07082016 business by tribune242

FRIDAY, JULY 8, 2016

business@tribunemedia.net

‘No way’ Bahamas can be cut to junk By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THERE is “no way” that Moody’s can cut the Bahamas to ‘junk’ status because it is still meeting all its debt obligations as they become due, a former finance minister argued yesterday. James Smith told Tribune Business his only “problem” with the rating agency’s threat to downgrade the Bahamas was that it ‘left the door’ open to a loss of this nation’s investment grade status. He argued that the Bahamas was “a long way” from such a position, given that it always been able to meet its debt obligations - and would continue to do so into the foreseeable future.

Ex-minister says such action by Moody’s illogical

HG Christie named to revive Wells’ Lyford Hills

As Govt ‘long way’ from debt default

‘Stagnated’ due to lack of buyer marketing

‘Real problem’ if ranked below Jamaica, Barbados Mr Smith said a cut to socalled ‘junk’ status was only warranted if a country was unable to pay its debt as it became due, and the Bahamas was “still not in that position yet”. Seeking to clarify his position on Moody’s threatened downgrade of the Bahamas’ sovereign creditworthiness, Mr Smith conceded that the coun-

Aiming for near phase one sell-out by 2016 close

try’s economic and growth performance had been “bad”. Yet he said the New Yorkbased rating agency also needed to account for the Bahamas’ credible track record, which showed it had not been forced to seek International Monetary Fund (IMF), or initiate a ‘fire sale’ of public assets, during 43 years of independence.

JAMES SMITH “I don’t have a problem with their past analyses or even the series of downgrades,” Mr Smith told Tribune Business. “My problem is a downgrade that cuts the position to ‘junk’.” See PG B3

Bran: US gives ‘kick in Govt ‘encourages’ Bahamian hip’ to Govt policies group’s landfill ‘win-win’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE US has delivered “another kick in the hip” to the Government’s conduct of economic policy with its latest transparency concerns over public sector contracts, the Democratic National Alliance’s (DNA) leader charged yesterday. Branville McCartney told Tribune Business that the fact that the US administration had issued two similar warnings within a year showed that the Government needed to “stop its foolishness” with the awarding of public procurement deals. “The US has issued another warning to the Government,” he told Tribune Business. “A year ago, it issued a very similar warning to the Government about transparency in its negotiations of contracts. “What the US is telling See PG B5

Report shows ‘foolishness must stop’ DNA leader says it will have to account to Moody’s

BRANVILLE MCCARTNEY

Landfill chief: ‘Don’t read anything’ into our CEO transition By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net RENEW Bahamas’ principal shareholder yesterday said “nothing can be read” into his stepping down as the New Providence landfill manager’s chief executive, as concerns persist over its financial health. Gerhard Beukes told Tribune Business that it was “a pre-determined transition” for him to move back from Renew Bahamas’ day-to-day operations in favour of the company’s chief operating officer, Michael Cox. Mr Beukes, who corporate records show as Renew Bahamas’ 60 per cent majority shareholder, explained that Mr Cox’s ascension to the chief executive post was designed to occur when the company had reached its operational phase. He emphasised that he remained on Renew Bahamas’ Board as a director, adding: “I’m still a director of the company; I stepped down as chief executive. “That was part of a preplanned transition role. Nothing can be read into that. I’m still a director of the company, and very involved in what happens.” Mr Beukes continued: “It was just a pre-determined transition. As companies evolve, you go through See PG B4

Realtors targeting $40m sales to wake ‘sleeping giant’

Beukes: ‘I’m still very involved in what happens’ Stays as director; move ‘pre-planned switch’ ‘No comment’ on Govt talks, firm’s future plans

$4.05 $4.20 $4.06

$4.06

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is seeking a “holistic” solution to the New Providence landfill’s numerous challenges, and is encouraging a Bahamian consortium to advance its proposal for taking away 25 per cent of existing waste streams. Kenred Dorsett, minister of housing and the environment, told Tribune Business in a recent interview that the proposal by Waste Resources Development Group (WRDG) fitted with the Government’s desire to divert green and wood waste away from the landfill. The minister, who has Cabinet responsibility for the landfill, said he wanted to bring both WRDG and Renew Bahamas, the facility’s private sector manager, “to the table” to discuss how all sides could work together for the common good. Mr Dorsett, though, said this was tied to the completion of an engineering assessment of what is needed to remediate the landfill, and curtail the fires and hazardous See PG B4

Seeking ‘holistic’ solution to facility’s problems Describes remediation study as ‘missing link’ Hoping to establish recycling depot at landfill

KENRED DORSETT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN realtors yesterday said they were targeting “$40-odd million” in total sales as they bid to awaken the ‘sleeping giant’ that is the Lyford Hills project, which is being developed by ex-Cabinet minister Tennyson Wells. Ryan Knowles, a realtor with HG Christie Ltd, told Tribune Business that he hoped to be “very close” to selling the development’s remaining 35 phase one lots by yearend 2016. Speaking after HG Christie was appointed as the exclusive sales and marketing agent for Lyford Hills, Mr Knowles said a phase one sell-out would trigger infrastructure completion for phases two and three. This, in turn will free more than 100 lots for sale, with Mr Knowles and fellow realtor, Shamon Campbell, estimating that Lyford Hills’ total construction worth will be “four to five times’” sales value once all homeowners have constructed their properties Mr Knowles said that while Lyford Hills had been in development for several years, sales had “stagnated” prior to HG Christie’s appointment, and the firm was now moving to revive buyer demand. “It’s been on the market for a few years,” he told Tribune Business of the community, which is located just east of Lyford Cay itself. “But the last couple of years it has stagnated, probably due to the slow economy, but we also feel there was a lack of identity and market push.” Mr Knowles said they had managed to sell two lots in the two weeks since formally relaunching Lyford Hills on to the market following HG Christie’s appointment. “The developers are developers. They haven’t really been marketing it that much,” he reiterated. “Based on the reaction so far, we think it’s going to be very successful. “The market is still somewhat challenges based on what’s happening out there, but we’ve sold two lots in two weeks. We think See PG B3

PAGE 2, Friday, July 8, 2016

THE TRIBUNE

How to marry foreign and local expertise SINCE 1492, expatriates have been welcomed to the Bahamas in various fields to share their wealth of knowledge, enhancing our products and services. Employing the services of expatriates can become a quite difficult task and, as with everything, there are ‘pros and cons’ - advantages and disadvantages. One clear benefit from hiring an expatriate might be the importation of international ideas and perspectives that add greater diversity to a company ready to expand and think more globally. In smaller countries such as ours, where the talent pool may be quite small, this becomes necessary in new and technical areas where a wider range of exposure is needed. Local talent ofetn takes great exception to the hiring of foreign talent, claiming that these opportunities limit their rise to senior executive roles. Further, the

compensation packages - usually inclusive of allowances for accommodations, transportation and the like seemingly send the message that we value the expatriate over Bahamian talent. This resentment, coupled with the many other costly complications associated with hiring expatriates, leaves a sour taste in the mouths of many involved in the process. For international companies, franchises and those with majority/controlling foreign shareholders, hiring expatriates is not optional but inevitable. The question must be, then, how we ensure we maximise the benefits from having expariates on the team, and minimise any ill-feeling associated with engaging their services? My sole answer to this question is a well-devised and structured ‘Cultural Immersion Orientation’, which helps the new foreign team

member with their assimilation into the work/country environment. This programme must incorporate relevant aspects of the history, geography, culture, customs, civics and government. It should provide them with a thorough listing of things to do and see. This programme should include a ‘survival kit’ of places to go, and people to see, when you need critical things done, such as securing basic utilities, hospital services and the like. A beautiful touch to the orientation programme will allow them to touch, taste and see the product on tour, letting them experience native cuisine. Companies who value teamwork, and want to see greater productivity and efficiency among expatriates and those required to work with them, will give their foreign workers this very important service. To have this expertly delivered for your

IAN FERGUSON team, contact the BahamaHost office at 326-5179. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

Delta discusses tourism strategy DELTA Airlines officials paid a courtesy call on Ministry of Tourism officials recently at Graycliff Restaurant. The two sides were able to discuss strategic joint partnership initiatives in a more relaxed setting, including the newly-launched scheduled non-stop flights by Delta to Marsh Harbour and North Eleuthera from Atlanta. These flights join the successful Atlanta to Exuma non-stop scheduled flight, which was launched a few years ago. Exuma, Abaco, Harbour Island and Eleuthera are now enjoying

HARBOUR BAY

SHOPPING

PLAZA

SPACE for

RENT 357-3414

improved tourism market access as a result. Delta also continues to operate a schedule of daily non-stop flights to Nassau/ Paradise Island and Grand Bahama from Atlanta. It also offers non-stop flights to Nassau/Paradise Island from both JFK and La Guardia airports in New York. Leading the Delta sales team was Nicolas Ferri, vice-president - sales, Latin America & Caribbean, who is standing between Tourism director-general, Joy Jibrilu, and the permanent secretary. Also present were Shane Spyak, Delta’s managing director - global sales, Latin America; Aaron Murray, managing director - revenue management and pricing; Hosea Zapata, general manager - sales and marketing, Central America and Caribbean; and Christine ‘Chris’ Kennedy, general manager - global relationships/network planning (pictured between the director-general and permanent Secretary in larger group photo). Also pictured (in second row, far right of smaller group photo) is Sarah Roberts, Delta’s country manager for the Bahamas; and (top middle) Richard Pile, Delta’s district sales manager for the Caribbean

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

. C O M

@100JAMZ242

THE TRIBUNE

Friday, July 8, 2016, PAGE 3

Progress, but much untapped potential THE Bahamas has not fully lived up to its potential ‘post-Independence’ in the business arena despite some notable advancements over the past four decades according to some local businessmen. “Certainly the reality has not met the expectations of those who were the Members of Parliament who would have voted for Independence,” said prominent local businessman Sir Franklyn Wilson. As to some of the positive developments in business since 1973, the Sunshine Holdings Ltd chairman noted the maturity of certain institutions such as the Central Bank and the formalisation of capital markets by the formation of the Bahamas International Securities Exchange (BISX) and related entities. “I would wish to see a recreation and deepening of some of the fundamental elements of the spirit which supported and indeed fuelled the march, first to Majority Rule and then to Independence,” said Mr Wilson, on his hopes for the future. “This would include a wider acceptance of a commitment to the reality that self-reliance today is the key to tomorrow; to greater appreciation for increasingly strong bonds of family and community; and a rekindling of the need to work harder and save more. Forward progress in these areas will help to reduce the expectation that somehow it is the role of the Government, regardless of party in power to empower Bahami-

Natario McKenzie sounds out views on how business has prospered in the Bahamas during the last 43 years

FRANKLYN WILSON an businesses, and spread more widely the awareness that businesses are built by entrepreneurs who find solutions to problems, often despite Government action or inaction.” Among the younger generation of Bahamian businessman, Christian Sawyer, President and CEO of Sunryse Information Management, formerly Sunryse Shredding, said that while the country has done well in the tourism sector, with a model being emulated across the region, the Bahamas has still not progressed as much as expected. “We have fallen short in a number of areas. We have fallen short in the labour force, in that we do not have a sufficiently trained labour force to meet the demands of a global economy. I think that we have fallen short in areas of financing and

providing ready capital for young businesses. We have not diversified the country’s economy sufficiently in the last 40 years to keep pace with the global demands. When we diversify, our work force will become educated in different industries and that broadens the sector and increases opportunities for individuals,” said Mr Sawyer. He added: “Successive governments have gotten too much in the role of providing jobs as oppose to providing careers and facilitating the environment for companies to grow. Businesses develop when there are fewer taxes, more incentives, and reduced expenses. I just don’t think that there are enough incentives for small and medium business to survive and thrive.” As to the positive developments that have emerged for Bahamian businesses Mr Sawyer said: “I would definitely say advancements in telecommunications. Is there work that still needs to be done? Absolutely but I think that in the past 40 years, all forms of communication have had an impact on how businesses operate. This has aided businesses to be able to relate to other companies and vendors locally and around the world. Even within in the past 10 years we see how social media has enhanced the way entrepreneurs are able

that by the end of the year, we will be very close to selling those 35 first phase lots.” That will immediately lead to the 100-plus lots in phases two and three becoming available, triggering the extension and completion of existing road and utilities infrastructure. “All the infrastructure is in place for phase one,” confirmed Mr Knowles. “Once we sell the bulk of the 35 lots we have now for the phase one development,

we will get going on phase two, just carrying the roads and electricity through. It’s much easier than starting from scratch.” Mr Knowles estimated Lyford Hills’ total sales value at “$40-odd million”, with “build-out value four to five times’ that. He said Lyford Hills’ main attraction was its lot price points combined with amenities, plus its location in western New Providence, where it is in close proximity to affluent areas such as Lyford Cay, Old Fort Bay

‘No way’ Bahamas can be cut to junk From pg B1 Moody’s left open this possibility in Friday’s announcement of its twomonth review of the Bahamas’ sovereign creditworthiness, saying that a downgrade might cut this nation’s rating by “one or more notches”. A two-notch slash would take the Bahamas to ‘junk’ status, costing this nation its investment grade rating, and sending a profoundly negative message to the international capital markets and both Bahamian and foreign investors. Mr Smith, though, argued that it would be illogical for Moody’s to initiate a ‘junk’ downgrade, as it was akin to saying “that the Government will be unable to meet its debt obligations as they come true”. Pointing out that such an action would also rate the

Bahamas below the likes of Barbados and Jamaica, both of which have much more significant debt mountains and fiscal problems, he told Tribune Business: “No way in the Bahamas at this time can you reach that conclusion. “If you’re telling me that I can’t meet my debt obligations, I have a real problem with that.” Mr Smith said there were “many reasons” why ‘junk’ status for the Bahamas was not warranted, beginning with the Government’s debt servicing ratio. For the 2016-2017 Budget, the Government is forecasting it will spend $271.735 million on paying interest (debt servicing) costs, with another $281.081 million going towards repaying debt principal as it matures. The collective $582.816 million in debt-related

campus and instead of having to rent a building, they could rent machines within the building to kick out their products. “This way they do not have the high overhead costs that come along with starting a business. I would also like to see the cost of financing to become lower. From an institutional level, I’d like to see the government’s platform for the next 20 years to reduce the ease of doing business in the Bahamas and to make it comparable to that of nations such as Singapore.” Still, he noted that success of a business must not only be left to the institu-

to reform the system so that they are better educated on how to manage money and how to manage the craft in which they are getting into,” said Mr Sawyer. “From a business development perspective, entrepreneurs should look at getting into services and industries that will be relevant over the next 40 years, like sustainable energy to reduce our reliance on energy created by fossil fuels. We should be getting into solar systems heavily and using it on islands like Andros where they can be selfreliant and off the grid. We also need to look at wind and ocean-generated ener-

“The crop of entrepreneurs that are coming out, even though they have an idea, that’s only five per cent of what they need. We need to reform the system so that they are better educated on how to manage money and how to manage the craft in which they are getting into.” need additional avenues to provide funding for people to birth new businesses.” He added: “If I could wave a wand, here’s what I would I like to see for the next generation of Bahamian entrepreneurs: I would like to see reduced taxes for three to five years for new Bahamian businesses and minimum import duty taxes for three to five years. I’d also like to see greater access to Crown Land so that business can set up shop. It would be great to have a commercial campus where persons could go and have an incubated process, where they can go on that

tions. “It’s also up to the entrepreneur. They have to educate themselves on their industry and be responsible with the funds they are given in order to make a success of their business venture. Education and mentorship is needed. A lot of people need help in running businesses and they need good, strong mentorship. In the next 40 years, in order for this country to survive and thrive, we have to reform education. The crop of entrepreneurs that are coming out, even though they have an idea, that’s only five per cent of what they need. We need

gy. The whole recycling industry is huge as well. And I would definitely like to see that, within the next 40 years, we are producing and sustaining our own natural food supply. “We need to look at areas where we can diversify the economy further including medical tourism and possibly creating a technology hub, providing incentives to attract major players in the technology industry like Google and Microsoft to set up operations in the Bahamas.” See The Tribune’s 43rd anniversary of Independence supplement today

and Albany. Five town homes, valued at between $450,000$550,000, are also being made available for sale by

the HG Christie team on Lyford Hills’ behalf. “It’s a very attractive community,” Mr Knowles added, “especially for the price points it’s selling at. Lots start at $140,000, and while they can go up to over $200,000, they average between $140,000 and $180,000. “We will also be partnering with a very prominent local developer to build spec homes in the community. They will be building custom homes starting at $350,000.” Mr Knowles said he was unable to identify the developer, as their agreement had not been finalised, but added that Lyford Hills was

attracting interest from outside the Bahamas following its relaunch, including real estate brokers in New York. “We just feel that in five10 years, in that area [of western New Providence], it is going to be difficult to find opportunities like Lyford Hills,”he told Tribune Business. “A big part of what we have to do is re-educate people as to what Lyford Hills is. Not a lot of people have been out here and seen the community first hand. “It’s not Serenity, it’s not Jacaranda. Personally, I think it has the ability to be a step above Charlotteville, given what’s planned. Once people realise that

it’s an amazing opportunity, in five years it will be all bought up. You can have the same quality of life that you get in Lyford Cay and Old Fort Bay for a fraction of the price. To me, it’s a no brainer.” Mr Knowles said Lyford Hills’ clubhouse, tennis courts and swimming pool were all currently under construction. Other amenities include security, a bistro, fitness centre, gym and golf putting greens. Pointing to the walking trails, he added: “You really feel like you’ve left Nassau, and you’re in a really peaceful, tranquil environment. That’s something not seen anywhere else.”

spending, Mr Smith said, amounted to just 25.8 per cent of the Government’s budgeted $2.263 billion in spending for the new fiscal year. He compared this to the 40 per cent debt servicing ratio adhered to by bank loan officers when assessing a potential borrower’s creditworthiness, and said the Government’s was “half that amount”. And, should the Government find “its back against the wall” at some stage, Mr Smith said it owned a considerable portfolio of economic and infrastructure assets that could be sold to generate cash. “There are areas the Government has yet to touch in terms of outsourcing and privatisation,” he told Tribune Business, citing its 49 per cent equity stake in the Bahamas Telecommunications Company (BTC) as an example. BTC continues to generate profits of around $40 million per year, and Mr

Smith said other revenuegenerating assets included the likes of the Paradise Island Bridge. “You don’t see an asset register because the Government doesn’t have a balance sheet,” the former finance minister and Central Bank governor added. “But for these reasons, any objective analysis would find the Government is a long way from not being able to meet their debt obligations.” Mr Smith further echoed the Christie administration’s rationale for why a downgrade was not warranted, explaining that the composition of the Bahamas’ $6.6 billion national debt was key. He said the maturities/ redemptions for the Government’s various bond issues were spread out over the medium and long-term, meaning the Bahamas would not be faced with having to finance massive nine-figure repayments at any one time.

And just $1.733 billion, or around 25 per cent, of the national debt is held by foreign investors. The majority is owned by Bahamasbased institutions, such as the National Insurance Board (NIB), Central Bank and commercial banking industry. This favourable debt profile, Mr Smith explained, would enable the Bahamas to reschedule or restructure the bulk of its debt as a lastresort option, should this become necessary. “We’re a long way from not being able to meet our debt obligations,” Mr Smith told Tribune Business. “We’ve never been forced into a position of reliance on things like sales of assets, restructuring or outsourcing. Good or bad, we’ve never been forced to make any real draconian changes in policy. We’re still not at that point yet.” As a result, Mr Smith said it was impossible for Moody’s to cut the Bahamas’ sovereign creditwor-

thiness to ‘junk’. “I’m saying these guys can’t say that,” he argued. “If they do, we’ll have to look elsewhere. That’s the point I’m making. It’s not a threat to them. “It’s not a downgrade; it’s the ‘junk’ status. There’s no way in my estimation, and in many other people’s estimation, that the Bahamas can be ‘junk’, and Barbados and Jamaica can’t.” Mr Smith agreed with Moody’s analysis that the Bahamas’ economic performance had been “really bad”, but added that this was partly explained by the world economy’s uneven outturn, which impacts the external forces affecting this nation. “To say the performance is bad and that we have to get some growth in here, I have no problem with that,” he told Tribune Business. “But the bottom line is that we’re nowhere near that sort of thing ‘junk’ status, and they ought to know that.”

Realtors targeting $40m sales to wake ‘sleeping giant’ From pg B1

to interact with customers. This has helped businesses to promote their products and services through various channels in a cost effective way.” Going forward Mr Sawyer said that improving the business environment for budding entrepreneurs is key. “Despite setbacks in our economy, I still think that we are a resilient nation and we continue to be creative. There are people who have a lot of good ideas, in particular when they see the need. You’ve had vehicles like the Bahamas Entrepreneurial Venture Fund that has assisted persons with funding. But we

TENNYSON WELLS

Classic + COOL

Classic Air Conditioners / Ductless Units 9,000 BTU 220V: $ 503.10 9,000 BTU 115V:

$ 532.13

12,000 BTU 220V: $ 532.13 12,000 BTU 115V:

$ 556.32

18,000 BTU 220V: $ 822.37 24,000 BTU 220V: $ 1141.65 Sales & Full Service Department Rosetta & Montgomery Streets T: 322-2188/9 | E: geoffjones@comcast.net | www.geoffreyjonesandco.com

PAGE 4, Friday, July 8, 2016

THE TRIBUNE

Govt ‘encourages’ Bahamian group’s landfill ‘win-win’ From pg B1 ous smoke that has plagued nearby communities and businesses. He described the remediation study as “the missing link” in what was required to solve the problems at the Tonique Williams Highway site. Mr Dorsett was speaking before Renew Bahamas’ current financial difficulties again came to the fore earlier this week, with confirmation that around 40 of its 120-strong workforce had been laid off since the beginning of June 2016 (see other article on Page 1B). The landfill manager wants to renegotiate its contract with the Government, after finding that its business model, which is totally dependent on income generated by a materials recycling facility, is failing and resulting in the company losing “millions of dollars”. Mr Dorsett was tightlipped on the status of negotiations between the Government and Renew Bahamas when contacted by this newspaper earlier this week. Having told this newspaper to contact him for a briefing following a previous interview, he would only say: “No update yet. That Parliamentary thing threw everything off.” The Minister did not explain what “that Parliamentary thing” was, although

it could be a reference to the long-running Budget debate, during which he revealed that an engineering assessment of the New Providence landfill’s remediation needs was being conducted. Tribune Business understands that Renew Bahamas and the company doing the study have been co-operating well together, with the Government believing the review will enable it to get a better grasp on the landfill’s issues and potential solutions. “We have received a preliminary assessment for the remediation of the landfill,” Mr Dorsett told Tribune Business. “That will factor into any decision on the way forward. “That has been the missing link; having a scientific report. We have a preliminary assessment on what needs to be done for remediating it, and arresting the fires.” Mr Dorsett said the engineering study was being conducted “in parallel” to the talks between the Government and Renew Bahamas. When asked by Tribune Business whether landfill remediation, and plans for doing this, were part of Renew Bahamas’ contractual obligations, the Minister conceded that his ministry lacked the technical capabilities to properly review

Landfill chief: ‘Don’t read anything’ into our CEO transition From pg B1 phases - the start-up phase, and the operational phase. Things change.” He declined to comment, though, on the status of Renew Bahamas’ negotiations with the Christie administration to the terms of its five-year landfill management contract, which it wants to amend to stem

multi-million dollar losses. And Mr Beukes also declined to comment “at this time” when asked about Renew Bahamas’ plans, and whether it would be at the landfill for ‘the long haul’. Concerns over the company’s sustainability were expressed in yesterday’s newspapers by some of the 40 staff laid-off since early

THE NEW PROVIDENCE LANDFILL any such proposals. “Renew Bahamas had responsibility for submitting a remediation plan, but we did not have the technical team in-house to review it,” Mr Dorsett told Tribune Business. “We didn’t want to take what Renew Bahamas presented at face value.” Hence the engineering firm’s hiring, and subsequent study, which will “indicate what the next step is”. Meanwhile, Mr Dorsett said it was “absolutely critical” that green and wood waste be diverted from the New Providence landfill, given its potential to cause and sustain fires. “I’ve encouraged the

Bahamian consortium to advance a proposal that speaks to green waste,” he added. “We will not make a determination on it until we have the ultimate remediation plan, but we do want to ensure green waste is diverted from the landfill. “That is our overall intent, and we encourage the Bahamian consortium to bring their proposal forward, as it’s not something that Renew Bahamas is doing. “We will bring both parties to the table. We must take a holistic approach to this, and if there are multiple players involved, how that works from an operational standpoint. Tribune Business ear-

lier this year revealed how the Waste Resources Development Group (WRDG),made up of Bahamian waste services providers, Bahamas Waste, Wastenot, Impac and United Sanitation, had submitted a plant to divert wood and green waste away from the landfill. Ginny McKinney, head of Wastenot, described the plan as “a win-win” for all stakeholders, as green and wood waste streams would be taken from the landfill and recycled into compost and mulch. Suggesting that these accounted for around 25 per cent of the waste flowing into the landfill, Ms McKinney said WRDG’s plans

would free-up capacity and remove a “volatile component” that was helping to “feed” the frequent fire outbreaks at the landfill. Mr Dorsett, meanwhile, said the Government hoped to create a recycling depot at the New Providence landfill during the 20162017 Budget cycle. He suggested it would be located at the landfill entrance in an area “off the road”, where materials could be “dropped off, and the likes of electric, plastic and wood waste separated. Vehicles would also escape damage by not having to venture on to the landfill, or cross its weigh bridge.

June, who are fearful that it may be winding down its operations, and will not be in existence to pay them severance pay and other due benefits. The Renew Bahamas redundancies come as little surprise, and had been in the offing for several weeks, after Tribune Business revealed in late April that suppliers and security companies were complaining of late or no payments from the company. The landfill operator has been hard-hit by the early April fire that knocked out its ‘baler’, as this has meant

it is unable to package any recycled materials for export or local sale. With recycling its only income stream, and no revenues coming in as a result, Renew Bahamas has little choice but to seek to reduce its costs to try and remain viable. With a monthly top-line of $250,000, Renew Bahamas has likely lost around $750,000 in revenue just over the past three months. Mr Beukes was yesterday unable to give a date for when the baler would be repaired, and recycling resume, saying: “They’re still looking at it. It’s quite a complex piece of machinery.” Several observers of the situation at the landfill, though, speaking on condition of anonymity, have queried why such an important piece of equipment has been down for so long, and

whether Renew Bahamas had insurance cover for it. Mr Beukes, meanwhile, described the company’s employees as its “most valuable asset”. “We want to make things better for the country,” he added. “There are many good people working 24 hours a day to turn this into a Bahamian success story. We’re trying to do all we can to resolve the situation there.” Renew Bahamas earlier this year said that changes to its management contract were essential to eradicate “substantial” losses, which showed its original financial projections were invalid, and have a viable business going forward. “What we are asking government to consider is to change the financial terms of our arrangement. We have lost millions of dollars. Our financial situation is

not good,” Mr Beukes said earlier this year. “What we are trying to do is change the profile of the contract, which means that we would be a viable business going forward. There are some ideas we are working on to ensure that a significant piece of ownership is transferred to Bahamians.” He described the landfill management contract as “a classic frontier investment”, and said there had been numerous “unknowns” that Renew Bahamas was now aware of, but which it had not allowed for in its original business plan and projections. Renew Bahamas’ effort to re-negotiate its contract, which runs until 2019, has placed the Christie administration in a difficult position. It placed much faith in Renew Bahamas to solve the landfill’s woes, and is likely to be unhappy that the firm is seeking to alter the deals financial terms just two years in. The Government has also been under immense public pressure over the recurring landfill fires - and the associated environmental, health and economic impact on nearby communities and businesses. There have been suggestions that the Christie administration has been seeking alternatives and ‘Plan B’ options for the New Providence landfill, should an adequate compromise with Renew Bahamas prove impossible. The latter’s latest difficulties again prompted calls for greater transparency from the Government on the landfill, and the disclosure of all its agreements with Renew Bahamas. Branville McCartney, the Democratic National Alliance’s (DNA) leader, who has made the landfill one of his key ‘issues’, said: “We don’t know where this is going to lead that company as to their operations, but we don’t know what that operation is all about. “We’re still trying to find out what their mandate is. We want to know what they are doing here. What is the essence of Renew Bahamas? We’ve been asking for that for two years. “It’s really very concerning that the Government has been very reluctant and quiet as to what they were engaged to do. Why are they there? They have not had any impact on recycling in this country.” Mr McCartney said there seemed to have been “a failure all around” with regard to the Government’s New Providence landfill strategy. “Any negotiation with them ought to be for them to pack up and leave,” he added of the Government’s talks with Renew Bahamas. “That ought to be the type of negotiation going on here.”

Certified General Accountants Association of The Bahamas

PUBLIC NOTICE The Public is advised that effective April 6th, 2016, the following Officers and Directors were elected by the membership to serve on the Board of Directors of the Bahamas Real Estate Association. 1.

OFFICERS Carla Sweeting, Christine Bowe Wallace-Whitfield, Sara Callender, Kevin Cross DIRECTORS Silvina Andrews Sally Hutcheson Elbert Thompson

President Vice President Treasurer Secretary

Jolika Buckner C. Michael Lightbourn

THE FOLLOING DIRECTORS ELECTED AT THE 2015 AGM WILL CONTINTUE TO SERVE UNTIL 2017: Laura Kimble Anthony Wells,

4. APPOINTMENT OF REGISTRAR FOR 2016-2017 YEAR Miss June E. Fife has been appointed Registrar for the period 2016-2017 Year by the Real Estate Board of the Bahamas Real Estate Association.

Date: June 22nd, 2016

(a) Certified General Accountants Association of The Bahamas is in dissolution. (b) In accordance with Section 226 of the Companies Act 1992 the dissolution of the said company commenced on the 2nd day of February, 2015 on the passing of a resolution by the Directors and members of the company. (c) The Liquidator of the said company is Errol Haines, of P. O. Box N-4911, Nassau, Bahamas.

DIRECTORS ELECTED TO SERVE UNTIL MARCH 2017

Stuart Halbert, Chandra Parker,

NOTICE IS HEREBY GIVEN as follows:

June E. Fife, Registrar

Errol Haines Liquidator

NOTICE

The Utilities Regulation and Competition Authority (“URCA”) issues this Notice in accordance with section 38(3)(c) of the Electricity Act, 2015 (“EA”). URCA invites and welcomes written comments from interested parties regarding its Consultation Document ES 02/2016 on the draft Public Electricity Supplier Licence. Within fourteen (14) calendar days after the consultation closes, URCA will carefully consider the comments received and issue a Statement of Results and Decision along with the finalised text of the licence. All responses must be addressed to the attention of URCA’s Chief Executive Officer in accordance with the instructions as set out in the Consultation Document. Interested persons now have until 5:00 p.m. on Wednesday, July 20, 2016 to submit their comments to URCA. The Consultation Document may be downloaded from the “Publications” section of this website. July 6, 2016

THE TRIBUNE

Friday, July 8, 2016, PAGE 5

Bran: US gives ‘kick in hip’ to Govt policies From pg B1 us, plain and simple, is that the Government must stop its foolishness. I’ve said, over and repeatedly, that no foreign direct investment (FDI) is coming at this time because they don’t want to deal with this government. “The report indicates that they don’t want to deal with this government because of lack of transparency with these contracts. I’ve met with investors, and they’ve told me they’re not dealing with this government.” Tribune Business revealed yesterday how the US State Department’s annual investment climate statement on the Bahamas warned yet again that the

Government’s procurement processes are “particularly susceptible to corruption”. “The procurement process is particularly susceptible to corruption, as it is opaque, contains no requirement to engage in open public tenders, and does not allow award decisions to be reviewed,” the US investment climate statement blasted. “The Government has laws to combat corruption of, and by, public officials, but they appear to be inconsistently applied. Reports of corruption, including allegations of widespread patronage and the routine directing of contracts to party supporters and benefactors, have plagued the political

system for decades.” The report also repeated concerns over “a lack of transparency and undue political interference” with government procurement contracts, and said anticorruption laws were “inconsistently applied”. Pointing to how the US concerns continued to be repeated year after year, Mr McCartney told Tribune Business: “It indicates that the Government is not doing anything to take into account or change the way of doing business. “They do business the way they think they ought to do it, and that is not being transparent. It shows they just don’t care about what the international community says about the way the Government does business, and it is the Bahamian people who suffer most.” Mr McCartney questioned why the Government

had failed to respond to the US State Department report, or challenge any of its assertions or findings. He added that the typical response has been to tell the US to ‘put its house in order’ first, rather than criticise the Bahamas, and to argue that there is more corruption in our northern neighbour than here. “They’ve failed to say they’re right or wrong,” the DNA leader said. “If you’re saying the US report is wrong, they ought to outline what it is. “Alternatively, the Government should show they are open and transparent with contracts, and give examples, but they can’t do that because they’re not open and transparent.” The US report alleged: “Some US companies have alleged a lack of transparency and undue political influence with government

bidding and procurement processes. There is no requirement to engage in open public tenders, and award decisions are not subject to review. “The Government has implemented procurement procedures in the management of funds from international lending agencies, but has not yet implemented best international practices for the management of national finances. “In several highly publicised requests for proposal (RFPs), the Government has not met self-imposed deadlines, and contract renewals have been pending for 12 months or more.” Mr McCartney suggested that the Government would be unable to ‘run away’ from the US report, given that its economic and fiscal policies are set to come under intense scrutiny from Moody’s, which is threaten-

ing to downgrade the Bahamas’ sovereign creditworthiness. “It’s another kick in the hip of the Government in relation to the way they deal with the economy,” he told Tribune Business. “You have this report saying the Government is not open and transparent in its dealings, and the Government has to go to Moody’s and say they’re trying to do certain things with the economy. “They’re going to have to overcome that report saying they’re not being open and transparent. This is the second time in a year the US has said this, and the Government must answer and respond, if not to the US, the it will certainly come up with Moody’s, no if’s, and’s and but’s.”

Most Asian stock indexes rise on upbeat US economic report HONG KONG (AP) — Most Asian stock benchmarks rose Thursday after an upbeat U.S. economic report helped ease persistent investor concerns over Brexit-related global turmoil. KEEPING SCORE: Japan’s benchmark Nikkei 225 index slipped 0.2 percent to 15,343.37 as the yen strengthened, making the country’s exports costlier overseas. South Korea’s Kospi climbed 1 percent to 1,972.41 and Hong Kong’s Hang Seng rose 0.9 percent to 20,683.90. The Shanghai Composite Index edged 0.2 percent lower to 3,011.95 and Australia’s S&P/ASX 200 added 0.4 percent to 5,215.90. US DATA: Activity at services companies grew last month at the fastest pace since November, in a sign of a good health for the U.S. economy, the world’s biggest. Production, new orders and export orders all expanded at a faster pace in June while employment rose after shrinking in May, according to the report by the Institute of Supply Manage-

ment. Investors will now be awaiting a U.S. payrolls report due Friday. FED MINUTES: The outlook for another U.S. interest rate hiked dimmed further after the release of minutes from the U.S. central bank’s most recent meeting. Policymakers indicated they thought it would be wise to delay a hike until more data showed whether May’s anemic U.S. hiring report was a blip or the start of a trend. Officials also worried about the outcome of Britain’s vote to leave the European Union, which had not yet been held when they met June 14-15. THE QUOTE: "Calmer heads seem to have prevailed in the U.S. and we are once again seeing a situation where the U.S. economy is seemingly looking OK, while the U.K. and Europe are showing increasing signs of fragility," said Chris Weston, chief market strategist at Markets in Melbourne. WALL

STREET:

The

Dow Jones industrial average rose 0.4 percent to 17,918.62. The Standard & Poor’s 500 index added 0.5 percent to 2,099.73. The Nasdaq composite gained 0.8 percent to 4,859.16. CURRENCIES: The dollar weakened to 100.88 yen from 101.00 yen in late trading Wednesday. The euro slipped to $1.1090 from $1.1098. The Australian dollar fell as much as half a cent in early trading to $0.7467 after rating agency Standard & Poor’s cut its outlook for the country’s sovereign credit rating to negative from stable because of the government’s weakening financial position. ENERGY: Oil prices extended gains, with benchmark U.S. crude futures rise 25 cents to $47.69 a barrel in electronic trading on the New York Mercantile Exchange. The contract closed up 83 cents, or 1.8 percent, to $47.43 a barrel on Wednesday. Brent crude, used to price international oils, added 19 cents to $48.99 a barrel in London.

Project:

Request for Proposals and Qualifications Hotel Renovations

CORAL TOWERS ATLANTIS PARADISE ISLAND, BAHAMAS dck Bahamas Inc. is hereby soliciting contractors interested in providing qualifications and proposals for renovation work for the above referenced project.

Project Description

the project consists of refurbishing and renovations to Guestrooms and corridors, ocean tower, Lagoon tower, and coral towers Main Lobby. the Guestroom work includes demolition, millwork, electrical, HVAc, paint and tile. the Lobby will be refinished with new materials. this is a phased project and will be turned over to the owner progressively. All locations will be worked on at the same time.

Proposal Request

this project may require that the contractor provide a Performance and Payment Bond or Surety Letter of credit for the value of the work. the owner and construction Manager reserves the right to accept a proposal that is in the best interest of the owner. the Atlantis is a World class Facility and has expectations of the highest quality of work. Interested parties should send an email to the address noted

SMOAtlantisBahamasRenovation@dckww.com by July 15, 2016.

A TRADER watches the Hang Seng index at the Stock Exchange in Hong Kong, Monday, June 27, 2016. Japanese and Chinese stocks rose Monday but other Asian markets declined, crude prices fell further and U.S. shares appeared headed for a lower opening as jittery traders watched for more fallout from Britain’s vote to exit the European Union. (AP Photo)

PAGE 6, Friday, July 8, 2016

THE TRIBUNE

Forecast for stocks in the second half of year: Turbulence NEW YORK (AP) • The stock market has been on a frustrating, dizzying roller-coaster ride to nowhere the last couple of years. It’s still not over. Stock strategists and mutual-fund managers are predicting minimal gains and big swings in price for the second half of the year. That’s because many of the same challenges that yanked investments up and down in the first half are still hanging over the market, including falling profits at companies and the stubbornly slow global economy. "Flat is the new up" is how strategists at Goldman Sachs described the market in a recent report. They are calling for the Standard & Poor’s 500 index to end the year at 2,100, which would be just a 0.01 percent rise from where it sat on Wednesday. Other investment houses have similar forecasts. A flat market may not be so painful on its own, but prognosticators expect sharp swings in prices also to continue. The first six months of the year have already had 20 days where the largest mutual fund by assets, Vanguard’s Total Stock Market Index fund, lost 1 percent or more. That’s the same number it had in all of 2013. Strategists say they wouldn’t be surprised to see another 10 percent drop for stocks at some point this year. It would be the third such "correction" since 2015, a sharp turnaround from 2012 through

2014 when there were none. Swings have become more common for stocks since the Federal Reserve ended its bond-buying stimulus program in October 2014, but they’ve followed a consistent pattern: A quick drop stirs up fear, only for a rally to ensue. The United Kingdom’s vote late last month to leave the European Union was the latest example. The Standard & Poor’s 500 index had one of its worst two-day drops, only to make up nearly all of it in the following three days. The dip-recovery-dip pattern has been so regular over the last 18 months that the S&P 500 is now almost exactly where it was at the end of 2014. Some investors have reacted to the market’s gyrations by fleeing stocks. Nearly $52 billion left U.S. stock mutual funds and exchange-traded funds in the 12 months through May, according to Morningstar. Investors who need that money shortly, say in the next couple months or years, shouldn’t have been in stocks to begin with, managers say. They should have been in a savings account or bonds. But those looking to invest for retirement decades away would likely do best to ignore the swings, as difficult as that may be. Stocks have historically had the strongest long-term returns. Among the factors that could send stocks down, and back up, in the short term:

exit will further weaken its economy and those of its continental neighbors. The world’s second-largest economy, meanwhile, has been one of the market’s largest worries for years. China’s economic growth has slowed sharply, and economists are debating where it will bottom out. More encouragingly, the U.S. economy is expected to continue growing. A strengthening job market and relatively low inflation mean economists expect consumers to spend more.

• Questions policy.

TRADER Jeffrey Lucchesi works on the floor of the New York Stock Exchange. The stock market has been on a roller-coaster ride to nowhere for the last year and a half. Expect the frustrating ride to continue. Stock strategists and fund managers are predicting minimal gains and big swings in price for the second half of the year. (AP Photo)

• Earnings are falling, but the bottom may be arriving.

Companies have just closed the books on the second quarter, and analysts say earnings per share across the S&P 500 fell 5 percent from a year earlier. It would be the fourth straight decline in a row, according to S&P Global Market Intelligence. The sharpest drops are likely to come from energy producers, which are still reeling from the plunge in the price of crude oil. Tech companies and other sectors are also seeing profits weaken amid slow or non-

existent revenue growth. Analysts expect the trend to improve later this year, though. They’re forecasting S&P 500 profits to begin growing again in the third quarter.

• Stocks aren’t cheap.

Stocks in the S&P 500 are trading at about 26 times their average earnings per share over the last 10 years, adjusted for inflation. That’s nearly double the ratio they were trading at when stocks hit bottom in March 2009 following the financial crisis, according to data from Yale University professor Robert Shiller.

One reason for stocks’ popularity is that bonds are offering very little in terms of yield. The 10-year Treasury note’s yield dropped to a record low of 1.32 percent on Wednesday, according to Tradeweb. If yields stay low, investors may be willing to continue paying higher valuations for stocks.

• The global economy is still shaky.

The freak-out following last month’s "Brexit" vote shows how worried investors are about the global economy. Europe is already struggling, and the fear is that the United Kingdom’s

about

Presidential-election years have historically been a struggle for stocks, particularly when there’s no incumbent running. The S&P 500 has had an average 3.3 percent loss in the last year of a president’s second term, according to S&P Global Market Intelligence. Many lay the blame for that on how investors dislike uncertainty. This election looks to full of it. Fund managers have already begun war-gaming what a Trump presidency could mean for their portfolios. Exporters could be hurt by proposals to limit trade, for example, but they’re unsure about other ramifications. Investors are also guessing about when the Federal Reserve will raise interest rates again. The central bank raised rates in December for the first time since 2006, but many economists think the next one may not arrive until 2017.

Portugal, Spain risk EU fines for missing deficit targets BRUSSELS (AP) — Spain and Portugal face the risk of getting fined by the European Union for missing targets to get their finances in order. Portugal lashed back over the threat, saying it would worsen popular views of the EU only days after Britain voted to leave. The EU's executive Commission said Thursday that Spain and Portugal had

failed to take "effective action" to rein in their excessive deficits over the last two years. Madrid is likely to miss its goals in 2016 as well. Spain's deficit stood at 5.1 percent of gross domestic product last year instead of the targeted 4.2 percent. Portugal's was 4.4 percent rather than 2.5 percent. Commission Vice-President Valdis Dombrovskis

said that "lately the two countries have veered off track in the correction of their excessive deficits and have not met their budgetary targets." The Commission will present its assessment to EU finance ministers next Tuesday and await their recommendations. Dombrovskis said the Commission could decide after that meeting whether

to impose any sanctions and what action it thinks Portugal and Spain must take to correct the problem. He also sought to calm fears of heavy fines against the two countries. Brussels has recently been lenient with France despite its budget woes. "We certainly need to take into account that we are dealing with the aftermath of a financial and

MARKET REPORT THURSDAY, 7 JULY 2016

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

BISX ALL SHARE INDEX: CLOSE 1,964.22 | CHG 3.38 | %CHG 0.17 | YTD 140.27 | YTD% 7.69 BISX LISTED & TRADED SECURITIES 52WK HI 3.62 17.43 9.09 3.50 4.70 0.18 8.34 8.35 6.10 10.60 15.50 2.57 1.60 5.80 8.50 11.00 7.90 6.90 12.25 11.00

52WK LOW 2.21 17.43 9.09 3.14 4.70 0.12 5.67 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 10.50 14.49 2.61 1.41 5.80 8.50 10.96 7.90 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 10.58 14.49 2.56 1.41 5.80 8.50 10.96 7.90 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 0.08 0.00 -0.05 0.00 0.00 0.00 0.00 0.00 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

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

114.07 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

2,000

940

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 27.2 8.5 11.4 13.9 11.4 12.2 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% 2.34% 2.84% 4.14% 3.24% 0.00% 3.54% 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

0.0 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 1.54 1.05 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.38 1.52 1.46 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 1.54 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% 1.56% 3.85% 0.69% 8.09% 1.11% 5.27% 2.03% 0.72% -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 31-May-2016 31-May-2016 31-May-2016 31-May-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

economic crisis. We need to take into account the effort done by both of the countries already," Dombrovskis said. Portugal's government is furious that it might be fined and has warned that such a move could turn the Portuguese against the EU just days after British voters chose to leave the bloc. Portuguese Prime Minister Antonio Costa said in a letter to the Commission, published Thursday, that sanctioning Portugal would be unfair because its budget deficit is on a downward trend. He also said it would be counterproductive be-

cause it would hurt efforts to get the economy back on its feet. A fine, Costa added, would "risk fostering an anti-European mood" because years of austerity have already brought hardship for the Portuguese. The Commission is tasked with supervising national budget plans. Hinting at possible leniency, the EU's top economy official, Pierre Moscovici, said Europe's fiscal rule book — known as the Stability and Growth Pact — "must be applied in an intelligent way."

CALL 502-2394 TO ADVERTISE TODAY! PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, ALEXIS LENIQUE FERNANDER intend to change my child’s name from SYMPHONY ALESIA DRUNIQUE RUSSELL to SYMPHONY ALESIA GARCIA FERNANDER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer,P. O. Box N-742,Nassau Bahamas no later than Thirty (30)days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that CORDERO JOHN ROLLE of Sabbach Close, 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 1st day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that WISLENE BRAVEST MARTIN of Cowpen Rd.,P.O.Box N-356, 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 8th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SAINTUYR JEAN OSTAIS of Ocean St., Golden Gates #1, P.O.Box SB-52944, 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 30th day of June, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, July 8, 2016, PAGE 9

A WALL Street street sign outside the New York Stock Exchange. Stocks are opening higher on Wall Street, yesterday, following solid gains in Europe and some encouraging reports on the U.S. economy. (AP Photo)

Stocks end mixed as crude oil dives and safety stocks fall NEW YORK (AP) — U.S. stocks swerved between gains and losses Thursday and wound up with a muddled finish as the price of oil plunged. Investors also sold utility and phone company stocks. They have favored those companies all year, especially in the wake of Britain's vote to leave the European Union last month. Stocks started higher, building on gains from the previous day. But they fell after a government report that showed oil stockpiles did not shrink as much as investors had hoped. Investors sold government bonds after buying them at a rapid clip earlier this week, and precious metals prices also slid. Energy companies were hammered as the price of oil dropped almost 5 percent. Nate Thooft, head of global asset allocation for Manulife Asset Management, noted that stocks and oil prices have often traded in tandem this year. "Where oil goes, stocks go," he said. "Oil fell dramatically pretty quickly." The Dow Jones industrial average fell 22.74 points, or 0.1 percent, to 17,895.88. The Standard & Poor's 500 index slid 1.83 points, or 0.1 percent, at 2,097.90. The Nasdaq composite rose 17.65 points, or 0.4 percent, to 4,876.81. The Dow rose as much as 66 points in the morning and fell as much as 102 points in the afternoon. The price of oil fell after the Energy Information Administration said crude oil inventories shrank by 2.2 million barrels last week. Analysts expected a bigger drop of 2.6 million barrels, according to S&P Global Platts. Inventories have been at historically high levels lately as the supply of oil outstrips demand. Investors sold some of the safest groups of stocks. Duke Energy shed $1.94, or 2.2 percent, to $85.29. Xcel Energy lost $1.01, or 2.2 percent, to $44.32. AT&T fell 80 cents, or 1.9 percent, to $42.30. The S&P 500's utility and phone company indexes have both climbed 20 percent this year. Bond prices dipped. The yield on the 10-year U.S.

Treasury note rose to 1.39 percent from 1.37 percent. The yield on the 30-year Treasury note remained around 2.14 percent. Both notes have set all-time lows over recent days. Gold, which is trading at its highest price in more than two years, lost $5 to $1,362.10 an ounce. Silver lost 37 cents, or 1.8 percent, to $19.84 an ounce. Copper shed 3 cents to $2.12 a pound. Benchmark U.S. crude lost $2.29, or 4.8 percent, to $45.14 a barrel in New York. Brent crude, used to price international oils, lost $2.40, or 4.9 percent, to $46.40 a barrel in London. In the morning oil prices rose almost 2 percent. Exxon Mobil fell $1.13, or 1.2 percent, to $92.96 and

“There’s a general consensus that there’s going to be a bounce-back for June” Chevron retreated $1.53, or 1.5 percent, to $103.05. Organic food maker WhiteWave Foods jumped after French yogurt giant Danone agreed to buy the company for $56.25 a share, or about $10 billion. The deal would expand Danone's range of health foods and the U.S. market. WhiteWave gained $8.80, or 18.6 percent, to $56.23. Dutch anti-virus software company AVG Technologies surged after rival Avast Software agreed to buy it for $25 a share, or $1.3 billion. AVG stock advanced $5.79, or 30.8 percent, to $24.58. Health insurers Aetna and Humana slumped as investors worried that the government will stop the companies from combining. Aetna, the third-largest U.S. health insurer, agreed to buy Humana last year for about $35 billion in cash and stock. But the companies can't complete the deal without approval from the

Department of Justice. Humana stock dropped $17.24, or 9.6 percent, to $162.74 and Aetna skidded $4.77, or 4 percent, to $115.47. Investors are looking at reports showing healthy hiring. A survey by payroll processor ADP said private U.S. companies added 172,000 jobs in June, a sign hiring may have picked up again after it slowed down in April and May. Meanwhile the U.S. government said weekly applications for unemployment benefits fell last week, another sign employers continue to hire more workers. The government will release its own jobs report on Friday. "There's a general consensus that there's going to be a bounce-back for June," Thooft said. He said stocks could trade lower if the results are disappointing, but added that if the report is solid or better than expected, investors might wonder if that will encourage the Federal Reserve to raise interest rates. Costco stock gained $7.69, or 4.9 percent, to $163.70 after investors were pleased with the warehouse club operator's June sales. Hard drive maker Western Digital forecast stronger results for its fiscal fourth quarter after it acquired flash memory chip maker SanDisk in May. Western Digital stock rose $2.20, or 4.8 percent, to $47.66. In other energy trading, wholesale gasoline lost 7 cents, or 4.9 percent, to $1.36 a gallon. Heating oil fell 6 cents, or 4.1 percent, to $1.41 a gallon. Natural gas lost 1 cent to $2.78 per 1,000 cubic feet. Britain's FTSE 100 rose 1.1 percent, France's CAC 40 added 0.8 percent and Germany's DAX increased 0.5 percent. Japan's benchmark Nikkei 225 index slipped 0.7 percent. South Korea's Kospi climbed 1.1 percent and Hong Kong's Hang Seng rose 1 percent. The dollar declined to 100.76 yen from 101.40 yen. The euro fell to $1.1055 from $1.1105. The British pound declined to $1.2896 from $1.2922. It's been trading at 30-year lows over the last few days.

Oil prices skid as traders worry there’s a fuel glut NEW YORK (AP) — Oil prices fell nearly 5 percent on Thursday after a government report on fuel stocks reinforced worries about an oil glut. The report said that crude inventories are declining at a slower pace than expected. Stockpiles of oil and gasoline remain high, even though people drive more during the summer. A country awash in fuel has stalled an oil-price rally that began in February. The Energy Information Administration said Thursday that inventories fell by 2.2 million barrels to 524.4 million barrels last week. S&P Global Platts had forecast a decline of 2.6 million barrels, while the Ameri-

can Petroleum Institute estimated a drop of 6.7 million barrels. Gasoline stockpiles also declined by less than Platts expected. They had risen the week before, pointing to production that is outpacing even the stronger demand for gas in summer. Benchmark U.S. crude slid $2.29, or 4.8 percent, to settle at $45.14 on the New York Mercantile Exchange. Brent crude, the international price, fell $2.40, or 4.9 percent, to $46.40 a barrel. Oil prices skidded to a 13-year low in February but have since rebounded by more than 70 percent. There are fewer new wells coming into service. That

means overall production is likely to continue falling, but only gradually. That is likely to push prices higher. Producers in U.S. shale formations from Texas to the Northeast have reduced output, and pumping has been interrupted in some foreign fields. The American Petroleum Institute estimated that in the second quarter, the number of completed U.S. oil wells — those that drillers had finished making and were ready to produce oil or gas — plunged by 69 percent in the second quarter compared with a year earlier. That's a sign that domestic production is likely to continue slipping.

THE TRIBUNE

Friday, July 8, 2016, PAGE 11

US helps give European markets a lift despite Brexit fears LONDON (AP) — European stock markets rallied Thursday after some solid U.S. economic data and growing expectations that the Federal Reserve may hold off from raising interest rates this year in light of Britain’s decision to vote to leave the European Union. KEEPING SCORE: In Europe, France’s CAC 40 was up 1.2 percent to 4,133 while Germany’s DAX rose 0.8 percent to 9,445. The FTSE 100 index of leading British shares was 1 percent higher at 6,526. Wall Street was poised for a steady opening with Dow futures and the broader S&P 500 futures down 0. 1 percent. US DRIVER: The solid tone in Europe was largely stoked by developments in the U.S. in the run-up to Friday’s nonfarm payrolls data, which usually have the potential of driving market activity for a week or two after their release. Though

the U.S. economy appears to be in fairly rosy shape, the Fed is not expected to raise interest rates again soon. Minutes to its last meeting showed that policymakers thought it would be wise to delay a hike until more data showed whether May’s anemic U.S. hiring report was a blip or the start of a trend. Officials also worried about the outcome of Britain’s vote to leave the European Union, so-called Brexit, which had not yet been held when they met June 14-15.

country’s export giants were hit by the rising yen as investors looking for safety flocked to the currency. South Korea’s Kospi climbed 1.1 percent to 1,974.08 and Hong Kong’s Hang Seng rose 1 percent to 20,706.92. The Shanghai Composite Index was practically unchanged at 3,016.85 and Australia’s S&P/ASX 200 added 0.6 percent to 5,227.90. CURRENCIES: The euro was down 0.2 percent at $1.1077 while the dollar rose 0.1 percent to 101.05 yen. The British pound meanwhile pushed back above $1.30, trading 1 percent higher at $1.3022.

ANALYST TAKE: "The Brexit vote alone is likely to deter them from raising rates until at least the end of the year as they wait to see what the knock on effects will be, both from an economic and financial markets perspective," said Craig Erlam, senior market analyst at OANDA.

ENERGY: Oil prices extended gains, with benchmark U.S. crude futures rising 50 cents to $47.94 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, added 53 cents to $49.33 a barrel in London.

ASIA’S DAY: Japan’s benchmark Nikkei 225 index slipped 0.7 percent to 15,276.24 as shares of the

A MAN wipes off the sweat in front of an electronic stock indicator of a securities firm in Tokyo, yesterday. Most Asian stock benchmarks rose Thursday after an upbeat U.S. economic report helped ease persistent investor concerns over Brexit-related global turmoil. (AP Photo)

THe WeaTHer repOrT

5-Day Forecast

TOday

TOnIGHT

saTurday

sunday

mOnday

Tuesday

Partly sunny

Partly cloudy

Mostly sunny

Periods of sun, a t‑storm in spots

Partly sunny, a t‑storm in spots

High: 92°

Low: 79°

High: 92° Low: 79°

High: 91° Low: 79°

AccuWeather RealFeel

114° F

93° F

113°-90° F

106°-89° F

106°-91° F

108°-90° F

OrlandO

High: 96° F/36° C low: 76° F/24° C

Tampa

High: 92° F/33° C low: 80° F/27° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

aBaCO

High: 88° F/31° C low: 80° F/27° C

3‑6 knots

WesT palm BeaCH High: 93° F/34° C low: 79° F/26° C

3‑6 knots

FT. lauderdale E

FreepOrT

High: 92° F/33° C low: 79° F/26° C

High: 91° F/33° C low: 79° F/26° C

mIamI

High: 92° F/33° C low: 78° F/26° C

3‑6 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 91° F/33° C Low .................................................... 82° F/28° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 79° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 23.16” Normal year to date ................................... 15.15”

eleuTHera

nassau

High: 92° F/33° C low: 79° F/26° C

High: 87° F/31° C low: 81° F/27° C

Key WesT

High: 90° F/32° C low: 82° F/28° C

High: 87° F/31° C low: 79° F/26° C

4‑8 knots

6‑12 knots

andrOs

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

tiDes For nassau Low

Ht.(ft.)

Today

11:44 a.m. ‑‑‑‑‑

High

Ht.(ft.) 2.7 ‑‑‑‑‑

5:38 a.m. 5:45 p.m.

0.0 0.1

Saturday

12:01 a.m. 12:33 p.m.

3.0 2.7

6:24 a.m. 6:35 p.m.

0.1 0.3

Sunday

12:47 a.m. 1:24 p.m.

2.8 2.6

7:09 a.m. 7:27 p.m.

0.2 0.5

Monday

1:35 a.m. 2:16 p.m.

2.6 2.6

7:55 a.m. 8:22 p.m.

0.3 0.6

Tuesday

2:24 a.m. 3:08 p.m.

2.5 2.6

8:42 a.m. 9:19 p.m.

0.3 0.6

Wednesday 3:16 a.m. 4:01 p.m.

2.3 2.6

9:31 a.m. 0.4 10:16 p.m. 0.6

Thursday

2.3 2.7

10:20 a.m. 0.3 11:11 p.m. 0.6

4:09 a.m. 4:52 p.m.

sun anD moon Sunrise Sunset

6:27 a.m. 8:03 p.m.

Moonrise Moonset

10:27 a.m. 11:16 p.m.

First

Full

last

new

Jul. 11

Jul. 19

Jul. 26

aug. 2

san salVadOr

GreaT eXuma

High: 86° F/30° C low: 79° F/26° C

High: 86° F/30° C low: 78° F/26° C

High: 89° F/32° C low: 80° F/27° C

W S

lOnG Island

insurance management tracking map

High: 87° F/31° C low: 79° F/26° C

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

CaT Island

uV inDex toDay

4‑8 knots

mayaGuana High: 86° F/30° C low: 80° F/27° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CrOOKed Island / aCKlIns raGGed Island High: 85° F/29° C low: 79° F/26° C

GreaT InaGua High: 88° F/31° C low: 81° F/27° C

N E

High: 86° F/30° C low: 80° F/27° C

8‑16 knots

marine Forecast aBaCO andrOs CaT Island CrOOKed Island eleuTHera FreepOrT GreaT eXuma GreaT InaGua lOnG Island mayaGuana nassau raGGed Island san salVadOr

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS SW at 3‑6 Knots SSW at 4‑8 Knots SE at 4‑8 Knots ESE at 6‑12 Knots ESE at 4‑8 Knots ESE at 6‑12 Knots E at 8‑16 Knots ESE at 8‑16 Knots SE at 4‑8 Knots SE at 4‑8 Knots SSW at 4‑8 Knots SSW at 4‑8 Knots SE at 6‑12 Knots ESE at 6‑12 Knots NE at 8‑16 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots ESE at 8‑16 Knots SE at 3‑6 Knots SE at 3‑6 Knots E at 8‑16 Knots E at 8‑16 Knots SE at 4‑8 Knots ESE at 6‑12 Knots

WAVES 2‑4 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 0‑1 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 3‑5 Feet 0‑1 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 84° F 85° F 87° F 87° F 83° F 83° F 85° F 85° F 84° F 84° F 85° F 85° F 86° F 86° F 86° F 85° F 85° F 85° F 85° F 85° F 84° F 83° F 84° F 83° F 84° F 85° F