-

Warns capital spend cut contrary to IMF advice Likely Gov’t response to $94m recurrent overshoot Objects to refusal of Budget revenue scrutiny cially public sector wage growth - and instead focus on “growth-enhancing infrastructure projects”.

“The lack of investment in infrastructure is going to cause a pent-up demand that’s going to be a bubble that pops on whoever the next government ends up being,” Mr Turnquest told Tribune Business.

See PG B6

Telecom provider pledges ‘unheard of’ service levels

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A newly-launched telecommunications provider yesterday promised “unheard of” service quality levels for the Bahamian market, as it will incur financial penalties for failing to meet customer expectations.

Richard Munday, Global Nexus’s president and chief executive, told Tribune Business he knew of no other Bahamas-based communications provider who contracted to pay fines to clients if service standards were less than promised.

Pledging that the Bahamas would receive “a level of service it hasn’t before”, Mr Munday said customer acquisition had exceeded Global Nexus’s expectations to-date.

And the company, which is currently focused on providing Internet, voice and cloud-based networking services to Bahamas-based corporate clients, is already setting its sights beyond this See PG B5

Global Nexus penalises itself if standards missed Plans regional fibre-optic cable network from Bahamas Sir William Allen firm’s ‘pioneering’ force

SIR WILLIAM ALLEN

Brexit ‘advantage’ for Bahamas over region’s rival IFCs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN financial services professional yesterday said the UK’s impending exit from the European Union (EU) could remove the regulatory ‘competitive advantage’ that several rival international financial centres (IFCs) had enjoyed.

Paul Moss, Dominion Management Services’ president, told Tribune Business that with the UK now on the outside, it would not be able to protect the likes of Bermuda and the British Virgin Islands (BVI) from Europe’s tax

BVI, Cayman to lack UK protection inside EU Bahamas urged to ‘capitalise’ on UK exit impacts Opportunity to negotiate new trade deal with London and anti-IFC agenda to the same extent it once did.

Warning that the Bahamas could not afford to See PG B4

PAGE 2, Tuesday, June 28, 2016

THE TRIBUNE

Bank names ex-KPMG accountant as director COMMONWEALTH Bank shareholders unanimously elected the KPMG accounting firm’s former senior partner, Tracy Knowles, to the Board of Directors at the June 1 annual general meeting (AGM).

Mr Knowles is a Fellow of the Institute of Chartered Accountants in England & Wales, and a member of the Bahamas Institute of Chartered Accountants (BICA).

In his capacity as head of KPMG, Mr Knowles amassed more than four decades of experience in advising governments and industry on businesses and markets, ranging from financial services to consumer markets, including hospitality, utilities, manufacturing and real estate.

Mr Knowles was named as director of KPMG Advisory Caribbean, serving in that post until September

2015, when he retired from the regional board as well as KPMG Bahamas, where he was senior partner.

Mr Knowles is a past president of the Rotary Club of south-east Nassau, and is a strong supporter of several local civic organisations.

Mr Knowles joins a Board that includes William B. Sands, Ian Jennings, Rupert Roberts, Craig Symonette, Vaughn Higgs, Earla Bethel, Larry Gibson, Dr Marcus Bethel and Robert Sands.

He replaces chartered accountant Clifford Culmer who stepped down after 25 years’ service on the Board over two terms.

Realtor unveils website redesign DAMIANOS Sotheby’s International Realty has launched its newly-redesigned website, SIRbahamas.com, which was built to showcase listings via video and modern technology.

The website design include an increased focus on full-screen, high-definition video throughout - from homepage to property detail pages.

The property detail pages feature slideshows that tell a home’s story via the captions, custom video, and location overviews that pro-

vide insight into the local area. High-resolution photography, and drone work, also play more prominent roles.

“The new SIRbahamas. com follows design features that not only bring video to the forefront, but also showcases modern design and advanced technology,” said Nicholas Delaney, multimedia coordinator for Damianos Sotheby’s International Realty.

“Our goal is to raise the bar for the real estate industry here in the Bahamas, and provide our clients and

customers with an interactive and intuitive way to search for real estate.”

The Sotheby’s International Realty network currently has more than 19,000 affiliated independent sales associates, located in 845 offices and 63 countries and territories worldwide.

Damianos Sotheby’s International Realty has 10 offices located throughout the Bahamas, in locations such as Abaco, Eleuthera, Exuma, Nassau, Paradise Island, Ocean Club Estates, Lyford Cay, Old Fort Bay and private islands.

Cable offers gift to culinary team CABLE Bahamas, a two-time sponsor for the Bahamas National Culinary Team in the Taste of Caribbean competiton, will deliver complimentary REV Trio services to team members in celebration of this year’s winning performance.

The Bahamian team faced 13 rival countries at the Taste of Caribbean 2016, held at Florida’s Hyatt

Regency on June 6-10, and returned with nine medals five gold.

These were for Caribbean National Team of the Year, Caribbean Chef of the Year, Caribbean Bartender of the Year, Seafood Chef of the Year, and Seafood Competition.

Two silver medals were awarded for the Junior Chef of the Year and Individual Beef competitions; and two

bronze medals were won in the cheesecake and pastry competitions.

Mixologist Marv Cunningham was also inducted into the Taste of the Caribbean Hall of Fame, and received a special award for best vodka drink.

Cable Bahamas is now following up its previous contribution of $10,000 by offering a six-month See PG 4

THE TRIBUNE

Tuesday, Tuesday, June June 28,28, 2016, 2016, PAGE PAGE 3 3

Opposition deputy calls for ‘tax and spend’ end

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas can no longer afford “tax and spend” budgeting, the Opposition’s finance spokesman said yesterday, with its 76.3 per cent debt-to-GDP ratio in the “red flag zone”.

K P Turnquest said the Inter-American Development Bank’s (IDB), newly-released report, which warns that the Christie administration’s fiscal consolidation plan will only “stabilise” - not reduce the Bahamas’ growing $6.6 billion national debt, was in line with his assessments of the current fiscal picture According to that report, the Bahamas needs a $560

K P TURNQUEST million “adjustment” at present growth rates just to cut its debt-to-GDP ratio to 60 per cent by 2021, amid warnings this nation now lies on the fiscal “dark

CIBC honours loyal customers CIBC FirstCaribbean’s Bahamian branches offered clients refreshments and prize-winning opportunities as they joined their Caribbean colleagues in celebrating Client Appreciation Day on Friday, June 17.

Many longstanding retail and corporate banking customers were honoured with personalised gift boxes, complete with their initials engraved, as a ‘thank you’ for their loyalty to the bank.

“I want to thank the CIBC FirstCaribbean corporate banking team for bringing me my personalised ‘gift box’. It is most appreciated,” said Robert d’Albenas, of the d’Albenas Agency.

“The affiliation between the d’Albenas Agency and CIBC FirstCaribbean dates back many, many years, and is one we value. We look forward to continuing our excellent business relationship throughout the years to come.”

Rowena Jones, president of Sandyport Beaches Resort, the boutique hotel in Sandyport Marina Village, added: “The gift really does feel special with my initials on the box. We truly appreciate the thoughtful gift and everything that the bank has done for us.”

CIBC FirstCaribbean International Bank (Bahamas) managing director

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

Marie Rodland-Allen, said the day was about reiterating the bank’s focus on customer service every day.

“We like to think that every day is a customer appreciation day. Ultimately, it is our service that sets us apart,” said Mrs RodlandAllen.

“Our staff works to build long-term relationships over the years with CIBC FirstCaribbean clients. But once a year we aim to go above and beyond to remind customers that they are our number one priority.

“We are very happy about the positive feedback we have received throughout customer appreciation day, and would like to once again extend our thanks to all of our clients - you are the reason we do what we do.”

The customer celebration was part of a region-wide initiative recognising customer loyalty at all branches in the 16 other Caribbean countries where CIBC FirstCaribbean operates, making it one of the largest joint customer appreciation efforts in the region.

side”.

“While the Government has cut back on expenditures in capital work, increaseing recurrent expenditure continues to outpace GDP growth, particularly in the area of wages and personal emoluments.

Thus a day of reckoning will one day come,” said Mr Turnquest.

“When the Government says it has slowed the growth of the debt by reaching further into the pockets of businesses and individual households, there is a countervailing price to be paid in slower growth due to lower consumer spending and FDI. “It’s a continuous balancing act to ensure that tax policy does not stagnate

growth, while allowing the Government enough financial resources to fulfill its commitments. It is clear that we can no longer continue on the path we are on in terms of tax and spend,” he added.

“Having exceeded the debt-to-GDP red flag zone, clearly some further steps need to be taken. The IDB suggest we need to find $50 million in spending cuts in order to bring our debt under control. I tend to agree, and if you look at the current year’s Budget there is clearly room to achieve this goal by merely eliminating the pork barrel pet projects, inflated estimates and wild contingencies which sometimes exceed the substantive Budget in areas.”

The IDB said that just to “stabilise” the debt-toGDP ratio, the Bahamas needed an adjustment equal to 3.4 per cent of GDP. ‘Adjustment’ is defined as the size of the swing into a primary surplus, which measures the difference between recurrent revenues and spending, once interest (debt servicing) payments are subtracted.

Mr Turnquest said: “We must practice a more disciplined budgeting process where expenses are clearly identified and outlined.

“It cannot be acceptable that you just put in a figure as a catch-all. In such cases, where projects or cost are not defined, there should be a mechanism where the Government comes back to

Parliament to request those adjustments and to account for the projects; the socalled Fiscal Rule.

“In this way we help to build in fiscal prudence, transparency and conservatism into the system. Likewise, it cannot be that the revenue side of the Budget debate is allowed to go unchallenged. This is an area that warrants scrutiny, as for years it has been overestimated, resulting in GFS deficits and a ballooning national debt. Again, fiscal conservatism is necessary until we are able to get a handle on our spending and debt.”

Minister no ‘short-term’ trade impact in UK exit

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday said Britian’s exit from the European Union (EU) will “no doubt” have some effect on the Bahamas and the wider Caribbean, adding that she expected very little impact - if any - for the financial services industry.

Hope Strachan, minis-

ter of financial services, said: “That decision, as it stands, does not currently affect our participation in the CARIFORUM-European Union Economic Partnership Agreement (EPA), a reciprocal trade agreement that was signed by the Bahamas in 2008 and one to which the UK is also a signatory.

“The effects of that decision will no doubt have some impact upon the Bahamas, CARICOM and

CARIFORUM in the long run. It is difficult to predict the degree to which there will be any fall-out in our trading relationship with Britain and the European Union, as the events are still unfolding.”

Mr Strachan said Article 244 of the EPA binds all of its signatory member countries, including the UK, until a member country denounces it.

“Additionally, the formal See PG B6

HOPE STRACHAN

Mortgage Corp still stuck at 40% arrears

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Mortgage Corporation’s (BMC) arrears ratio continues to hover around 40 per cent, its chairman said yesterday, despite it adding $49.7 million in new mortgages to its portfolio over the past four years.

Senator Alex Storr, during his contribution to the 2016/2017 Budget debate, said that while the 40 per cent arrears rate was high in comparison to most other lending institutions, it would “certainly be worse”

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, Terrance Oswald Cartwright and Desree Neely Cartwright of #18B Winterton Lane, P.O.Box F-40082, Freeport, Grand Bahama, Bahamas intend to change our child’s name from KRISTIN TERRELL CARTWRIGHT to KRISTIN TERRELL THOMPSON. 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.

if not for the BMC’s “intervention” methods.

Mr Storr said that over the past year there had been a “marginal increase”in requests for mortgage loan financing for homes and vacant land that had been sold via foreclosure by various banks and other lending institutions.

“Due to the increase in the Ministry of Environment and Housing’s home construction programme, loans were placed in the BMC’s portfolio in this regard. This is expected to increase in the near future

as many homes are currently under construction for which loans are being processed,” Mr Storr said.

“The challenge continues with applications for loans from Bahamians who are heavily debt burdened or require a co-applicant to join in the application to assist in qualifying for the loan. Every effort is made to ascertain the true financial obligations of loan applicants. This sometimes proves difficult given the absence of a formal credit reporting agency, which is vital in determining the

true extent of the outstanding debt of loan applicants.

“The Corporation is currently in the process of reviewing viable options with regards to accessing funding to provide mortgages for the ongoing Government home construction programme.”

Mr Storr said that over the past four years, 201 government-initiated mortgages with a total value of $19.659 million have been placed in the BMC’s portfolio, and 237 privatelyinitiated mortgages with See PG B6

PAGE 4, Tuesday, June 28, 2016

Brexit ‘advantage’ for Bahamas over region’s rival IFCs From pg B1 “sit back”, Mr Moss called on this nation to rapidly analyse the impacts of the UK’s so-called ‘Brexit’, and determine what financial services and investments opportunities it can “capitalise” on.

“I think that their policy initiatives are going to remain the same,” he said of the EU’s agenda towards IFCs and low/no tax jurisdictions.

“What it does is that it helps us, as now the UK will be outside Europe, and will no longer have a seat to lobby and protect BVI, Cayman and Bermuda.

“The pressures may come on those territories, but as a sovereign country we can defend ourselves. Now that’s been lost [UK protection], there’s a competitive advantage for us.”

While it is possible that

the UK’s EU departure may create more of a ‘level playing field’ for the Bahamas with its Crown dependency IFC rivals, one could also argue that London’s stance also helped to protect the likes of this nation.

Still, Mr Moss said Brexit was akin to creating another financial services market for the Bahamas, as the UK would now be standalone and separate from Europe.

“Switzerland is in the middle of Europe, but not in the EU, and has been able to carve out a niche in that continent, serving Europe with Bahamian products,” he added.

“What we ought to be doing; the BFSB should have a trip to go into the UK, make them aware of what we have, and they can speak to professionals in the industry, who can draft and craft products that work in the UK and can also be use

Cable offers gift to culinary team From pg B2 subscription to upgraded triple-play services at no additional cost to the winning team members.

“We are tremendously proud of our Bahamas national culinary team who represented the Bahamas with excellence in the regional competition, and demonstrated just a taste of what our country has to offer on the culinary scene,” REV marketing manager, Melissa Baker, said.

“The contribution we’re

making is just a way of congratulating the team on such an impressive performance.

We look forward to a continued partnership with the culinary team as we carry on our tradition of supporting Bahamian heritage.”

Team mixologist, Marv Cunningham, said the savings from the REV Trio reward would allow him to invest more funds into improving his craft.

Along with Mr Cunningham, the 2016 Bahamian national culinary team featured Ron Johnson as

PAUL MOSS in Europe as well.

“This is an opportunity that we, as a nation, must capitalise on. We have to.

We cannot sit back, not be at the table and not be at these places.”

Turning to trade, Mr Moss pointed out that the Bahamas had signed on to the Economic Partnership Agreement (EPA), which governs the terms of trade between this nation and the Caribbean on one hand, and the EU on the other.

With the UK exiting, Mr Moss said it would no team manager; Sheldon Tracey Sweeting, chef and team co-manager; Shelby Coleby, chef; Leonardis Moss, team junior chef; Richmond Fowler II, chef; Jamal Small, chef; Charon McKenzie, chef; Marvonne Thurston, junior chef; and Savannah Adderley, junior chef.

“Cable Bahamas is the gift that keeps on giving,” the Bahamas Hotel and Tourism Association’s (BHTA) president, Stuart Bowe, said.

“The chefs on the national culinary team made many personal sacrifices to serve their country. This is an incredible gesture of generosity from Cable Bahamas.”

longer be part of the EPA, creating the opportunity for the Bahamas to eventually negotiate a new - and better - trade deal with London.

“Even though we can’t give them something better than the EPA, we can give them something different,” he argued.

“The Bahamas, like many countries, enjoys a relationship with the EU, and this will continue despite the vote. It must be remembered that it is the UK that sought to leave Europe, and by doing so it had no affect on the Bahamas’ relationship with the EU. “The Bahamas now stands to gain because it will now design new programmes and products to suit the UK. Therefore we have two entities to service as opposed to one. There is opportunity in that, and whilst we sympathise with those [in the UK] who wanted to remain, as a nation we must capitalise on the reality.”

Mr Moss also sought to draw parallels with the Bahamas’ reluctance in recent years to pursue Americans

THE TRIBUNE

as financial services clients, given the fear of exposure to the US judicial system and the Internal Revenue Service(IRS), and Washington’s frequent initiatives to ‘crack down’ on tax evasion.

But, with the Foreign Account Tax Compliance Act (FATCA) now implemented worldwide, the Bahamas was again on a regulatory “level playing field” when it came to US clients, and Mr Moss said it should use its proximity as a marketing tool to attract US clients again.

“It’s important for us to capitalise, or otherwise someone will steal the moment,” he told Tribune Business. “It’s up to us.”

Mr Moss said he had also urged the Government to take the lead in forming an organisation that would protect the collective interests of IFCs against global regulatory initiatives.

Mr Moss said the Bahamas should host a conference of all non-OECD finance ministers to develop a common response to tax and other regulatory initia-

Price Control: Our 2-year plea was fruitless From pg B1 unwarranted interference and intrusion into the affairs of private companies, and their freedom to determine their prices, margins, revenue and profitability.

Mr Bowe told Tribune Business: “We would be happy if the merchants could do that without any legislation. I have been waiting for this for almost two years now, but there has been nothing in that direction with the exception of one or two cases here and there.

“If nothing happens, the Commission will make recommendations. The Commission cannot amend the Act or regulation. The Commission could make recommendations to our minister, Shane Gibson.

Nothing is on the drawing board now to say that the Price Control Act is going to be amended.”

Private sector reaction, and opposition, to what Mr Bowe is proposing has been swift.

Branville McCartney, the Democratic National Alliance (DNA) leader, warned that the Government will

EJ BOWE be in “very dodgy territory” should it implement the changes Mr Bowe is threatening.

He added that it would deter entrepreneurs from going into, and staying in, business if the Government sought to dictate business prices, margins, revenues and profits.

Rupert Roberts, Super Value’s owner, said his supermarket chain always

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, Terrance Oswald Cartwright and Desree Neely Cartwright of #18B Winterton Lane, P.O.Box F-40082, Freeport, Grand Bahama, Bahamas intend to change our child’s name from ARVAD DEMETRIUS CARTWRIGHT to ARVAD DEMETRIUS THOMPSON. 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.

The Utilities Regulation and Competition Authority PRESENTS ITS

2016 Oral Hearing

“Embracing New Horizons and Expanding Our Reach” Wednesday, June 29, 2016 Utilities Regulation and Competition Authority’s Office Frederick House, Frederick Street New Providence 6:00 p.m. - 9:00 p.m.

tives that threaten IFCs. Disclosing that he had made this suggestion to Hope Strachan, minister of financial services, as well as Tanya McCartney, the BFSB’s chief executive, Mr Moss said the conference should lead to the formation of an IFC ‘defender’ organisation that was based in the Bahamas.

“What we have done is not organise ourselves to respond with strength,” he added of the IFCs’ collective response to international regulatory initiatives from the likes of the OECD. “We’ve organised ourselves to respond individually, which is what they love, because they can divide and conquer us individually.

“The way forward is to form a group that can respond to the OECD, FATF or any of these entities collectively. It could be headquartered in the Bahamas and recognised by a United Nations agency, and respond in a collective way.

We have to be organised, not reactive.”

passed on 100 per cent of import duty reductions in consumer prices, and joined Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) president, in arguing that the Government should let competition and market forces, rather than legislation, to achieve what Mr Bowe is seeking.

Rick Lowe, an executive with the Nassau Institute think-tank, warned that the Price Control Commission’s plans threatened “to cross a fundamental line” with the private sector.

He warned that without the necessary freedom to plan, cost and price their products and services, Bahamian businesses - and the wider economy - simply would not grow and create jobs.

THE TRIBUNE

Tuesday, June 28, 2016, PAGE 5

Provider: We can support asset ‘doubling’ to $900m From pg B1 not had that kind of growth, the economy has not had that kind of growth, and we have an increasingly competitive landscape.

“More competition has been created for an industry, and book of business, that has not seen the growth that justifies a lot of market entrants.”

Banks, such as Scotiabank, CIBC FirstCaribbean and Citibank, have all developed capital markets units in recent years, while the likes of Leno Corporate Services, Family Guardian and BAF Financial further increased the competitive pressures.

To counter these forces, Mr Kerr said Providence

Advisors was seeking to transform its image from a firm focused on institutional business, via asset management and pension administrator, to a diversified enterprise that also welcomed retail (individual) clients.

“We have lots of work to do in advancing the brand to the public, and making them fully aware,” Mr Kerr said.

“We still have some work to do to expand our product menu and its reach to potential retail customers.

Right now, the focus has been principally institutional, and we want to deepen our products to the retail market.”

He added: “Asset management, pensions administration was the core thrust.

We’ve broadened that to grow into a first class financial services business, not only for the institutional but the retail market, rather than being pigeon-holed as a pension administrator dedicated to a group of clients.”

Mr Kerr disclosed that Providence Advisors had also diversified via “investments into other areas of financial services”, taking equity stakes in two Bahamas-based providers to the ‘offshore’ or international market.

“We have an interest in an offshore private bank in a limited way,” he told Tribune Business. “We’re in that space through investment in an affiliate.

“We reallocated capital and resources on the balance sheet to create better shareholder value.”

Despite the challenging environment facing the fi-

nancial services industry, both globally and in the Bahamas, Mr Kerr added: “Moving forward, we’re trying to make the [Providence Advisors] brand as synonymous with financial services in the Bahamas as possible.

“We improve the brand by the product menu, and reaching into the local and regional community through the services we provide.

“We’re moving forward to address issues that put us in step with where the market is going, so we can have a deeper role in the retail market. We’re overhauling our IT infrastructure continually.”

Mr Kerr said Providence Advisors would “aggressively” target new ideas and growth opportunities, but be cautious in execution.

“We will be very aggressive and open to things, but conservatively execute a

Telecom provider pledges ‘unheard of’ service levels From pg B1 nation.

It plans to go head-tohead with the Bahamas Telecommunications Company’s (BTC) new controlling owner, Liberty Media, in the provision of fibre optic bandwidth capacity through the Caribbean and Latin America.

Global Nexus, which is based at Sandyport in Cable Beach, is aiming to construct its own fibre-optic subsea cable infrastructure, linking the Bahamas with countries including the US, Canada, Bermuda and, to the south, Brazil, while connecting to numerous Caribbean islands in between.

Mr Munday said the subsea cable’s laying, and construction, could start before year-end 2017 depending on how bandwidth sales progressed.

And, while Global Nexus’s Bahamian focus is currently restricted to corporate clients and the enterprise niches, he added that a wider deployment of ‘fibre-to-the-home’ technology was possible in three to five years time.

Tribune Business understands that the driving force behind Global Nexus’s creation is the Bahamas’ former finance minister, Sir William Allen.

Its imminent launch was last year cited as the reason why Sir William was stepping down from the chairmanship of BISX-listed Fidelity Bank (Bahamas), so he could devote more time to the new telecommunications venture, Anwer Sunderji, Fidel-

ity Bank (Bahamas) chief executive, wrote last June: “Sir William has decided to step down from the chairmanship as he is assuming the chairmanship of Global Nexus, an URCA-licensed telecommunications company that he pioneered which will shortly be announcing its plans for going forward.”

It has taken Global Nexus another 12 months to feel comfortable about ‘going public’ with its launch and plans, with its desired goal to “improve business efficiency” in the Bahamas and Caribbean, and connectivity to the world.

“Global Nexus, and its shareholders, are looking to improve services in the Bahamas, and bring the Bahamas a level of service they haven’t had before,” Mr Munday told Tribune Business.

“It’s really service delivery that’s going to be the differentiator between us and anyone else in the market.”

He pointed to the Service Level Agreements (SLAs) that Global Nexus had signed with all its clients, pledging that it would incur financial sanctions if it fell below the agreed standard of service quality and provision.

“If we don’t meet the service level that the customer has signed up for, there will be financial penalties against us, which is unheard of in this market. I’ve never heard of anyone else having SLAs here,” Mr Munday told this newspaper.

He added that Global Nexus also use its “level of

care and control”, and response to problems such as system failures, to differentiate itself from rivals.

“Where we really set ourselves apart is that level of quality and control,” Mr Munday said, adding that client base growth had met Global Nexus’s expectations.

“We have quite a few customers,” he said. “We have non-disclosure agreements with them, so can’t disclose their names, but you can imagine who they are; the usual suspects.

“The companies that use us for Internet, they initially sign up for redundancy.

They move very quickly from the redundancy connectivity to the primary connectivity because of the way we treat our network on a day-to-day level.”

Mr Munday declined to give figures on how much Global Nexus had invested in its business to-date, and how much its future capital expenditure budget is, but said it employed 20 persons between itself and Bahamas-based partners.

He pledged that the provider will be taking “a multiphased approach” to its international fibre optic cable plans, with the development and roll-out pace dependent on bandwidth sales.

Confirming that Global Nexus has a global sales team working on this, Mr Munday said: “It really comes down to sales.

If we’re successful in the market, and there’s no reason why we shouldn’t be, realistically it [the build-out start] will be the end of next year.”

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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that we, Terrance Oswald Cartwright and Desree Neely Cartwright of #18B Winterton Lane, P.O.Box F-40082, Freeport, Grand Bahama, Bahamas intend to change our child’s name from JOSHUA ELISHA CARTWRIGHT to JOSHUA ELISHA THOMPSON. 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.

The Public is hereby advised that I, KENDRA INDERIA SANDS of #11 New Jerusalem Way off Carmichael Rd., New Providence, Bahamas mother of DAVID GIOVANNI SANDS intend to change my child’s name to DAVID TIMOTHY GIOVANNI COOPER. 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.

plan for growth, achieving our ambitions for the future in a very detailed, conservative way,” he told Tribune Business.

“We will continue to dream big, and execute cautiously on that dream. We can only hope that we’re making the right decisions to guide us through these uncertain times. We feel that we have the shareholder and Board commitment to keep us stable.”

Providence Advisors’ creation was spawned from SG Hambros Bank & Trust (Bahamas) decision to exit the Bahamian domestic financial services market, a space it had occupied since the mid-1930s when it developed offshore private banking in this nation.

It initially looked to sell the ‘book of business’ to existing players, such as CFAL and RoyalFidelity, but Mr Kerr, then an SG

Hambros executive, used the opportunity to “pursue the idea I’s always had to create an independent financial services provider to give some competition in the marketplace”.

He was aided by the fact that SG Hambros’ main domestic Bahamian client, the two hotel industry pension funds, also wanted to be serviced by an independent financial services provider.

These shared interests ensured that Providence Advisors was born, and started life with a readymade ‘book of business’.

“What happened to be a road less travelled became, for me, the only thing to do,” Mr Kerr said. “With the support of the pension funds, I set out to create a business model.”

Global Nexus released a map showing its fibre-optic cable will connect Halifax, in Canada, at its northern tip, and Fortaleza, Brazil, at the southern end. In between, it will link with Bermuda and Florida, the Bahamas, and islands such as the Dominican Republic and Cayman Islands, connecting with the eastern Caribbean and South America on the way.

The network is designed to both exploit the evergrowing data traffic market, plus the recent fibre optic consolidation that has seen Liberty Media emerge as the dominant player, via the Cable & Wireless Communications (CWC) and Columbus Communications acquisitions.

“There’s been some consolidation in the market, which adds uncertainty, and this would address that concern,” Mr Munday said of Global Nexus’s plans.

“More competition always breeds a better product.”

If successful, it would mean that a global communications network is being owned and operated from the Bahamas.

Emphasising that Global Nexus was willing to partner with other Bahamas-based communications players, he added that it was eyeing ‘fibre-to-the-home’ as a potential entrance point to the Bahamian residential market long-term.

“There’s no plans to go after residential in the near to short-term,” Mr Munday told Tribune Business. “For us, we’d look at some fla-

vour of fibre-to-the-home down the road.”

He added that Global Nexus executives had significant experience with such technology at previous companies, and said the company had installed fibre-to-the-home at Caves Village and Sandyport. It is also about to roll the technology out at Harbour Bay. “We have it in specific areas, and we’d look to bring out fibre-to-the-home in three to five years, a longterm plan,” Mr Munday said.

Fibre-to-the-home would also allow Global Nexus to offer ‘triple play’ and ‘quad play’ offerings, but he emphasised that there was “no concrete plan” to roll the technology out yet.

Mr Munday said Global Nexus already had customers in Freeport, and was signing up clients in Harbour Island, with Abaco “absolutely on the horizon”.

“The launch of Global Nexus brings a fresh new option to businesses in the Caribbean. We are bringing the latest technology, the best service model, and a solution that significantly improves clients’ day-today business operations,” Mr Munday said.

“Our strategy is to be a ‘neutral carrier’ and work cooperatively with partners and, potentially, other carriers. The focus is on delivering technologicallyadvanced, groundbreaking services.”

NOTICE

NOTICE is hereby given that NWAOKPARA M. NGOBIDI of Third Terrace Centreville, P.O.Box SS-19068, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of June, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 6, Tuesday, June 28, 2016 Mr Turnquest added yesterday that the Opposition was prevented during the closing of the Budget debate from examining the Government’s various revenue estimates and ‘line items’, which he said had consistently been “overstated” in past years.

“In the Budget ‘head-tohead’ questioning, we were not given the opportunity to scrutinise the revenue estimates of the Government under the guise that it has not been done before and is unusual,” he said.

“Despite requests from our side, they insisted on

proceeding to the expenditure side. As a result, we were never given the opportunity to test the assumptions on the revenue side.

This is particularly important, as expenditure estimates must be supported by adequate revenue and borrowing to cover them.

“In your article today you noted that the IDB has stated what we have always known to be true, that the Bahamas has consistently overstated its budgeted revenues and understated its expenditures, which has led to the ballooning deficit,” Mr Turnquest added.

“Against that backdrop, I specifically wanted to question the revenue estimates to determine their reasonableness against announced import duty cuts, debt forgiveness in Stamp taxes and real property taxes, and increased taxes from VAT and others.”

Mr Turnquest also questioned whether the definition of ‘turnover’ under the Business Licence Act included VAT, and if the Licence fee was being calculated on revenue and the 7.5 per cent levy - something that would amount to double taxation.

Mortgage Corp still Minister no ‘short-term’ stuck at 40% arrears trade impact in UK exit

ments between the EU and the UK at the very least until 2018. “ Mrs Strachan, while expressing relief that the relationship was preserved in the short-term, said that in order to maintain trade with the UK and secure concessions similar to those under the EPA, the Bahamas and CARICOM may have to enter into a trade agreement with the UK. CARICOM Heads of Government are expected to discuss the issue at their upcoming meeting

in George Town, Guyana, from July 4-6.

Mrs Strachan said she expects the UK’s exit from the EU will have very little impact, if any, on the financial services sector.

“London is still expected to continue to be one of the leading international financial centres,” she added.

“However, the Bahamas will have to continually monitor all developments to ensure that it is not caught off-guard and to capitalise on any opportunities that arise.”

FNM deputy fears ‘bubble pop’ over infrastructure spend From pg B1 The cut in 2015-2016 capital spending, from $242 million to $190 million, appears designed to keep the Government in line with its GFS deficit targets.

It came as the Christie administration is projecting to ‘overshoot’ its recurrent deficit (fixed costs) by $94 million, coming in at $145 million as opposed to the $51 million forecast in the

From pg B3 a total value of $30.094 million have also been added.

The Christie administration has provided a full amnesty for the surcharge which is now applied for late Stamping of conveyances and other documents for 90 days, and the application of a fixed penalty of 10 per cent of the applicable Stamp duty thereafter.

“One of the first matters that was presented to me

Budget.

Arguing that roads, docks government buildings and “any number of areas” throughout the Bahamian archipelago were in need of overhaul, maintenance and repair, Mr Turnquest said Bahamas Power & Light (BPL) was a prime example of the Government’s failure to allocate sufficient capital investment.

“The IMF is saying they ought to be looking at pro-

as chairman of BMC was a list of over 100 persons whose documents were not stamped and were now expected to pay the Stamp Duty,” Mr Storr said.

“I asked our attorney to hold off on sending out the notification letters as I began correspondence with the minster of state for finance. I was told that the other mortgage lenders had a similar challenge, and I would like to think that this exemption is in some small way due to my efforts.”

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, Terrance Oswald Cartwright and Desree Neely Cartwright of #18B Winterton Lane, P.O.Box F-40082, Freeport, Grand Bahama, Bahamas intend to change our child’s name from AKKAD SEBASTIAN CARTWRIGHT to AKKAD SEBASTIAN THOMPSON. 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.

jects that generate economic activity, but the reality is that they’ve not been investing in infrastructure,” he added of the Government.

“Just BPL is an issue by itself, and we’re going to have a serious problem if we don’t get that fixed. What they’ve been doing instead is throwing a lot of contingencies into the recurrent Budget.

“If you go to any agency, department, you’ll see contingencies ranging from $1 million to $2 million.

Presumably they’re going to use this money to move around for emergencies.”

THE TRIBUNE

From pg B3

process of withdrawing from the EU is provided under Article 50 of the Lisbon Treaty, when the UK would have to give formal notification to the EU of its intention to withdraw,” she added.

“Once that notification is given, there is a two-year window for the negotiations

to be completed. If the negotiations are not completed within the two years, the existing EU treaty arrangements with the UK will terminate unless all EU members agree to continue the negotiations. It is therefore reasonable to conclude that there will likely be no change in the status of the existing treaty arrange-

Asian stocks mostly lower as ‘Brexit’ worries linger HONG KONG (AP) — Most Asian stock benchmarks slipped on Tuesday as Britain's vote to quit the European Union and its messy aftermath continued to reverberate throughout global financial markets.

Markets have been roiled by the result of last

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week's vote, which also sent the pound to its lowest level in three decades. The turmoil and uncertainty over the decision to leave the EU prompted ratings agencies Standard & Poor's and Fitch on Monday to strip the UK of its top-shelf credit rating.

Japan's benchmark Nikkei 225 index lost 0.4 percent to 15,248.28 while South Korea's Kospi added 0.2 percent to 1,929.68.

Hong Kong's Hang Seng Index fell 1 percent to 20,032.68 while the Shanghai Composite Index in mainland China slipped 0.4 percent to 2,885.72.

Australia's S&P/ASX 200 fell 1.3 percent to 5,072.80.

Benchmarks in Taiwan,

Singapore and Indonesia rose but in Malaysia and the Philippines they fell.

"Trading in the near term is likely to be dominated by the Brexit fallout as global markets assess their exposure to Europe," said Alex Furber of CMC Markets in Singapore.

Britons voted last Thursday to leave the EU over concerns including immigration and regulation, an unprecedented move that stunned financial markets and triggered waves of selling on Friday and Monday.

The results sent the British pound sliding. On Monday it fell another 3.5 percent to hit a new 31year low of $1.3199.

The yen also surged as

investors fled risky assets in favor of the currency, which is considered a haven and is now at its strongest level in two years. The dollar rose to 101.99 yen from 101.90 in late trading Thursday. The euro strengthened to $1.1044 from $1.1020.

Benchmark U.S. crude rebounded 43 cents to $46.76 a barrel in electronic trading on the New York Mercantile Exchange. The contract slid $1.31, or 2.7 percent, to settle at $46.33 a barrel on Monday. Brent crude, used to price international oils, rose 48 cents to $47.64 a barrel in London.

On Wall Street, the Dow Jones industrial average lost 1.5 percent to close at 17,140.24. The S&P 500 index slid 1.8 percent to finish at 2,000.54 and the Nasdaq composite fell 2.4 percent to 4,594.44.

THE TRIBUNE

Tuesday, June 28, 2016, PAGE 7

More Clinton emails released, including some she deleted WASHINGTON (AP) — An additional 165 pages of emails from Hillary Clinton's time at the State Department surfaced Monday, including nearly three dozen that the presumptive Democratic presidential nominee failed to hand over last year that were sent through her private server.

The latest emails were released under court order by the State Department to the conservative legal advocacy group Judicial Watch. The batch includes 34 new emails Clinton exchanged through her private account with her deputy chief of staff, Huma Abedin. The aide, who also had a private email account on Clinton's home server, later gave her copies to the government.

The emails were not among the 55,000 pages of work-related messages that Clinton turned over to the agency in response to public records lawsuits seeking copies of her official correspondence. They include a March 2009 message where the then-secretary of state discusses how her official records would be kept.

"I have just realized I have no idea how my papers are treated at State," Clinton wrote to Abedin and a second aide. "Who manages both my personal and official files? ... I think we need to get on this asap to be sure we know and design the system we want."

In a blistering audit released last month, the State Department's inspector general concluded Clinton and her team ignored

DEMOCRATIC presidential candidate Hillary Clinton speaks at a rally, June, in Lynwood, Calif. Clinton has commitments from the number of delegates needed to become the Democratic Party’s presumptive nominee for president, making her the first woman to top the ticket of a major U.S. political party.

(AP Photo) clear internal guidance that her email setup violated federal records-keeping standards and could have left sensitive material vulnerable to hackers.

The audit also cited a then-unreleased copy of a November 2010 email Clinton sent Abedin in which the secretary discussed using a government email account, expressing concern that she didn't want "any risk of the personal being accessible."

Clinton never used a government account that was set up for her, instead continuing to rely on

her private server until leaving office in 2013. Though Clinton's work-related emails were government records, she didn't turn over copies until more than 30 lawsuits were filed, including one by The Associated Press.

Before providing her correspondence, Clinton and her lawyers withheld and subsequently deleted tens of thousands of messages that she claimed were personal, such as emails about her daughter's wedding plans, family vacations, yoga routines and condolence notes.

With the new release Monday, more than 50 work-related emails sent or received by Clinton have since surfaced that were not among those she provided.

Clinton campaign spokesman Brian Fallon on Monday repeated past statements that Clinton had provided "all potentially workrelated emails" that were still in her possession when she received the 2014 request from the State Department.

Fallon has declined to say whether Clinton deleted any work-related emails before they were reviewed by her legal team.

Dozens of the emails sent or received by Clinton through her private server were later determined to contain classified material. The FBI has been investigating for months whether Clinton's use of the private email server imperiled government secrets. Agents recently interviewed several of Clinton's top aides, including Abedin.

As part of the probe, Clinton turned over the hard drive from her email server to the FBI. It had been wiped clean, and Clinton has said she did not keep copies of the emails she choose to withhold.

In a report released Monday by Democrats on the House select panel probing the 2012 attacks on a U.S. outpost in Benghazi, Libya, Republican congressional investigators asked questions about Clinton's use of the private email server in interviews with her close aides.

Abedin told interviewers that she was aware of Clinton's heavy use of private emails from the start and that Clinton continued a practice that she had developed as a U.S. senator for New York and as a 2008 presidential candidate.

"It was a natural progression from what she was doing previously, and she continued to do so."

Asked repeatedly who serviced Clinton's private server in the basement of her New York home, Abedin identified Justin Cooper, a technology staffer at that time for former President Bill Clinton, and Bryan Pagliano, a State Department technology official who is cooperating with an FBI investigation of Clinton's private server under an immunity deal with prosecutors. Abedin was hazy about Pagliano's role at the agency and his private work overseeing Clinton's server in New York.

Pagliano, who previously worked for Clinton's 2008 presidential campaign, invoked his constitutional right against selfincrimination and declined to answer the committee's questions.

In a sworn deposition last week, Pagliano also refused to answer questions posed by lawyers from Judicial Watch, including who paid for the system and who else at the State Department used email accounts on it. Pagliano also would not answer whether he discussed setting up a home server with Clinton prior to her tenure as secretary of state, according to a transcript.

Stocks, pound fall again due to UK vote uncertainty AP BUSINESS WRITER INVESTOR jitters over the economic fallout of Britain's vote to leave the European Union sent U.S. stocks sharply lower Monday.

The latest slump followed another rough day for European markets and a further weakening of the euro and British pound, which last week plunged to its lowest level since 1985.

Ratings agency Standard & Poor's added to the market's anxiety Monday by stripping the UK of its topshelf credit rating. The firm cited uncertainty over the UK's vote to leave the EU. Materials companies led the slide on Wall Street.

Losses also piled up for financial and technology stocks. Shares in energy companies fell as the price of U.S. crude oil declined.

"When you get major news like this that is unexpected, as the 'Brexit' vote was, it often takes about five trading days to kind of work through the system," said JJ Kinahan, chief strategist at TD Ameritrade.

The Dow Jones industrial average lost 260.51 points, or 1.5 percent, to 17,140.24.

The average had been down more than 337 points earlier in the day.

The S&P 500 index slid 36.87 points, or 1.8 percent, to 2,000.54. The Nasdaq composite fell 113.54 points, or 2.4 percent, to 4,594.44.

The three major indexes are down for the year.

Britons voted last Thursday to leave the EU over

concerns including immigration and regulation. That move created a wave of uncertainty for financial markets, triggering a sell-off on Friday that resulted in the biggest losses for the Dow and S&P 500 since August, while the Nasdaq notched its worst day since August 2011.

Despite the losses on Friday and Monday, the market is still well above the lows it reached in early February, when the S&P 500 closed as low as 1,829.

"This is a bit of a spillover from Friday," said Eric Wiegand, senior portfolio manager for U.S. Bank's Private Client Reserve.

"While it hasn't been a very pleasant two-day period, we're largely erasing some of the rallies we had in the previous five-plus sessions."

Eight of the 10 sectors in the S&P 500 index posted losses Monday, with materials companies shedding the most, 3.4 percent.

Utilities stocks, traditionally seen as a more attractive investment at times of heightened market volatility, notched the biggest gain, 1.3 percent.

Western Digital declined the most among companies in the S&P 500 index. The maker of data storage products shed $5.66, or 11.8 percent, to $42.18. Rival Seagate Technology slid $2.29, or 9.9 percent, to $20.87.

Banks and other financial companies slumped as investors speculated that the global economic uncertainty caused by Britain's

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, TRAVIA MURRAY of Hillside Park mother of JAYDEN TAHJ ZION MURRAY intend to change my child’s name to JAYDEN TAHJ ZION KNOWLES. 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.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, Terrance Oswald Cartwright and Desree Neely Cartwright of #18B Winterton Lane, P.O.Box F-40082, Freeport, Grand Bahama, Bahamas intend to change our child’s name from KATHLYN TERRINIQUE CARTWRIGHT to KAITHLYN TERRINIQUE THOMPSON. 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.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I,EZEKIEL FREDERICK MAJOR of Jamaica Avenue, Elizabeth Estates, P.O.Box CB-1212 intend to change my name to FREDERICK EZEKIEL MAJOR. 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.

decision to leave the EU will prompt the Federal Reserve to hold off on raising its benchmark interest rate.

Banks benefit from higher interest rates, which translate into more revenue from loans and credit cards.

"A lot of the expectations about what these financial stocks would be worth have changed," Kinahan said.

"This sort of takes Fed rate raises off the table for a while, maybe through the end of 2016."

Charles Schwab fell $2.10, or 8 percent, to $24.05, while JPMorgan Chase shed $1.99, or 3.3 percent, to $57.61. State Street gave up $4.20, or 7.6 percent, to $50.79.

TRADER Michael Urkonis works on the floor of the New York Stock Exchange, yesterday. Stocks are opening lower on Wall Street following bigger losses in Europe as investors continue to grapple with the fallout of Britain’s vote to leave the European Union. (AP Photo)

MARKET REPORT MONDAY, 27 JUNE 2016

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

BISX ALL SHARE INDEX: CLOSE 1,960.75 | CHG 4.78 | %CHG 0.24 | YTD 136.80 | YTD% 7.50 BISX LISTED & TRADED SECURITIES 52WK HI 3.62 17.43 9.09 3.50 4.70 0.18 8.34 8.35 5.84 10.60 15.50 2.57 1.60 5.80 8.25 11.00 7.82 6.90 12.25 11.00

52WK LOW 2.21 17.43 9.09 3.00 4.70 0.12 5.32 7.25 5.50 6.85 14.49 2.25 1.27 5.51 6.00 9.85 6.01 5.25 11.75 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 105.50 100.00 100.00 100.00 105.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 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 3.62 15.85 9.09 3.50 5.22 0.12 6.56 8.35 5.84 10.60 14.49 2.62 1.41 5.80 8.25 10.96 7.50 6.36 11.93 10.00

CLOSE 3.62 15.85 9.09 3.50 5.22 0.12 6.56 8.35 5.84 10.60 14.49 2.58 1.41 5.80 8.25 10.96 7.82 6.36 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 -0.04 0.00 0.00 0.00 0.00 0.32 0.00 0.00 0.00

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 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330

115.58 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.33 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class 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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.58 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

1,000

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 11.9 11.7 8.4 15.9 N/M N/M 35.5 15.2 11.5 19.6 27.4 27.4 8.5 11.4 13.5 11.4 12.0 9.0 15.8 0.0

YIELD 2.49% 6.31% 0.00% 4.57% 0.00% 0.00% 2.85% 3.11% 3.42% 3.40% 4.21% 2.33% 2.84% 4.14% 3.33% 0.00% 3.58% 1.89% 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%

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

MUTUAL FUNDS 52WK HI 1.97 3.82 1.91 160.64 138.35 1.43 1.64 1.53 1.05 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.37 1.51 1.45 1.03 6.11 6.93 5.55 10.37 8.65

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 Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund

NAV 1.97 3.83 1.91 164.74 133.64 1.43 1.64 1.53 1.05 6.67 8.01 5.81 10.66 8.65

YTD% 12 MTH% 1.35% 4.06% 1.43% 6.57% 0.70% 3.23% 1.67% 5.13% 0.66% -3.41% 1.23% 3.88% 0.55% 8.17% 0.86% 5.37% 1.07% 1.61% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%

NAV Date 30-Apr-2016 30-Apr-2016 29-Apr-2016 31-Mar-2015 30-Sep-2015 30-Apr-2016 30-Apr-2016 30-Apr-2016 30-Apr-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-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

THE TRIBUNE

Tuesday, June 28, 2016, PAGE 9

B O DY A N D M I N D

JUGS hosted a workshop to highlight the importance of reading.

Civic-minded women donate to autism advocacy group, promote literacy

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

I

n keeping with it’s mandate to improve the welfare of Bahamian children, the JUGS (Justice, Unity, Generosity and Service) group organised several initiatives to support REACH Bahamas, as well as workshop that demonstrated the importance of reading.

The members of the Nassau, Bahamas chapter of the JUGS organisation participated in a penny drive launched by REACH in hopes of raising $50,000 for a therapy room and after-care programme at REACH’s new location on Village Road.

A non-profit organisation promoting awareness of autism and providing resources to parents and their children with autism spectrum disorders, REACH launched the 12-week campaign on April 2, internationally recognised as World Autism Day. It will continue through July 2. REACH has partnered with 52 organisations throughout

JUGS donate to REACH’s penny drive New Providence, including retail stores, schools and banks who have agreed to place containers at their locations for the public to donate funds for these initiatives.

A functioning therapy room and on-staff therapist will provide children with ASD access to much needed speech and occupational therapy on a consistent basis, at no cost.

“The eight members of JUGS collected pennies

from November 2015 to May 2016 to contribute to the penny drive. We each took jars whether placed at businesses or home. Each jar may be an estimate of about $40 in pennies. Then we donated it,” said Sadira Levarity, president of the Bahamas JUGS chapter.

“We decided to donate to REACH, as a best friend of mine is an active parent as her son, my godchild, has autism. Therefore, in support we were informed

of the penny drive and donated.”

The funds donated will help the organisation defray operational costs, and pay for maintenance and development of the association as it seeks to inform and assist parents and help children with autism.

“We at JUGS will continue our community service and assisting to improve the welfare of children locally and internationally in various unique community

outreach efforts. Also, we will be trying to increase our membership with dynamic women. We, the Nassau, Bahamas chapter, is proudly celebrating 25 years and we are currently planning a luncheon to celebrate this auspicious occasion,” said Ms Levarity.

The organisation also recently hosted a reading workshop at Woodcock Primary School’s library under the theme, “Open a Book, Open Your Mind.”

Ms Levarity said the workshop was an international project mandated for all seven JUGS chapters in the US, as well as the eighth chapter here in Nassau. Its purpose was to show children the importance of reading and to celebrate JUGS’ founder’s day.

The workshop also entailed a presentation on the importance of reading.

“After discussions and trivias, where they won prizes for being able to share from the presentation on why reading is important, we asked for volunteers from the children attending who read stories electronically from a pro-

jector. They all received a book to take home, certificates and had snacks,” said Ms Levarity.

“I think the children benefited from the workshop as the importance was presented from different angles in that one presentation spoke about reading helping your dendrites in the brain and exercising the mind. We also used varied delivery like technology to excite and assist with encouraging them to read.”

Ms Levarity also took the opportunity to thank sponsors, including the Nassau Stationers Book Store for donating some of the books for the reading workshop, and devoted members such as Lisa Gibson, Lana Gibson, Rosemary Bodie, Paula Gibson, Antoinette Gibson, Mahalia Levarity, Ethel Dorestant, Judy Moss, and Rickeisha Fernander.

JUGS was formed in the Bahamas to expand the objectives and service of the international organisation. Members of JUGS are women who share their time and talents in civic, educational and social activities.

Toxic emotions – Part III: Anger I VISITED the Passport Office recently. I’ll start by saying that the process of applying online, setting up an appointment online, and actually having the in-person appointment was surprisingly seamless. At the start of the process I was very pleased and hopeful. Outside of that, however, it is a royal disaster down there. I plead with our Minister of Foreign Affairs and Immigration to please, pretty please, with whipped cream and cherries on top, to put more effort into running this one office efficiently and effectively. If decent help is needed, remember unemployment is way up. I am certain there are qualified, capable individuals out there ready and willing to make the Bahamian people’s dream of a decent, functioning Passport Office materialise.

Other responsibilities should be avoided until the Passport Office is highly operational. In a technological age, it takes three to four months to get a passport, if you are lucky. Even the individuals who pay the additional $200 for express processing are having a very difficult time getting their passports. This is absolute garbage and completely unacceptable. To the powers that be, please sit down with the necessary personnel and get dead serious about real solutions to the huge challenges that face our passport office, especially as it relates to issuance.

Now that I’ve gotten that off my chest, how fitting that the topic to-

Dr Monique Thompson day is specifically on dealing with anger. That whole Passport Office experience had me employing some of the same techniques we will be discussing as it relates to anger management.

Whether you are the quiet “seether” that keeps all your anger bottled up inside, or the explosive type, anger, rage, or fury will affect your health. We saw in the last article that the angrier you are the more at risk you are of suffering a heart attack or stroke among other physical ailments.

In addition to this, you can damage relationships, your career and your mental health.

In terms of dealing with anger, I have to reiterate that you will never completely eliminate anger.

Life is full of stressors, frustrations, and disappointments which may not be avoidable. The key in addressing chronic anger or anger that you may feel is out of control is to change your reactions into

healthier, safer alternatives.

Even in dealing with anger, prevention has a place. To prevent a problem, however, you must be able to identify your triggers and recognise warning signs so that you can either avoid the situation or mentally prepare yourself for it. For example, you know that no matter the situation, your motherin-law has the outstanding ability to say just the right things to push all your buttons. So don’t go around your mother-in-law’s when possible. Or, when it is unavoidable, mentally warn yourself that she is going to make you upset, but commit to not responding in your usual way, perhaps by not shouting answers back but expressing how you feel quietly, or by brushing off what she says, or just ignoring the irritating comments.

Warning signs do not only present themselves as external signals, but they can be internal as well. Although everyone’s responses to increasing anger are not the same, there are some features of becoming angry that many of us experience. As we become angry our bodies begin to go into “fight or flight” mode. Become hypersensitive to these cues: heart rate increase; tension in the face, or a clenched jaw; muscle tension; and breathing faster all tell us that anger is about to ensue.

Taking steps to calm down when we begin to feel these reactions go a long way in preventing outbursts of anger or internalizing negative emotions.

ANGER can result in increased heart rate, tense muscles and headaches, among other more serious conditions.

Getting to the cause of the problem is equally as important as prevention. In a previous article, I mentioned that there are countless reasons individuals struggle with anger issues, among them work related stress, a history of abuse, financial strain, heavy metal toxicity, and psychological or hormonal imbalances. Looking at the example of the mother-in-law, perhaps she is not that upsetting but because you may feel that you are not able to provide for your family as you would like, that may fuel your perception that your mother-in-law is disappointed with you or overly judgmental. In

that case, addressing your feelings of inadequacy will be as helpful as avoiding her in dealing with your anger issues.

Stay tuned as we talk more about practical solutions to real world anger.

• Dr Monique Thompson is the founder of Cornerstone Healing Institute, an integrative family medicine clinic, and can be contacted at 356-0083 with any questions/comments. Visit www.chibahamas.com for more information. This article is not intended to diagnose or treat any medical condition.

PAGE 10, Tuesday, June 28, 2016

THE TRIBUNE

Temporary blindness linked to smartphone use in the dark

By The Associated Press LONDON - Warning: Looking at your smartphone while lying in bed at night could wreak havoc on your vision.

Two women went temporarily blind from constantly checking their phones in the dark, say doctors who are now alerting others to the unusual phenomenon.

The solution: Make sure to use both eyes when looking at your smartphone screen in the dark.

In last Thursday’s New England Journal of Medicine, doctors detailed the cases of the two women, ages 22 and 40, who experienced “transient smartphone blindness” for months.

The women complained of recurring episodes of temporary vision loss for up to 15 minutes.

They were subjected to variety of medical exams, MRI scans and heart tests. Yet doctors couldn’t find anything wrong with them to explain the problem.

But minutes after walking into an eye specialist’s office, the mystery was solved.

“I simply asked them, ‘What exactly were you doing when this happened?’” recalled Dr Gordon Plant of Moorfield’s Eye Hospital in London.

DOCTORS warn that using smartphones in the dark can cause damage to the eyes He explained that both women typically looked at their smartphones with only one eye while resting on their side in bed in the dark – their other eye was covered

by the pillow.

“So you have one eye adapted to the light because it’s looking at the phone and the other eye is adapted to the dark,” he said.

When they put their phone down, they couldn’t see with the phone eye. That’s because “it’s taking many minutes to catch up to the other eye that’s adapted to

the dark,” Plant said.

He said the temporary blindness was ultimately harmless, and easily avoidable, if people stuck to looking at their smartphones with both eyes.

One of the women was relieved the short-term blindness didn’t signal a more serious problem like an imminent stroke. He said the second woman was more skeptical and kept a rigorous months-long diary tracking her fleeting vision loss before she finally believed him. But she couldn’t stop checking her phone for messages from bed, he said.

Dr Rahul Khurana, a spokesman for the American Academy of Ophthalmology, called it a fascinating hypothesis but said two cases weren’t enough to prove that one-eyed smartphone use in the dark caused the problem. He also doubted whether many smartphone users would experience the phenomenon.

Khurana, who acknowledged that he’s an avid cellphone user, said that he and his wife tried to recreate the scenario on a recent evening, but had difficulty checking their phones with only one eye. “It was very odd,” he said.

Smoking and your mouth

SMOKING increases risk of gum disease, oral cancer, delayed healing in the mouth, tooth discolouration and more.

MANY people are aware of the dangers smoking presents to the body such as cancer, lung disease and heart disease. But did you ever take into consideration the effects of smoking on your oral health?

Every puff of smoke starts by passing through your mouth. After all the warnings we have read and seen about the effects of smoking on the body we should not be shocked by its harmful impact on an individual’s oral health.

Some of the oral consequences of smoking are: increased risk of gum disease, oral cancer, delayed healing in the mouth, tooth discolouration, dulled sense of taste and smell, and in some cases difficulty in achieving local anaesthesia (numbness).

The two most serious impacts of smoking are the risk of developing gum disease and oral cancer.

By smoking you produce more bacterial plaque in your mouth causing your gums to be under constant attack. Smokers also have lower levels of oxygen in their blood which slows down

Dr Tamika Ferguson the healing process. Therefore, if your gums become infected your body is less able to deal with it.

Gum disease progresses rapidly in smokers compared to non-smokers. Smoking not only increases your chances of developing gum disease but it makes treatment difficult because of the lower oxygen levels.

A study done showed that smokers are twice as likely to lose teeth in five years compared to non-smokers after treatment

of gum disease. Smokers also do not respond well to oral surgery procedures for example dental implants have a higher failure rate due to poor bone healing.

The other major concern caused by smoking is oral cancer.

Research shows that about 90 per cent of people who develop mouth cancer and throat cancer have used tobacco. Those who smoke or chew tobacco for longer periods are at a higher risk. If patients continue to smoke after cancer treatment they have a 37 per cent chance of recurrence compared to a six per cent chance for those who stopped smoking.

The best way to reduce your

risk of the negative complications of smoking is to quit. The nicotine found in cigarettes, cigars and chewing tobacco makes it extremely difficult but it must be done. If you are interested in quitting smoking, make sure talk to your dentist or medical doctor so they can help you. Your dentist can help you set a quit date and recommend medication to help with the process such as nicotine patches or gum.

While quitting smoking is the most effective way to ensure your oral health, there are some tips those who choose to smoke should follow. Smokers should have regular visits with their dentist. Your

dentist will be on the lookout for any signs of developing gum disease and oral cancers. Everyone needs to visit there dentist at least twice yearly but smokers may need more dental visits. Further, smokers must ensure they have a proper daily oral hygiene regimen.

Brushing, flossing, and using a mouth rinse twice daily should be a normal routine.

We already knew that smoking was bad for us, so there should be no surprise that cigarettes also pose a problem to our oral health.

Quit smoking, have a consultation with your dentist and save not only your teeth but your life!

Fat is back! Shoppers opt for whole milk, Greek yogurt

By DONNELLE ELLER The Des Moines Register DES MOINES, Iowa (AP) — Once snubbed, whole-fat milk, yogurt and other dairy products are finding their way back into our refrigerators, thanks to a growing interest in “whole foods” diets and new evidence that full-fat dairy products can be good for us, experts say.

The trend is showing up in milk sales, industry data show. Whole milk sales are climbing. At the same time, fat-free milk sales are dropping. Nationally, they shrank 12.3 per cent, according to data provided

by Dairy Management, a marketing group for the industry’s 45,000 US dairy farmers.

“Full-fat dairy products used to be seen as taboo.

We were told we should cut them out of our diet,” said Ruth Litchfield, associate professor of food science and human nutrition at Iowa State University. But “we’re realising that fat can be good.”

Litchfield said the federal dietary guidelines still recommend that Americans consume low- or fat-free milk, yogurt and cheese.

The concern: Foods that contain saturated fat — such as whole milk, cheese and butter — can raise cholesterol levels that contribute to heart disease.

But some new studies are challenging that perspective, Litchfield said.

“There is some research that’s coming out that shows consumption of whole-fat dairy is decreasing risk of Type 2 diabetes, decreas-

ing risk of cardiovascular disease, decreasing risk of certain kinds of cancer, and people who consume whole-fat dairy products are less obese,” she said.

Researchers are exploring whether it’s the “dairy itself or their eating pattern as a whole,” Litchfield said.

“People who consume dairy products also tend to have other healthy behaviours,” she said. “They’re less likely to be smokers, they’re more likely to be active, and they’re more likely to consume whole grains.”

Researchers also are weighing whether milk could trigger a “certain expression of genes” that have health benefits — or whether milk’s “pre- or probiotics” improve “gut health,” which can affect chronic health diseases, Litchfield said.

One thing is clear: Dairy products are good sources of calcium, vitamin D and potassium — three of the four nutrients federal dietary leaders say Americans are consuming inadequate amounts of and have “real relevant health implications,” Litchfield said. The fourth is fibre.

Kim Peter, marketing director at Anderson Erickson, sees consumers “embracing full-fat food.”

Whole milk sales at the Des Moines dairy climbed seven per cent last year over 2014.

“Whole milk doesn’t carry the stigma that it did in the ‘80s and ‘90s,” when consumers were urged to cut fat wherever possible, Peter said.

Peter, Litchfield and others say the growing popularity of diets that focus on

WHOLE milk and Greek yogurt are popular consumer choices one again. “whole foods” — or foods with little or no processing — is contributing to the sales of higher-fat products.

Litchfield said consumers may see whole milk as less processed. They want “foods that are more natural,” she told The Des Moines Register.

And consumers understand that manufacturers can replace saturated fat with sugar, both for flavour and as a preservative to improve shelf life.

“Any cardiovascular benefit you got from decreasing your saturated fat, you’re not getting because of sugar,” Litchfield said.

Federal dietary guide-

lines limit sugar intake to no more than 10 per cent of daily calories, a recommendation that means many consumers need to cut their

sugar consumption.

Peter said Greek yogurt is another full-fat product that’s growing in popularity.

The company started mak-

ing yogurts in the 1960s and Greek yogurt in 2010.

Stephanie Cundith, a dietitian with the Midwest Dairy Council, said consumers may feel more satisfied from higher fat content in milk and yogurt. That could lead to fewer overall calories consumed. And Greek yogurt has double the protein of traditional yogurt, Cundith said.

Growing interest in gourmet cooking shows might be lending to an interest in higher-fat dairy products as well, experts say.

US per capita consumption of butter, for example, hit a 40-year high, at 5.6 pounds, last year, industry data show. In 1997, per capita consumption was 4.0 pounds.

Peter said Anderson Erickson saw sales of heavy whipping cream climb five per cent in 2015 over 2014.

She sees the dairy’s products feeding another consumer trend: Buying local.

Peter said yogurts at the company are made in small batches with milk that comes from Iowa dairy producers.

Litchfield and Cundith said consumers still need to keep calories in mind when eating full- or higher-fat products.

“We need to think in context of our total diet,” Litchfield said. “We need to keep our fat intake to 30 to 35 per cent of calories. About 10 per cent should be the limit for saturated fat.

“Having some full-fat dairy along the way is appropriate, as long as your total intake is moderate,” she said.

THE TRIBUNE

Tuesday, June 28, 2016, PAGE 11

16 lucky couples chosen to wed in the Bahamas L OVE is in the air as 16 couples prepare to have the wedding of a lifetime after being chosen as winners of the Bahamas 16 Weddings Invitation Competition.

The lucky Canadian couples will be a part of “16 Weddings on 16 Islands”, all transpiring simultaneously with one thing in common, their love.

The weddings will take place on the islands of Abaco, Andros, Bimini, Cat Island, Crooked Island, Eleuthera, Exuma, Harbour Island, Grand Bahama, Inagua, Long Island, Nassau, Paradise Island and San Salvador.

As the various hotels across the Bahamas host the lucky couples, the islands will all provide a distinctive cultural experience.

The 16 Weddings competition asked engaged couples to submit creative photos or videos that built upon a wedding theme provided by the Bahamas by incorporating something from a selected island into their wedding. The submission was required to be supplemented with a brief story of their love and their reasons for wanting to marry in the Bahamas. The most creative entries were short-listed by the consumers by voting on social media and on the website bahamas16weddings.com. The contest of-

ONCE again, 16 couples – this time around Canada – will say their “I Dos” on islands throughout the Bahamas in simultaneously occurring ceremonies.

Are you ready to get to stepping?

WHETHER you find yourself stuck in a rut or paddling through the thick marsh of personal problems, we all want to find ways to get to stepping towards an improved outcome.

And as motivating as this may seem, it may very well be out of reach for many. Not because they are unable, but more so because they are unwilling.

The first obstacle that must be overcome is to understand the importance of willpower. Once you are willing you begin to learn that no matter how bad things may seem, every problem has a shelf life. Just like a storm, problems don’t last forever. Wherever there’s a problem, there is also a solution. The main reason why people are unable to find a solution is because they have become so comfortable with the problem.

By comfortable I mean that they have essentially befriended the problem. They complain about it constantly; taking it with

Michelle Miller Motivationals

Michelle M Miller them throughout their daily travels. It is in the spotlight in their daily conversations; they share it with closest friends and family.

Worst of all, they have given their problems an open invitation into their beds, and they often stop them from getting any sleep.

Yet another murder YET another body lain to rest before the natural process of aging could occur. Yet another life sold to the goblins of fury and wrath as young masculinity flexes its muscles and takes charge without fear of loss.

The problem rests outside of us. The violence is someone else’s problem. These young men (and the majority of those being killed and those is killing is male, except for the massive sexual violence problem we have) are just bad. These boys are just wild; these boys are just crazy; these boys have no regard, no respect, no fear. These boys are our sons.

These boys are products of this very society that is claiming that it doesn’t know what the heck is going wrong with these boys. As a society we take no responsibility for anything. It is all happening to us and we have nothing to do with it, according to us.

Masculinity is constructed by society. We perform gender roles based on our social programming.

We do not come out of the womb and decide that we are going to shoot up anyone who looks at us twice.

Bahamian society tells us that men must be violent. In order to be a man in the town, you got to rain down blows on people. You need to beat your wife. You need to beat your children to show them who is in charge. We tell young boys that they must dominate, and then we tell them don’t let anyone disrespect you.

What does that mean? Does that mean if your boss tells you

Dr Ian Bethell-Bennett that you are not doing a good job that this is disrespect? And if he says that to you, you must mess him up? Funnily enough, that is exactly what happens: we tell them the first part and nothing else. We make no positive impression on them. When they hit four or five they are on their own. They get a few good slaps, some cusses and a large dose of ignoring and that is it. More studies are showing that children who face such upbringings are bound to fail. We create children who cannot think and cannot function in any society. We make monsters who are not responsible for their actions.

Studies on gender and socialisation also show that boys are socialised to behave the way they do, as are girls. This is normal behaviour for them.

To retrace some old ground, we have absent fathers because women are better off on their own in Bahamian society, especially poor Bahamian society.

We have abusive men who visit (visiting partners) and produce

ficially closed on June 10.

Senior director of the Bahamas Tourism Office Canada Paul Strachan believes that with this unique social media campaign the Bahamas has solidified its position as the number one destination for weddings and honeymoon destinations.

“We’re quite pleased with the results of the promotion so far, and with the use of various media channels we’ve successfully delivered the message that the islands of the Bahamas are a premier, award-winning wedding and honeymoon destination, with multiple islands and multiple options for all things romantic,” said Mr Strachan.

“We’ve just completed the contest phase of this promotion with a selection of 16 Canadian couples anxiously waiting to exchange vows in 16 exotic locations throughout the Islands of the Bahamas. With the ongoing efforts of this promotion, we’re very optimistic that we’ll benefit from an increase in Canadian visitors within the romantic travel segment in the next 12 to 18 months.”

The couples will receive complimentary round-trip airline tickets to the Bahamas, hotel accommodations including meals for three nights, a wedding ceremony, cake, flowers and a reception for up to four guests. Wedding rings, a gown, a tuxedo and a personal wedding coordinator will also be provided for each couple.

Consider this: if you give all of your mental space to your problems then you leave no room for any solutions. To get to stepping means to find the courage to stop focusing on the problem and instead focus on ways in which you can solve your problems.

For the record, recognise that you cannot fix what you are unwilling to face. Secondly, what you focus on or give your emotional attention to, expands. By focusing solely on the problem you enable the problem to get bigger rather than smaller. This is the result of the law of attraction, a life principle that is irrefutable.

While having problems in life is a norm, remaining in a state of life of problems is not. When you give our power to your problems they take power over you. They become bigger and more rooted in your life. For this reason, you must overpower your problems.

No matter what the problem is, you have more power, more ca-

pacity to address it. But the key is you must be willing to step into it.

Being too afraid to face what you fear keeps you a prisoner of fear. It’s time to get to stepping toward an empowered solution for your life. Imagine that your problem is like a coin – on one side there is the problem, on other side there’s a solution. Find the audacity to pay attention to the solution side. You can change your life by simply focusing on the side that brings you a sense power and control.

You cannot be afraid to step in a new direction. Be willing to face your fears if you desire to fix your life. Elevating yourself from the problem path to the power path is a real possibility. Stop feeling sorry for yourself. Get off the “I am a victim” train and start to see yourself as victorious. Nothing will change until you change.

When you change the way you see yourself you’ll change the way you see the problem and move towards the awesome power that you possess.

So how do you get to stepping?

You start by standing on a strong

foundation of self-confidence. Affirm your strengths through positive self-talk. Take that first step.

Keep placing one foot in front of the other with your eyes focused on the solution. Nothing can stand in your way.

Leader to leader, remember that you are an empowered being. Give yourself permission to step towards a solution by taking action. In so doing you become a resident of the power path. As you become fully engaged, your life becomes more your own. Do not lose any more time in the land of immobility. Commit to getting some much needed help to coach you through it.

It is time to get to stepping towards living an empowered life.

Yes, you can do it!

What do you think? Send comments questions to coaching242@ yahoo.com.

more children in households that are already unravelling. We have women who can hardly survive, but must have hair, nails, bags, shoes and gold, all of which can only be designer or nothing.

The house is falling down, rats running over sleeping children, roaches biting, “but I need to look good in the club,” says the woman who entertains some men to “support” her family.

Role models make it worse or better. The drug dealers, as we call them here, are the most attractive role models in the so-called ghetto. They are separated from the social and political leaders by 0.5 degrees and they are the leaders in their communities. Boys see them and they have cash and cars and women and bling, and this is what they want to be. The social and political leaders behave little better than the drug dealers.

This is all the more impacted and perpetuated by popular culture role models and musical influences. When we listen to music where bitches, hos and shooting n****s lyrics play all day, it seeps into the unconscious and becomes a part of the consciousness; we are condemned to repeat this in our lives. We have trod this ground before. If there are no filters against it, it finds its spirit level and combines with the lived experience to form a wild, wild west lifestyle: they are starring in their own movies and Nassau is their backdrop. They is the “big man” when they gun down someone riding on a bike past a house filled with people who know nothing about their fight, but will live with the impact of that event forever thereafter.

This is the kind of masculinity we celebrate. This is the kind

of man we encourage our young men to become. These boys who fear nothing are a product of a society that has abandoned them to the unknown. We are creating sociopaths who cannot function because we have no mercy, We have no mercy on, with or towards them. We spend our time professing our Christianity, meanwhile we say that we do not know how these young men have become who they are. We have made them who they are; while we are in church they are uncared for.

Our inability to embrace people and share love has distanced us from them. Our role models of masculinity, the very people who stand and shout about those young men who are destroying the country, are behaving in the same way as these troubled young men, albeit at a different level.

They claim the benefit of having the power of the law on their side.

Our distance from those dangerous young men has created a cavernous divide between them and society that claims to be different from them. That society does not recognise them as its own even though they are its sons, brothers, cousins, uncles and fathers. We have popularised a style of masculinity that is so toxic it is destroying us.

We are a merciless group of people who care little about those bad men, except to get them behind bars, or better, hanged, if we are not benefiting from their lawlessness. We take no responsibility for their formation, though they are our children and we have encouraged them to be lawless.

It is easy to witness in church.

It is easy to witness to the choir. It is also easy to witness to children who want nothing more than to be

loved. Instead, we condemn thousands of young men every year to the pits of gang violence because once they get cold-shouldered by their homes, the gang accepts them into the fold from whence they can never leave unless they are incredibly strong or they die.

What options are we giving them? We tell them that they are stupid, ugly, dumb, ignorant, evil; we beat this message into their heads and then we cast them aside and tell them we know not where you come from.

We are celebrating the young men we claim to hate. We refuse to listen to their pain and suffering. We have become a calloused society where hypermasculinity is held up as the national model, where these young men drop out of school, have no options other than low-paying jobs, have no love other than what gangs show them and have no hope of ever becoming anything other than the gangsters we tell them they are.

We have chosen a path that when a young man is gunned down in front of us we ignore the national trauma it has provoked and tell our children to be strong.

The damage is so deep, the sociopathic behaviour so ingrained, and the societal rejection of its children so complete that we have no chance of ending the scourge of male-on-male violence that leaves boys dead in the middle of neighbourhoods as happened at least twice this week. We claim no responsibility for anything because we are a Christian nation, yet we exclude everyone from the fellowship circle. These young men come from within us. Let us stop claiming that we have no responsibility for their actions. We have taught them well.

• Michelle M Miller is a certified life coach, communication and leadership expert. Visit www. michellemmiller.com; mail can be sent to PO Box CB-13060.

SECTION B

TUESDAY, JUNE 28, 2016

“Pampered Life” From pageant life to the

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

W

INNING the Miss Bahamas title in 2004 was a turning point in the life of Raquel Horton. Her experience with the pageant life and her exposure to the beauty industry on the whole awakened a passion in her, and she chose to use it as launch pad for her own successful business.

This business is Pampered Life – The Mobile Grooming Company. It specialises in bringing face, hair and nail services, as well as in massage and speech therapy, pageant grooming and a host of other services right to customers’ doorsteps.

“The company was established July 2, 2013. It was formed after I attended a certification course at the Bahamas Technical and Vocational Institute (BTVI). The idea was inspired by the pageant, beauty, health and fashion industries I became a part of over the years,” she told Tribune Woman.

Since being in business, Raquel has made it a point to prioritise building her brand. Just recently, she added several new products to her Pampered Life label, most notably an

all-natural healing oil and spray.

“The idea of creating the Pampered Life Healing Oil and Spray was thought of after consulting with a very wealthy business person about the progress of the Pampered Life Mobile Grooming Company for the next 10 years. Basically, the idea was to ensure that the company always brought in revenue even if the services that the company provided were not in demand on a daily basis.

For example, if a person is a carpenter or builder they should not just rely on the income from the services they provide but sell carpentry or building supplies,” she said.

Raquel describes her new healing oil and spray as a fast-acting, herbal treatment. It is made from a combination of secret bush medicines and other herbal oil mixtures, she said.

According to Raquel, the multi-purpose oil and spray can be used to as a pain reliever, to achieve healthy skin and hair, prevent wrinkles, to relax muscles and more.

“Most persons that have purchased the products used it for pain and have claimed that the products have worked faster than expected and that it truly works. Pampered Life Healing Oil and Spray has

received numerous positive testimonials in reference to its use,” she said.

“What is next for me in reference to Pampered Life is to continue growing and enhancing the products and services provided by the grace and the glory of God,” she told Tribune Woman.

In addition to Miss Bahamas, Raquel has held numerous pageant titles, both locally and internationally, including the titles of Miss Teen Bahamas, Miss Tourism Intercontinental, Miss Universe Bahamas and more. She is also a Bahamian print and runway model along with a radio and television personality.

Raquel is an advocate

MISS Bahamas 2004 Raquel Horton, founder of Pampered Life – The Mobile Grooming Company

for career development through continued education, which is the reason she strives to build on her knowledge and talents.

“In business things are as difficult as business persons make them. It is best to keep organised and prioritise daily all things related to the care of their company,” she said.

“My advice to other women wanting to start a business, but who are timid, is to shake the timidness off and give it a try. Start small and gradually enlarge their business venture. An idea may turn into something greater than expected, but they would not know unless they try,” she said.

Frozen’s ‘Queen Elsa’ affirms little girls as princesses Photos/AARON DAVIS

By ALESHA CADET

Tribune Features Reporter

acadet@tribunemedia.net

MALIKAH Pinder’s love for kids and passion for childhood education is so strong that she decided to make a living out of it.

Her company, I Do Lyrics, started out as a songwriting/singing service for couples engaged to be married, however, it very quickly evolved into a jingle writing service for businesses, and then a an entertainment service for kids for which Malikah currently plays Disney’s “Frozen” Queen Elsa at kids’ parties and events.

The entrepreneur and singer recently hosted a “Fun Day Camp With Elsa”, which was facilitated by certified school teachers at the Rhema Academy, a day care facility and preschool on Warren Street.

She invited girls between the ages of four and eight to enjoy games, arts and crafts, movies, story time, lunch specials, and the highlight of the day, a live performance by Elsa.

Although the event came together as a spur of the moment idea, Malikah said she was is thrilled to have pulled it off so well, and she is excited and ready to host many more events of this nature for kids. After all,

GIRLS have fun during Queen Elsa’s day camp at the Rhema Academy.

MALIKAH Pinder as Elsa from Disney’s “Frozen”.

she said, kids and parents alike love the Queen Elsa character, and it is always a great joy to tell the little girls that they, too, are royal, because their father – God – is the king.

“I would rather do what I love to make a living, rather than sit on someone’s job all day. I’m good at what I do and have recently graduated from the College of the Bahamas with a Bachelor’s degree in Early Childhood Education, so I love children,” Malikah told Tribune Woman.

“I’ve especially always wanted to host some form of girls affirmation session.

I thought this fun day camp was the perfect opportunity, so I centered everything

around being a princess and worked it from there.”

Speaking about some of the camp’s highlights, Malikah said during the game session they all took part in activities like pin the nose on Olaf and a “Frozen” musical game. During the art session, the girls made crowns that they decorated and wore, as well as large decorated letters that represented their names, which they were able to take home.

“I think everyone’s favourite part was the food. There were some really cute options, but you’d only get their names if you watched the movie “Frozen”. There were hotdogs, but there were

also Olaf nose carrot sticks, snowballs (marshmallows), chocolate chips (“I wanna stuff some chocolate in my face!”), Olaf arms (pretzel sticks), and blue punch.

Each girl also went home with the most adorable little goodie bags, filled with a little box of candy, a colouring sheet and crayons, and a bag with items to build a snowman,” said Malikah.

She said she is grateful to her team members for making the event a success; they include D’Shanti Cooper, Janiqua Armbrister, D’Andre Sweeting, Vanessa Thompson and LaQuisha Wallace.

“I’m not sure how far the whole Elsa thing will go, however, I will be hosting day camps from now on. It’s officially ‘a thing’.

In fact, I’m hosting one in Eleuthera for a whole week at the end of July. That will be different though, but in due time information will be released about it. The fact that I had the courage, willpower, drive and enthusiasm to do this has great implications for me personally. I’ve broken the barriers that were delaying me and now I don’t think I can be stopped,” said Malikah.